THE SITUATION:
A self-employed homeowner had accumulated significant debt on credit cards and a home equity line after several slow years in business. Cash flow was tight, and he was living month to month. He wanted a new home equity loan to consolidate his debts while preserving his low-rate first mortgage.
THE CHALLENGE:
After reviewing his finances, I explained that his tax returns didn’t support the income needed to qualify for a home equity loan. However, I had access to a program designed for self-employed borrowers that used business cash flow to qualify—but it required refinancing his first mortgage.
Focused on keeping his existing rate, he decided to pursue other options.
WHAT HAPPENED:
Over the next several months, he was denied by his bank, multiple credit unions, and another mortgage lender. Throughout the process, I continued to show him that while a refinance would involve a higher rate, it would dramatically improve his monthly cash flow and reduce his overall financial burden.
SOLUTION AND RESULT:
After one final denial, he agreed to move forward with the strategy I had recommended from the start.
His loan was approved and closed, reducing his monthly obligations by more than $1,000 and providing a clear path to eliminate debt and rebuild savings!
BOTTOM LINE:
Many mortgage salespeople focus on giving clients what they ask for and tell you what you want to hear. However, true mortgage advisors focus on helping clients achieve their goals—even when the best solution isn’t the one they initially expected.
Sometimes a higher rate can actually lead to a better financial outcome! That’s why expert advice matters.
Before assuming you have no options, talk with a Certified Mortgage Professional who can help you see the bigger picture.
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Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, The Daily News, Anton Press, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.
#SelfEmployedMortgage #MortgageAdvice #FinancialFreedom #MortgageStrategy #MortgageWealthAdvisors #WarrenGoldberg
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