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Jim and Reba thought that a refinance was impossible for them.  They hated their 6.50% mortgage, but they were underwater and had been turned down by the mortgage company that serviced their loan.   We told them about the HARP 2.0 program, and they applied through Quicken.  They were accepted, and they just signed for 3.99% with about $2800 in closing costs.  They are thrilled.

They knew their original debt-free date was guaranteed, but now it has improved and the guarantee still stands.  They are going to keep the payment going into the plan the same, even though the new mortgage payment is nearly $400/month less than the old one.

They were also able to skip 2 mortgage payments, which for them means a total of $2500.   Before enrolling in the plan, they might have blown this money, and not been able to account for it.  But now, thanks to their enrollment with NINE YEAR Mortgage, they are more disciplined, so they are using $500 and putting $2000 into emergency savings.  They never had any such account before.

This refinance allows their debt-free date to move forward by 10 months, and for them, those are 10 more months of retirement they can enjoy, because they were going to be in debt and forced to work until they were age 68 and 69.  They are very excited to find new ways to improve the performance of their plan.

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Even though Jonathan and Michelle had enjoyed many years of earning great incomes, they had adapted their lifestyles to become consumers.  They had lots of things, but no wealth.  Instead, they had lots of debt.  When they turned 40, life started to hit them between the eyes, and they realized that what they had to show for all of their income was worth less than what they owed in debt.  The car had depreciated, the house was underwater, and the expensive clothes and electronic gadgets and the lavish trips were all used up.  They told us that they felt like they were still paying for the steak dinner they ate back in 2009.

When they heard the Nine Year Mortgage radio ad two things really resonated with them.  The first was the word “guaranteed” and the second was “nine years”.  They thought it was too good to be true, but they made the call anyway.  When their analysis was complete, they were amazed that even though the average Nine Year Mortgage client is on track to be debt free in nine years, their plan would eliminate all of their debt in just 6.9 years!  They knew if they could simply keep making their existing payment going forward, the math was guaranteed.   What they needed was hope and the discipline to make it all come true.

Michelle says that their lives are now transformed.  They have found over $400 per month in “fat” that they have taken out of their day-to-day spending, and this has gone into the plan to further accelerate their debt-free date.  They work together on their finances, and they feel like they can almost count the days until their guaranteed date comes through.  Right now they are focused on the fact that in just three years they won’t have any debt left except their two large mortgages.  They can almost taste it, and they are thrilled with Nine Year Mortgage and the discipline it has provided so they can achieve their goals.

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Mary Trimble (not her real name) is a nurse.  She and her husband are middle-aged, and have made steady and good money for many years.  And yet, they are looking at more than 25 years to pay off their most recent mortgage refinance, and they have more credit card debt today than they did 10 years ago.  They even have some late payments because, quite simply, they just don’t have the time or the inclination to keep up with all their debts.  When balances or interest rates change, they get caught off guard.  Their credit score is not that bad, but they are paying over 25% interest on more than half of their total credit card debt–nearly $22,000.

They try on a hit and miss basis to throw some extra principal against these debts, but they never seem to get anywhere.  Mary told us that she comes and goes to work every day, but until she met Nine Year Mortgage, she felt like her only available retirement plan would be to work until she drops.

The Nine Year Mortgage plan gave Mary a guaranteed debt-free date, and took the same amount of money that she and her husband were paying before, and put it to work so that she is debt-free in 8.8 years.  Mary is so thrilled she has a totally new lease on life.  Now she can look forward to real progress, and her finances are not a “black hole” like they felt before.  Mary says, “Now I have a reason to keep working so hard.”  She is so enthusiastic that she wants to tell all her neighbors to call Nine Year Mortgage to get a free analysis and find out if the program will work in their situation.

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Marvin and Nancy were interested in having a guaranteed debt-free date.  They were very motivated to make their plan work, because they wanted to retire and enjoy spending time with family and traveling.

The original plan showed a debt-free date of 11.4 years, but with help from Nine Year Mortgage, Marvin and Nancy have reduced this to 9.7 years.  They have employed 3 major strategies:

  1. They refinanced their home mortgage into a 15 year loan with a 2.875% interest rate, replacing their existing 30 year mortgage which was at 5.00%.  The payments were actually lower on the new loan.
  2. Nine Year Mortgage showed them how they could move about $25,000 of credit card and vehicle debt onto a 0% promotional rate credit card for 18 months.  Some of these balance transfers were previously at interest rates in excess of 12%.
  3. They sat down and evaluated their spending with their Plan Coordinator at Nine Year Mortgage.  Based on these meetings, they were able to find an additional $250/month through imposing more discipline on their lifestyle and eliminating waste.  They raised the amount going into the plan each month by this amount, which encourages them to stick with their budget.

 What thrilled Marvin and Nancy is the fact that with every change in the plan, the guarantee on the debt-free date was updated.  They know that as long as they make their monthly payment, they can “set it and forget it”.  The plan is automated and will execute perfectly.

