Last month we finished a refi for a client who had been $90,000 in debt and had an interest rate of 5% from a few years ago.

His credit score was 680, so he got a rate that was 0.5% higher than if he had had a 740 credit score.

At the time, I told him to borrow money pay off the debt, I could rescore him in 5 days and he could get a great rate. But he didn’t want to ask family (as most of us wouldn’t) and had already borrowed against his 401k.

He was really in a pinch.

If his family had an emergency, he would have no access to funds to get out of a bind.

So we did the refi with his score as is, and when he paid off all his debt except for $30,000 and the 401k loan…his credit scores zoomed up to a 760 middle score (one actually went up to 780)!!

We are now able to get him a home equity line up to 90% of the value of his home at a much better rate than the credit cards’ 20% rate, he was able to pay off the rest of his debt and have emergency funds.

If you know someone who is drowning in debt and wants to restructure that debt and get it paid off, please introduce us!

If you know anyone who doubts they can get a loan, please introduce us as it could be the difference between keeping a home you love and meeting your goals, or just accepting what is…

You don’t know what you don’t know….