Sometimes clients appear in the strangest places.
My assistant was recently washing her hands in the bathroom and got to talking to the woman next to her. The lady was explaining that she was starting a plan to build a 2nd unit on her property, so her son and his family could live on their property and stop paying $2500 per month in rent.
She explained that the contractor had put them in touch with a lender, but she was feeling uncomfortable. Documents were coming in her email, but she hadn’t really talked to the lender and didn’t know what type of loan was being granted. She got an email for a $10,000 signature loan, and a 40 page docusign for mortgage documents.
My assistant offered our free “document review” and told her that mortgage loans is what we do. The lady came in to talk to me the next day with all the documents from that contractor’s lender. Sure enough, they were getting their upfront fees through the signature loan which had an interest rate of 12.99%, and the mortgage loan carried a rate of 5.25% for 20 years, instead of the 4.5% that it should be.
Buyer beware for sure!
She was so relieved to hear that she could get a better rate with her 800 credit score, and that she could cancel the high interest signature loan as we will have her funds to her in 30 days.
I love that we were able to empower her with knowledge that brought her peace of mind.
If you know anyone who wants to build onto their home, or build an ADU, have them call me and I will go over all the different types of loans that help with big construction and small remodels. From a regular refi, to a FHA203k, to a VA energy efficiency loan.
Success Story: Coincidence and Prosperity
