VanDyk Mortgage - December 2020

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Inside This Issue Tim Hart, NMLS #354676 8280 College Parkway, Suite #101 Fort Myers, FL 33919 The Root Cause of 2020’s Problems PAGE 1

Give us a call! 239-437-4278 Or visit www.TimHartJr.com

Craft a Snow-Free Indoor Snowball Fight

How to Be a Better Listener for Someone in Need PAGE 2

The Debt Snowball Method PAGE 4

Client Success and the Debt Snowball Method DEVELOPING GOOD MONEY HABITS

We recently helped a client who was still working full time but getting close to retirement age. She was struggling financially and didn’t have much money in the bank. She had made some bad spending decisions, was in a spiral with her finances, and didn’t know what to do. All she was ever spending her hard-earned money on was attempting to get herself out of debt, and it wasn’t working. She couldn’t catch up.

to say we were able to help her. We started with the basics and explained an option she didn’t understand before. When you own your home, as she does, you have equity in it, which is essentially how much your house is worth compared to how much you owe on your mortgage for it. The only way to tap into that equity is to either sell your home or pull cash out using an equity line or new mortgage from which you can pull cash out to use however you’d like. The latter is exactly what we did for our client. We approved a cash-out refinance for her that is now saving her $1,300 per month. We were able to help her completely pay off all her credit card debt using the equity in her home, and we were able to lower her interest rate and give her a fixed rate for 30 years that she can now pay back however she wants. But best of all, her lowered monthly expenditures allow her to use that $1,300 a month she’s now saving to build the retirement she’s always wanted. It really is a story with a nice ending, but this isn’t where the lessons learned should end. While we were thrilled to be able to help this borrower like we’ve helped many before her, the reality is that bad habits

That’s when she came to VanDyk Mortgage to help her figure out a plan for how she might be able to tackle her financial stress. And I’m pleased

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VanDyk Mortgage | www.TimHartJr.com | 239-437-4278

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