Real Client Success Story: William & Suzanne’s Mobile Home Plan
William and Suzanne needed a loan to make their multiple payments more manageable. Debt consolidation is a common interest with clients and as an expert Loan Advisor I do everything possible to make sure clients get the right loan to fit their needs.
As we started the process, I began to learn their story. One thing that stood out in our conversation was a comment William made. He said “The greatest gift you can give your children is to love their mother.” And I could tell right away they were family oriented people. They were both retired. They had a mortgage that they were paying off along with some debt from several credit cards. It got to a point where they were not able to enjoy retirement the way they had always envisioned. With several thousands of dollars in debt, there was little left over to enjoy.
From there, we discussed their goals, both long term and short term, financial information and details about their home. William informed me that their house was a manufactured home that had a foundation on a concrete slab. He said the home was permanently stationary and was appraised as real property. With this information, I was able to find a debt consolidation solution that would save William and Suzanne hundreds of dollars each month, give them one single payment and let them enjoy retirement. With the solution mapped out, we moved forward to the appraisal.
Prior to the appraisal, I received an unfortunate phone call from the appraiser. He informed me that even though the home was on a concrete slab, and was no longer able to be moved, it was still classified as a mobile home. I had to break the bad news to William and Suzanne that they would not qualify for the loan because of this. After hearing their story I wanted to do everything I could to make their retirement goals a reality. I suggested they take my planned solution, bring it to the bank their current mortgage was through, and see if they could do something similar through a mobile home program. I was able to crunch some numbers and showed them that even though a bank loan would likely be at a higher interest rate it would still save them money in the long run.
While William and Suzanne were not able to get a loan with me, I was still able to help them plan ahead and understand their alternatives. Directing them to outside options gave them the confidence to pursue the retirement they had envisioned. Stories like theirs will always be a reason why I love my job.
William and Suzanne were grateful for the guidance. Check out their review here: William and Suzanne’s Testimonial
Written By: Caitlyn Thorsen, Loan Advisor at Royal United Mortgage LLC
Posted: 9/18/2015