I’ve helped out a particular client a couple years ago on getting a quick cash injection while her property was listed for sale. No problem here. We actually ended up doing this twice as the property just wasn’t selling.
Eventually it did and she moved on. She ended up buying her new property with cash and didn’t need a new mortgage, which was great!
Then one day I received an email and this is exactly what it said “Ever do something you regret? Well I did. I bought my new place last year and then ran into some financial problems. I then took out a mortgage. I wanted to go with you, but was convinced by a friend to use someone she new as a favor to her. So I did. Was not happy about it, the minute I did, and I am sorry. I feel terrible.”
Ok I thought, let’s touch base and see what’s happening.
She had taken out a private mortgage as at the time her credit was still being repaired. Which came with high fees and interest..not the complete end of the world. However, I was thinking to myself that with a little hard work and a little more time she could’ve turned things around and obtained a mortgage through a conventional lender.
I didn’t feel she was put in the best position and a good mortgage planner would have held her hand a little bit farther down the path.
Long story short, she is now completing on a conventional ‘A’ lender paying best rates with a great product that will be as flexible as needed. She worked very hard to do the last few things that we needed to do. It did take a couple months, however, in the end she is in a much better situation.
And all it took was a little guidance and a lot of perseverance, especially on her end!!
Her credit report is also now in perfect shape and as long as she keeps listening to my advice and doing the things I say, she will have a great mortgage!! It is a small one, so I do hope though that it’s paid off sooner than later!!
In the end, it’s just so awesome to go through these stories. In my position, it happens a lot and it makes me smile to see people so happy!