Athen Apaquette

Success Story:

With interest rates falling over the last few weeks, I am getting calls about refinancing every day. And I am trying to reach out to those for whom it would make sense to refi.  Please call me if you want to double-check. Interest rates are 1% lower than they were at this time last year but the same as they were in 2016.

August 1st I got a call form a client who had a Bankruptcy 3 years ago because of illness, then being out of work for 6 months. They still had their 6.5% interest rate from 2008 and the payments had gone from interest-only  ($2708.33 per month) to principal and interest ($3727.87 per month) late last year. They made higher payments for these past few months but were struggling.

After examining their credit and credit scores, and verifying the most recent sales on their homes to see how much equity they have, I started my search for the best loan I could find. They were not eligible for a Fannie Mae or Freddie Mac (also called conventional) loan because of the BK. Their middle credit score is 640 which is average but not the high 740+ to get the best interest rate and their house equity is 40% of the value which is very good.

I was able to find them a 7/1 Arm (meaning fixed for 7 years and adjustable after that) at 4.75% or a 30 year fixed at 5.75%. 

Their new mortgage payment is 2608 which now is paying down the mortgage by $629 per month and growing. This gives them the breathing room to get their credit score up to 740 and have 4 years since the BK to refinance to a low 30 year fixed.

I gave them 3 things to do to get that 740 in the next year. To see my video on 5 credit score killers and the fixes go to my YouTube channel under My cash flow academy and you might be surprised what you learn.

I love helping find solutions to their mortgage problems and financial hurdles.

If you know someone who has an unusual past or hurdle to refinancing please connect us so that I can give them solutions. They will be so happy you did!