How a cash-out refinance option helped a family stay in their home.
Today I am happy to share a story with you about how I was able to help someone through a tough financial situation and how I could help you too. I recently worked with a family that was facing financial challenges. They thought they had to sell their home to get out of the situation, but I was able to help them find an alternative solution.
The client reached out to me for assistance, and we explored different scenarios of how we could help them, whether by selling their home or finding another solution. After considering all their options, we agreed that a cash-out refinance would be the best solution.
The client then approached a mortgage company that, unfortunately, did not offer refinances. The mortgage lender tried to convince them to go for a full refinance, which would have resulted in the client paying $11,000 in fees and a higher interest rate—almost double what they were currently paying. This would have significantly reduced their equity and made their financial situation worse.
This solution gave them the financial flexibility to stay in their home.
Instead of going with that, I was able to connect the client with a local lender. This credit union specializes in cash-out refinances. They allowed the client to pull money from their home equity to pay off their debts without increasing their monthly mortgage payments. The client was able to save over $900 a month, which gave them the financial flexibility they needed to stay in their home and avoid the stress of selling.
While this solution may not have been the most beneficial for my business, I was happy to assist the client with overcoming their financial difficulties and staying in their home. I may not be a financial advisor, but I have a lot of resources and contacts that can assist homeowners facing specific challenges.
If you find yourself in a similar situation and don't know how to handle your home financial situation, don't hesitate to reach out to me by phone call or email for assistance. Remember, there are always solutions, and sometimes they can be found in unexpected places.