One of the most important life situations is the disposable income. Many households through, day to day living find themselves accumulating debt. Loans, credit cards and the ``don`t pay a cent event`` can accumulate resulting in living paycheque to paycheque making life and affordability very difficult.
Using the equity in your home can make a huge difference in your daily lives. Following is an example of a real situation using the actual numbers, and how I helped my clients get their lives back.
Current Situation
Mortgage: $130,000 @ 4.99% payments $ 789
Credit Cards: $55,000 @21% (average) Payments $1,650
Loan: $40,000@ 6% Payments $ 772
Don’t Pay a Cent $15,000 No Payments – due now
Totals: Payments $ 3,211
$3,211 per month with $15,000 due or converted to 29.9% interest
This is how I restructured everything:
New Mortgage: $245,000 @ 3.59% with payments of $1,235 per month. The new mortgage reflects any costs to arrange the new mortgage (legal,appraisal) and the client ultimately saved $1,976 per month.
This is what I call giving your clients their lives back.
Rick Moran, AMP, OMB#M08001997
No comments:
Post a Comment