Have you ever read the book The Go-Giver? If not, check it out. The premise of the book is to give and by giving you shall receive. Jim Rohn has a great quote based on this idea:
Scott Wynn, Marla Wynn and Cindy Howeth believe that it’s more than a mortgage, it’s an experience. But what does that mean? We feel mortgages should not be seen as a means to an end – buying or refinancing a home. Instead strongly feel mortgages are best used as a tool to be implemented to help achieve the overall financial strategy of the clients we serve. By taking a holistic view of our clients’ current situation and long-term financial goals we can design a mortgage strategy to move them towards future success.
What value can you offer to your clients that they can not get without your expertise? How can you set yourself apart as a professional that your clients will turn to for advice and direction? Here is one way you can do that…
Financial Transition Plan Strategy
64% of Americans have a significant amount of stress surrounding money! Parents are at 77%, GenXers are at 76% and Millennials are at 75%!
How can you help your clients reduce their stress about money? With a Financial Transition Plan.
If you could wave a magic wand…
The first thing you want to ask your clients is, “If you could wave a magic wand and change one thing about your home what would it be?”
Your clients’ homes are probably the largest financial assets they own. By understanding what, if anything, that home is not satisfying for them you are identifying a way you can assist your clients financially. In addition, you are shining a light on their situation from a different angle than they may have done in the past. And you can help them!
Did you know?
According to REColorado housing in the Denver Metro area has increased 18% since March 2016 and 28% since March 2015!
Did you know that? You probably had a pretty good idea but I am guessing your clients don’t know that. And you can be the professional to let them know. Your clients have equity. Equity that could be used to benefit them financially and improve their financial situation, reducing stress.
How you can help
Bringing these two things together you can offer a solution.
In some cases your clients may want to do some cosmetic remodel. In other situations they may want more space, a bigger garage, or may be ready to downsize.
How do we use the equity to help them? Two options:
- They could do a cash-out refinance or use a HELOC to tap into the equity of their home.
- They could sell their home and use the equity to buy the next home.
Nothing too complicated or unique, right? This is where we differentiate ourselves as professionals and help them reduce stress at the same time.
The Financial Transition Plan
When completing a cash-out refinance or a sale they will gain access to their equity. How can we use the equity to improve their financial situation? By helping them pay off other debts. Higher interest rate debts, high monthly payment debts, non-tax deductible debts. By doing this they can reduce their monthly obligations and improve their housing (through remodel or sale/purchase).
Some may already have eliminated debt and may be interested in setting aside some additional money into an emergency fund and/or investment. Maybe they would like to free up some cash to buy an investment property. Their equity can go to work for them rather than just sitting there.
You and your clients need the right partner
Making this plan work depends on how you approach your clients so you are helping them with a solution and not just looking for a transaction.
But just as important is having the right partner on the mortgage side to help them in navigating the complexities of how to best structure the mortgage as a tool to help them in accomplishing their financial goals, reducing debts and increasing monthly cash-flow.
$1,000,000 in Debt!
Not long ago I had over $1,000,000 in debt. First mortgages, second mortgages, auto loans, student loans, credit cards. I had it all.
Together Marla and I worked to eliminate the drains in our finances, pick up easy opportunities for money, pay down debt, increase income and managed to eventually work our way out of all the debt we wanted to pay off. We have since been working on accumulating wealth. Through our journey we investigated just about every available opportunity and strategy and ultimately found the fastest and most efficient way to improve our financial situation and generate wealth. Now it is our passion to provide others with the strategies we used so they, too, can achieve financial freedom and wealth.
We utilize our experience and our research to help our clients, and yours execute this strategy.
If you are looking for the nitty-gritty tactics on executing such a strategy we would be happy to discuss them with you. For this strategy to work effectively you need a database of at least 500 home owners with email addresses that have owned their homes for at least 18 months.
If that’s you and you would like more information on using this proven strategy we should SCHEDULE A 15 MINUTE CALL TO DISCUSS.