Half a million in the bank and a 500 credit score, How can that be ?

Mortgage and Lending with American National Bank & Trust NMLS #268590

Does this not sound impossible or at least ridiculous ?   People are getting BAD  advice out there and every time I come across someone like this, it scares me.   I don't want to see anyone in financial hardship but when you're no where close; why would your credit score by so low ?   BAD  advice !

I work with people who are not financial scholars.   I work with ordinary folks, like me; but some of this is just wrong.   Another bank, which shall remain nameless, but it's a big one; got this person in such a deep hole that I am going to have to work with them for months to get them out of it.

The worst part of it is, this was just a chance conversation with a total stranger that revealed this catastrophe.   Herein lies the reason I get up and go to work every day.   I got into a double digit, negative amortization loan years ago and got taken because I did not get sound mortgage advice.

I pledged then that I would do everything I could to prevent others getting into a similar jam.   Well, now it's payback time for sure.   I am going to help these folks get their financial picture in focus and put a stop to their losses.

Why would you pay double digit interest on a credit card when you have sufficient cash in your account to pay it off ?   Not only are you losing the cost of the interest but the checking account isn't interest bearing.   All that much money and it's just sitting and rotting and losing value.   Oh my god.

The answer they got from the other bank; well, if you want to keep your balance liquid, just put it on a credit card and pay it from your monthly bill. The other bank kept raising their credit card limit so they had room to keep adding more and more charges to the account.   The other bank knew they had the cash to cover the debt so they just raised and raised the limit.

Now these folks have umpteen credit cards, some with five figure balances all maxed out while the cash is sitting dormant in a checking account.   Is this not unbelievable, can this actually happen ?   These are smart people.

They got BAD  advice but not knowing any better, they followed it.   They got other bad advice too but I don't have time or space to go into all that.   This is why I do what I do.   It sickens me that there are people out there being taken advantage of and downright cheated like this and I'm fighting back.

If you are in any way, just considering a mortgage or ready to proceed, get good advice.   Unlike when dealing with a Realtor where agency requires you work with the one that brought you to the dance, you can talk to multiple lenders.   You can check with me to see if you're getting a good deal.

It is worth a phone call or an email to find out the truth about your home loan.   You're probably making the biggest financial decision of your life.   Come in the office and let's talk.   You're not obligated in any way to do your loan with me just because we talked.   If you're already doing a loan with someone else and they are doing you right, I'll tell you to stay with it.

But if you are not being advised wisely and shown the best products and programs available, I will share them with you.   I still won't bad mouth or steal a deal from another lender.   I get most of my clients and my referrals by putting accurate and honest information out and letting you choose.

So, please think long and hard about what you are told.   Get a second opinion.   Find out for yourself what's right and what is actually doing you harm with every day that passes.   Don't have a, . . . . . 



Half a million in the bank

and a 500 credit score,

How can that be ?




Deanna Early is the # 1 ranked Mortgage Loan Originator in Franklin County, Virginia as scored by the ActiveRain real estate site.   She is a Nationally Licensed Mortgage Loan Originator for American National Bank and Trust located near Smith Mountain Lake, Virginia.   She does both purchase and refinance loans throughout the state of Virginia.   She is a residential loan originator and provides home loans, construction loans and lot loans as well as second or vacation home loans and investor financing.

Please visit her website at   www.DeannaEarly.com   and learn more in the Virginia Mortgage Blog

You can contact her for your financing needs at (540) 721-2349 or by email at  "earlyd@amnb.com"

The views expressed in this post are mine only and do not necessarily reflect the views of American National Bank and Trust Company.   Any scenarios presented are for illustrative purposes only and are not intended to refer to or represent any actual or specific clients, negotiations or financial transactions.


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Women of Westchester Working Together
Women of Westchester Working Together - West Harrison, NY
Women helping Women get ahead

Oh yes, that is crazy advice.  You would also think the person would get that this is bad advice, esp w/ those high interest rates.

Mar 04, 2016 06:06 PM #1
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Deanna. Here is the problem with advice, how does someone really know unless they were referred by someone that they trust. Just because someone has a label that someone thinks they are supposed to know, many don't have a clue.

We see this kind of stuff much to often.

Mar 04, 2016 09:09 PM #2
CCIM, MRICS, Serving Mexico-USA Border

It's incredible but these situations occur very often. Some people do not understand how much money they throw away parting double digit interest to financial institutions for credit card debt.


Mar 04, 2016 10:06 PM #3
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DEANNA EARLY - - ( NMLS # 268590 )

Highest Ranked Mortgage Loan Originator Virginia
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