Financial Coaching Success Story … getting rid of Private Mortgage Insurance (PMI)

In Mortgage Accelerator Blog, Mortgage Accelerator Case Studies by Ken Stone (October 23, 2008 9:52 pm)

People hire me for all sorts of different mortgage and financial help.  My DVD Workshop, Workbook, and Consulting Time are the door in - then we do all sorts of different things.

 I recently helped a Platinum Client get private mortgage insurance dropped from the mortgage on his primary residence.   Here’s why this client called me originally:  He visited my mortgage accelerator programs web site and wanted my help, but was unsure about the best way to move forward.

These were the questions he wanted to know when he called:
1) I don’t want to waste money - please tell me honestly if your program will really be able to help me. I listened to his situation and told him I would be able to help - but that he would be best helped in the most affordable way possible by investing in the Platinum Package which includes unlimited consulting time with me.
2) His challenge: he wanted to find a way to optimize his debts and income - make ends meet for his family - and retire on time. He thought the vector to this outcome would be a mortgage accelerator program - which is how he found my website.
3) He was feeling overwhelmed - and couldn’t find anyone who would help him with all his challenges - who was willing to be his advocate. I told him I would do that for him. It’s something I’ve done for my clients for my entire career.
4) He didn’t want to get caught up in an endless upsell loop made famous by many products and service offerings on the web.  I assured him that he would be getting the whole enchilada if he invested in my Platinum Package.

So he bought the Platinum Package and we got started.

Among many other items on our list of things to accomplish - get private mortgage insurance dropped from the mortgage on his primary residence - this alone was costing him more than $350/month. Fast forward 4 months - and it’s been dropped!

Might seem like a trivial thing - but it’s not. And for this homeowner, having an advocate along the way has made a huge difference. In fact, he added me as an authorized user on his mortgage account so I was able to interface with his servicer directly on his behalf, and work this out. They made it VERY difficult (I could go on and on - in fact, working with this company on this client’s behalf helped me to realize they would soon be headed out of business - something that has since happened to their retail origination business - that’s how bad their customer service is!)  to accomplish our mission - but here we are on the 23rd of October 2008 - and they confirmed by phone earlier this afternoon that PMI has been canceled effective 10/7/08!

A very nice victory for this client and his family - and an extra $350 a month!

I keep getting calls from my Mortgage Accelerator Programs site from good folks around the country who are in need of a financial coach who can help them through their challenges and help them make the best financial decisions. More often than not, I’m able to tell them what they should do in conjunction with the 20 minute consultation all clients (of my DVD Workshop) get - no extra $’s required to be invested.

Here’s another example: Recently I completed a 20 minute consult with a workshop client who had this problem: He’s retired (76 years old), and doesn’t have enough money to pay bills each month. Pulled money out of a free-and-clear residence to pursue some sort of real estate make-a-bunch-of-money scam several years ago. Lost money - and still owes the money he lost on his previously free-and–clear home. Has been preoccupied with paying off his mortgage early - thinks that’s the key to making his financial world right. When he pulled money out of his residence he put the mortgage on a ten-year term.

Here was my advice: Refinance to a 30 year mortgage and forget about trying to pay off your mortgage early until you can make all your bills. The mortgage was an expensive lesson - and a difficult one to be learning at this point in your life - but making bills is MUCH more important than a free-and-clear home. No comparison in my world view. Take care of what’s important first.

Perhaps you know someone who is in need of a financial coach who would benefit from reading this post? Please pass it along!  I’d love to help them.

More information about the Platinum Package can be found here. More information about my mortgage accelerator DVD workshop can be found here.

Thanks for reading!

To your optimized financial health,

Ken

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