“We’ve been attempting to Refinance for 3 Years”

Vlad had me in tears this morning. He and his wife had been attempting to refinance for the last 3 years. 3 banks, 4 mortgage companies and 5 appraisals later, but “You saved our lives”. Wow, what a statement.

They bought their home at the TOP of the market and did an interest only mortgage that started with a teaser rate of 3.25% and when we paid off their mortgage the rate was 8.25%.

They had two main challenges, they were paying a boatload of student loans for their two children and the value of the property was lower than the debt. They couldn’t qualify for HARP, because the mortgage was not owned by Fannie Mae or Freddie Mac. They were just plain out of luck.

They contacted me and before I met with them, I contacted two appraisers to get me a comp check to get an estimate of value. The bottom line, we had a shot.

I had them pay off two vehicles that had small balances and made the debt ratio work. After 3 months of work, it was time to get the application done and last week, we closed.

There are some days that it is worth all the blood, sweat and tears. These tears were well worth it.