Perhaps the best way to describe it would be with a short story.
About 6-7 months ago a young couple came to my office with a lot of questions, concerns, and a clear sense of urgency. The owner of the house that they were renting advised them that he was going into Foreclosure and that they have 6-8 months to move out and find another place to live. It was a shock for a young couple because the house that they were renting was close to work, their kids had friends in the neighborhood homes, and the wife had her little garden that she put some many hours nourishing.
Young couple wanted to buy their own home so that they can finally settle in and have some stability in their life. There was only one problem.. Up until now they did not pay too much attention to their credit. There were some problems in the past with medical bills and there was judgment that was paid 6 years ago.
After initial FREE consultation the couple has decided to hire me as their mortgage, credit repair and insurance consultant. I explained to young couple that there are 4 steps that they need to follow to achieve their goals. I immediately put them on the plan that involves 4 steps.
Step 1 - Credit Repair
Everything starts with credit. Having good credit will insure low interest rates on credit cards, car loans, and mortgage. People with good credit will save more money and ultimately make more money. I immediately pulled young couple's credit and discovered that there were some minor blemishes in the past that were never taken care. There was also 1 credit card that was charged up to the credit line limit. After using my expert knowledge of credit repair and restoration I made some suggestions and helped raise their credit score by 75 points in the next 5 months.
Step 2 - Mortgage Financing
After credit repair was complete, a young couple qualified for low interest rate mortgage. I used my 7 years of experience and after thorough analysis of 92 mortgage options suggested 3 that will address young couple long term needs. After 2.5 weeks mortgage closing process was successfully accomplished with the help of my professional and dynamic staff and young couple comfortably moved to their home.
Step 3 - Protect their home
Now that young couple bought their home, they had a mortgage and financial responsibilities. To them home is a shelter and a place to raise their children. However, they understood that accidents do happen and if one becomes ill or disabled they could easily lose everything they worked for including savings, home, and cars. Now that young couple bought their home, they qualified for a new type of mortgage protection insurance that will pays up to $50,000 in lump sum if one or the other gets seriously ill and not able to go to work. In addition young couple especially loved the feature that every penny that they put into the policy they will get back after 15 years.
This is yet another way to build wealth and financial security. After 15 years young couple can take the money to the bank and make a large payment towards their mortgage.
Step 4 - Pay off their mortgage early
The good thing is to have a home and place to live; the not so good thing is to have debts especially mortgage to pay every month. Most of the money put into the mortgage is interest paid to the bank and mortgage pay off process starts slowly and drags for a long time. I explained to young couple that there are better and faster ways to pay off their mortgage and reduce debt. Money that they save can be put into tax-free vehicles that accumulate wealth much quicker.
There are many ways to pay off mortgage without paying extra every month. Things like making biweekly payments usually shaves off 5-8 years of the mortgage. Also, there is a mortgage acceleration program that helps homeowners pay off their mortgage in half the time.
I set up young couple on a mortgage acceleration program and after only 5 months they have noticed that mortgage balance is becoming considerably lower.
Even though the story is a bit long, it illustrates my expertise in the areas of mortgage finance, credit repair, insurance, and mortgage acceleration.
This story also illustrates my purpose and my goal.
My goal is simple - to help families build wealth and financial security through real estate ownership and protect their wealth through adequate insurance coverage..