Episode Transcript
[00:00:00] Hey, what's good, fam? Welcome to Equity Mastery. Got an exciting episode today. A client saved over $2,000, and we're going to explain how that happened. So my name is Velti Daniel. I'm an executive banker for rocket mortgage. My NMLS number is going to be 223-9514. So on today's episode, we're going to go over how a client was able to save $2,000 a month. A little bit more actually get over $16,000 out to take care of some home improvements. And they were able to do it in no time. They were basically stuck and needed to get some breathing room. Just needed some momentum. They were trying to work extra hours to pay things off, but they weren't getting anywhere. So this is what we did.
[00:00:50] The client manages a coffee shop and they're very busy. So I said, hey, it doesn't matter. Just whenever you have five minutes, give me a call and we'll take a look and just see what your options are. No big deal. So we were able to have a phone call, go over everything that the client needed. Some people can do an email questionnaire if that's easier. Doesn't matter. So once we get all the information we need, I'll be able to do the work for you to figure out the best solution and line you up the best program to help you accomplish that. Okay. So I told the client, don't worry. Go back to work. When you get done, just give me a call. This is my specialty. I promise we'll have some good information for you. And this is what that looks like. Let's go to my screen and check out the debt consolidation program. So the client has six accounts that we want to pay off. The total amount for all the accounts we're going to pay off is actually roughly $99,000. This is what that looks like.
[00:01:44] We have an auto loan. The balance on that is roughly $28,000. The client is paying $908 for that a month. There, that is right there. We have one credit card with a balance of roughly 25,000. And the monthly payment is about $1,200. We have an installment loan. The balance on that is roughly 25,000. The client is paying 678 for that. And we have another credit card, credit card number two. And the balance on that is roughly $8,900. And the client is paying $281 a month for that. Then we have the third credit card. The balance is 8, $800. Also the payment is right around $282 as well. And then the last account is an installment loan. The balance on that is 2000. And they're paying roughly $75 a month for that. Altogether for these six accounts, the total balance is roughly $99,000. And the client is currently paying $3,424 a month for these accounts. And a lot of them aren't going anywhere. As hard as they're trying, it's just not moving anything. The client would like to save more money, get rid of the high interest debts and also take some cash out to do some home improvements. They want to do some flooring and some additional work in the backyard.
[00:03:09] So after looking into the best program to help fit and qualify the client, this is what we were able to do. It's really amazing. Now, right now the client has a very low first mortgage rate and we want to protect that. So what we did on the new loan, we set up a separate home equity loan. That way the client is able to tap into their equity without affecting their lower mortgage rate. That way they can utilize and leverage that to pay off high interest debts without changing their low rate on their first mortgage. Hope that makes sense. So the home equity loan is 120,000. The total monthly payment is only 1142. The client is currently paying $3,424. So these are the benefits of the program. The client is going to save $2,282 a month and get $16,700 cash out for those home improvements. So we're going to go from 3400 down to 1100, roughly saving just under $2300. Like that feels so good. I really want you to just imagine and allow yourself to go there and imagine what would it feel like if all of your high interest debts were paid off or any unwanted bills, anything that has really tacked or is hitting your cash flow on a monthly basis hard. Because with that money you save, you can snowball and pay off other things, invest, save, whatever you like to do. In this case, if the client were to pay what they're currently paying and apply that $2,200 they're saving towards their principal, this new loan would be paid off in three years, six months, which is just crazy. It's over $132,000 of interest saved. They could then take the money they saved from this loan and, and pay off the first mortgage. So there's endless opportunity when it comes to leveraging your equity and working with the expert. That's where I like to help. This is my specialty, it's my passion. But most important, I know how it feels to want to be somewhere and realize that you aren't. But you know you have a potential opportunity there. You just don't have all the information. That's where our conversation can start and I can help guide and show and point you in the right direction to accomplish whatever you're looking for. So in this case, our client was thrilled we already closed the loan. The client is able to save money and pay off ahead and now they just have such leverage, such momentum, such an understanding that they invested five minutes of their day to find their options and just take a look and and it was able to save them $2,300 a month.
[00:06:03] How awesome is that? Now we also have added benefits where we'll track your loan and your rate in the market. So if rates ever lower in the future, I'll be happy to let you know and help you lower that rate and cover as many costs for you as possible to do that just to help you stay in the best position in the market. So that's our video for today. I really hope you all enjoyed the video. If you learned anything or this inspired you in any way to take action, leave me a like subscribe, make a comment, let me know what you all want me to go over next in the future videos Right now, debt consolidation, home improvement, accessing equity to save money or invest is really popular for a lot of folks. So make sure you reach out to me and send me a message now. That way we can take a look and see what your options are and find the best solutions for for you. Okay? I appreciate you all. Hope you enjoyed the show. This is Velty Peace.
