Company News

Success Story March 13, 2017

March 13th, 2017 10:22 AM by Andrew Liu DRE: 01109246 NMLS#249736

Cathy (not her real name to protect the privacy) has been a client of mine for many years; I helped her to get her purchase loan when she first purchased a house some 10 years ago.

Over the years, she got in financial trouble (as most of us have during the great recession), and she started to pile up debt.  She took out a second loan on her house and charged up her credit cards.  Worse than that, she was not able to make minimum payments on her credit cards or make payments on time, causing her credit score to drop significantly.  Thus, the interest rates on her credit cards skyrocketed!   She really struggled each and every month just to get by.  She was also never able to refinance her two loans as her credit score were too low.  Pretty much all of her and her husband’s income was being used to catch up on payments.  She literally could not even afford to go out to have a nice lunch.

She called me.  At first I concentrated on helping her to improve her credit score enough to refinance her two loans into a FHA loan.  Was this loan was secured, her monthly mortgage payment was reduced dramatically, this extra money she saved allowed her to catch up on the credit card payments.  Six month later, her credit score improved nicely, and I refinanced her FHA loan into a conventional loan with some cash-out to pay off her credit debts. In the end, her total month payments were cut in half!  Now, she can afford to enjoy that nice lunch she has been craving for years. 

Posted in:General and tagged: Success Storyblog
Posted by Andrew Liu DRE: 01109246 NMLS#249736 on March 13th, 2017 10:22 AM


Pacificwide Lending

CA License #01762647 NMLS#241222, TX License #241222, FL License # MBR 3291

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