This week I was surprised to get a call that started with “Hi I was referred by NextDoor…”. I had no idea someone had recommended me on that app and not 1 but 3 people. So the lady had asked for a recommendation and of course got a few but no one else had 3 separate people recommend them, so that’s how she decided to contact me first.
It’s a story I hear a lot. Several siblings inherited a home and one or more want to be paid out. They thought that because some of the siblings had bad credit, and because they thought that they all had to be on the loan, that they were doomed in getting the cash to pay out 2 siblings or that they would have to take the 9.99% loan that another lender quotes them.
Despite only needing $250,000 on a house worth $750,000 they were being quoted outrageous interest rates everywhere they called.
I explained to the 2 “spokesperson” siblings that I can take the person with the best credit and leave everyone else out of the loan application BUT still have them be owners. As long as the person signing for the loan was ok with no one else being “on the hook” with her. A simple solution that no other lender thought of or wanted to do.
Even the small loan deserves attention thought and solutions.
They now have a 30 year fixed at 3.875% instead of a 5 year fixed interest only at 9.9%