February 16th, 2017 1:09 PM by Andrew Liu DRE: 01109246 NMLS#249736
A client of ours had racked up a lot of credit card debts over the years and was starting to make payments late on some of these accounts. Her credit took a nose drive. As a result of the late payments, she started paying very high interest rate on her credit card, and was rapidly increasing the debt.
Good news was that she had equity in her house! She had decided she wanted to take out some of this money to pay off her credit card debt.
However, due to her low FICO score, she had a difficult time obtaining a new mortgage. We helped her get qualified for a FHA loan and she was able to clear up all of her debts.
To assist her even further, six months after the FHA loan, since she was debt free and her FICO score had risen, we helped her to obtain a low interest rate on a conventional loan.
Our client finally got out of the nightmare she had struggled in for years. Now she is debt free and has a low mortgage payment!