Like many families living here in the Windsor area, Theo and Sophia are a young couple with two kids who found themselves in financial stress. They have accumulated some debt and were looking for a better monthly payment solution.
Tapping into the equity build up in their home through refinancing their mortgage can be a great option to reduce what could be an overwhelming list of monthly bills. The goal, in this case, is to pay off all debt by consolidating it into one monthly payment, saving them thousands on interest.
The biggest challenge faced by the couple was their credit score, which prevented them from qualifying for a second mortgage at the local bank. Bad credit along with the added new debt may have been perceived as risky for the bank to loan them the money. Their credit scores were 560 and 620, you should maintain a score of 680 or better.
An unavoidable family medical situation put a strain on the family finances, and late bill payments resulted in not so favorable credit.
Both Theo and Sophia have good and stable jobs that bring in about $80,000 in annual household income. They have about $10,000 in savings plus have no car payments.
After disappointing news from their local bank, they called our team to help them with a debt consolidation to repair their credit.
Often banks are unable to provide a solution for some individuals who have experienced a financial setback. With our access to many more mortgage and financing options, a mortgage broker can create a plan that helps couples like Theo and Sophia.
Theo and Sophia are relieved that there is a solution to their financial situation. They will now have a clean slate and be stress-free.
For our team, offering solutions for couples and individuals who sometimes find themselves in less than perfect financial situations is gratifying.
Debt consolidation could be an answer for you. Best way to find out is to schedule a consultation with one of our team members to discuss your personal needs.
With a good strategic plan in place, we find that 9 times out of 10 paying out debts, cleaning the credit, and raising the credit scores, Allows our clients to save on monthly overall interest, better the credit, increase their cash flow and sometimes even save their homes.
**Although we changed the names in this article to protect the privacy of our customers, the scenario is based on factual events. If the situation described here sounds similar to your circumstances and you would like to see how we can help you, please call our office to schedule a 15 minute over the phone consult at 510.250.4848