He Saved $300 a Month: True Story
Ben M. is a St. Louis native who bought his first house in the city, a duplex. That worked until he got married and started a family. He moved to the county and rented both sides of the duplex.
It made for a pretty good plan until his bank told him his mortgage holder had been bought out and his terms were changing. Not just changing a little bit, but actually going up about $150 per month.
For a man supporting a family and paying on two mortgages, one on his personal residence and one on the investment property, that’s a tough situation. He was already keeping the margins tight, his tenants had just signed new leases so he couldn’t pass the costs on to them even if he wanted to.
But Ben didn’t see any reason to panic. He had 10 years of perfect history with his mortgage and good credit. He figured he’d find another lender who could at least match the monthly payment he’d been paying. He talked to the bank that held the loan on his personal residence as well as other banks. He called mortgage companies he’d seen on TV or heard on the radio who claimed they could refinance anyone. But over and over he heard, “Sorry we can’t work with you, the numbers just don’t work.”
He started to be fearful of what the new payment amount was going to do to his budget. Especially if a major repair came up with his rental property he knew he’d be hurting since the margins were already razor thin.
Then he talked to Jim Lyle. Like all of our Certified Loan Officers Jim’s first priority was to find the right mortgage and get the deal done as fast as possible. He gathered the information we needed from Ben and started putting things together.
They signed on the loan less than two weeks later.
As Ben says,
“It was really refreshing to find somebody that didn’t immediately say, ‘There might be some problems.’ From the get-go Jim was like, ‘We’re going to make this work and it’s going to be really painless for you.’ That turned out to be true.”
But that wasn’t the best part. When it was all said and done Ben’s monthly payment was $150 LESS than he’d been paying on his previous loan. That was about $300 less than he would have been paying if he had stayed with his previous lender.
That leaves money for a rainy day AND a college fund.
We were thrilled to sit down with Ben with the camera running and let him tell his story his own way.
We’re here if you need to close on your dream home fast (we are, after all, the “home of the 8 Day Close”) and we can help you get the right mortgage for you even when your credit isn’t great. Call your local office, or fill out our easy on-line form, to get one of our licensed loan officers working on the right financing to get you into the home of your dreams!