Nancy recently said this is the first time they have felt that their money is working FOR THEM, rather than the other way around.  They feel that they are on OFFENSE with their money, not on defense.  This is wonderful because they now see a debt-free retirement, just as they had dreamed.  Their current focus is on finding ways to improve their debt-free date even further, and they are so encouraged that they now believe anything is possible.

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John and Suzie wanted to gain control over their money.  They knew that on paper it was possible, but they never seemed to make it come true.

They sat down and realized that they had refinanced their home three times since they bought it in 1996.

Sixteen years after making their first home purchase, they had a bigger mortgage than ever, and still 27 years to go in order to pay it off.

Now they were even considering doing a 4th refinance, and starting over again. At this point they wondered if they would ever get out of debt.

Upon serious reflection, the $38,000 in additional mortgage debt on their house represented the amount they had overspent in the last 16 years.

That was about $200/month, every month, for nearly 200 months. It was a bad habit, but they finally admitted that weren’t able to control it.

So, they reached out to Nine Year Mortgage and found the solution they needed.

The two things that they have told us they now enjoy in their financial lives are the following:

1) “Now we have a path that is guaranteed.  We know we can beat this debt, and we refuse to ruin the program by overspending.”

2) “Now we work together on our money.  Before Nine Year Mortgage, we realize that we were operating as 2 separate individuals, and not working together.  Money is such a huge enemy–a threat to our emotional and family well being, that we have to stand shoulder to shoulder and defend ourselves against it on a daily basis.”

Thanks to Nine Year Mortgage, these 2 blessings are coming true.  They tell us over and over “If it wasn’t for this, we’d still be on the same path.”

Yes, it was always POSSIBLE, but it would never have ACTUALLY HAPPENED without help.  Nine Year Mortgage is the help they needed.

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Two of our recent clients live in the Midwest.  They enrolled in June 2012.

The biggest thing they got out of the plan is that they now believe it’s going to be possible for them to retire.  Before this, they felt like a door that was going back and forth on its hinges and never getting anywhere.

The wife was so depressed about the fact that they never seemed to get anywhere that she was moping around the house.  Now that she sees light at the end of the tunnel, she has felt a burst of energy.  She canned over 300 quarts of vegetables and fruit in the past 60 days.

Both the spouses have taken the challenge to put a $10 bill into a Tupperware container in the kitchen each week.  That’s $20/week between the 2 of them, or $1000 per year.

Each month they watch it build up, and when it gets to $100, they treat themselves for a little inexpensive date, and then put the remainder into the bank for emergency savings.  They never had such an account before.

What is dawning on them is that they can control their money, and have it work for them, and not the other way around.  It’s not the $10/week that each one saves, but the fact that they are doing something proactive and dominating their spending.

They believe it’s possible.  They are united in their hopes and they are enthusiastic.  They are working together as a team which is something they did not do very well before they met us.  Their goal is to beat the debt-free date by a year, and they are 110% committed to the program.

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Don and Marlene took their plan by the horns and decided to find every way they could to accelerate their debt-free date with 9 Year Mortgage.  The first thing we did was transfer some credit card balances to 0% accounts.  This allowed us to improve their plan performance by 3 months while simultaneously lowering their plan payment by $150/month.

Now we have done 2 more coaching lessons and they are very excited.  Don hadn’t been able to contribute the full amount into his 401(k) that his employer would match. Money was simply too tight. He was putting in 3% and they would match 3%. We found out that if he put in another 3% they would match half of it. That’s a 50% return on investment. He needed to get that extra 3%, but he hadn’t been able to afford it. On Don’s salary, the matching 1.5% per year was about $1000 that he was leaving on the table.

By reducing the plan payment $150 and by them finding another $100/month of savings through evaluation of their spending habits, we got things to where they could afford to contribute the full 6% towards retirement.  In fact, they even have found enough to start up an emergency savings account, which they never previously had.  It was mostly a matter of priorities and discipline, and being smart about their money.

These simple steps have transformed their outlook on spending and paying off debt. They have analyzed what their retirement will be like in 7 years (they are both in their early 50s) and they feel very confident and thankful to 9 Year Mortgage for the improvements they have accomplished so far in their financial lives.

Now we are looking at a mortgage refinance to make the plan run even faster. Enrolling with 9 Year Mortgage was the catalyst to make all these changes and get them moving forward. They are very happy.

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The Richards had a goal to volunteer as missionaries for their church.  In order to do this, they needed to be out of debt and in control of their finances.  They were in their early 50s, and Jim could retire with a decent pension at age 63.  His wife would take early Social Security, and if they had no debt, they figured that financially they could make it happen.

The one problem remaining was how to get out of debt in 10 years or less?  They had about $36,000 of debt spread over cars and credit cards, and a mortgage of $189,000 that was 24 years away from being paid in full.  They tried to pay a little bit here and a little bit there as extra principal, but it was hit and miss, and there was no system to their approach and little progress.

Here is how Jim described his reasoning, “When I learned that I could reach our goals on the same money we were paying right now towards our debt, I had a wave of hope roll over me.

When the plan showed me that our effective interest rate was 2.92%, I was jumping up and down with excitement.  I felt as if an angel investor had come into my life.  He said, ