What is up with these advertisements stating “ get out of debt and save thousands by refinancing now” ?
After so many years being known as an expert in the mortgage industry, I get asked many questions. Last week I had a prior customer Sally ask me if she could refer her friend to me who had sent her the following email.
Alice : “Hi Sally, I thought about what you told me at the BBQ this last weekend and wanted more information from you. Did you really get rid of all of your credit card debt, and lower your monthly mortgage payment? How did you do that? Can you give me your loan guys phone number?”
Sally : “Hi Alice, Yes, I would love to get you my loan guys phone number, the company he works for 9x Mortgage was great to work with. He explained everything I needed to know and helped me make an educated decision on how to best move forward. 9X also saved me money through using their other companies for homeowners insurance and title insurance/closing. I do want you to understand, I did NOT get rid of my credit card debt. I simply re-arranged the debt. Because I can borrow the money from the equity in my home, I was able to pay off my higher rate mortgage and get cash out to pay off all of my credit cards. So I still owe the money, just under way better terms. Now that my monthly payment is so much lower, I can pay extra against the principle and reduce the length of my mortgage. Or if I choose to not pay extra, we can go out together or travel more often now that I am saving so much money monthly!!”
Alice : “Wow, thanks Sally I will be calling him now to get this started, I cannot wait for us both to be saving money. Thanks for sending me this information. I will take you to lunch when I am done with the process and we can celebrate saving money together!. Maybe I can even get a date with you and my soon to be loan guy..lol..”
Sally : “ Great, I look forward to seeing you and hearing about how it goes”
Refinancing does not eliminate your debt, but it can realign your debt and help you achieve your financial goals in relation to your home.
The information herein was provided to you by The Mortgage Group of Colorado and your Local Expert Grant Brewster.