With the late sub-prime mortgage meltdown, a lot of attention has been brought to the ugly dealings of mortgage brokers in particular. In Ohio especially, many brokers have been casted as the villian. The reason for this blog is to let you know that there are good guys, and there are bad guys in every profession. There are still good mortgage brokers doing wonderful things for families and individuals in need of credit.
Myself in particular, was privileged enough to be the broker who helped a man in a seriously bad situation. The man was in a tight spot with creditors to where all of his money was going to interest and none of which was being applied to principal. The amount of debt that this man had acquired was astronomical. He made a good wage, he had an excellent pay history, but his credit profile was beginning to drag his score down. His payments were through the roof and his liquid savings had been completely drained. The man was spending nearly 80% of his income in credit bills alone. He had to do something fast or would not have been able to do anything at all. One missed payment would have devastated his credit score.
I was able to consolidate a certain portion of his debt so that he was able to save $950 on his monthly payments. Through communication and counseling, I also conveyed to the man that he can not repeat the same behavior that brought him into this ugly financial situation. He realized that his spending had been out of control and that something had to change. The good thing about his situation is that he is used to living on a tighter budget now. Together, we came up with a plan that would enable him to knock out the remainder of his consumer debt in less than 4 years. Now you may be saying to yourself, "four years doesn't sound too good". Well you did not examine his list of creditors and interest rates.
The key to a successful debt consolidation is not the loan itself. The key to success is the plan to rebuild and grow wealth instead of debt. The customer needs to know that play time is over and plan time is here. Making a plan for your customers to live by will encourage results through a second voice. All things aside, it is ultimately up to the customer to make his or her spending decisions. A plan is only the voice of reinforcement to a person who is committed to make a change.
So.......In conclusion, I just wanted to share with you a broker's positive experience with a client. This reflection period has inspired me to go out and prospect for the opportunity to make a difference in another human being's life.
The following is a testimonial from the customer referenced above:
"Nathan,
It has been a pleasure working with you. After talking to a few people, you were the only one did not asked me to sign anything on the first day. You had all the patient to explained to me all about my situation and how things should and would work. After a couple conversations on the phone, I felt very comfortable working with you and decided not to talk to another others. I would definitely do business with you again and refer people to you. Thanks again!
Takwai Ko"
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