This member came into my office to request a balance transfer and when she handed me the balance transfer form, I noticed her limit wouldn’t cover the amount she needed to transfer. I said, “No biggie, let’s run a quick limit increase request.” So we started the application and while I was entering the details for the limit increase, I reviewed some notes from when she applied for an equity loan back in early 2016, but wasn’t able to get approved. At that time her husband had recently retired, and their income situation had changed. During that same time, I recalled they had a large outstanding loan at a pretty high rate so I asked if that ever got worked out. I could immediately tell I hit on a sensitive subject when she said, “No, we’re still paying them; and I’m retiring soon. I AM STRESSED OUT.”
Not only were they still paying that high rate loan, when I compared details I realized their balance was now $20,000 higher than in 2016 and their payment had DOUBLED. I said, “I have a suggestion…home values are high, equity rates are still low. Why don’t we take a few minutes to go over equity options once again? We could also include your balance transfers in the loan, since equity rates are typically lower than credit card rates you’d have ONE payment instead of three.” She paused for a few moments, nodded in agreement and said, “I guess it couldn’t hurt to try.”
We pressed pause on the Visa Gold limit increase, and pushed forward with an Advantage Equity application. The application process went smoothly, and I was beyond delighted when I saw their final signing on the Everett loan calendar. We were able to approve them at 6.49% and paid off their high rate debt (ranging from 14% to 26%). They will save $28,653.00 in INTEREST ALONE over the life of the loan, and their overall monthly payments dropped by $476! An enormous weight was lifted from her shoulders and she can now look forward to her own retirement with no more worry about whether or not they would be able to make ends meet with their combined retirement income. With Qualstar’s help, they know they will be just fine!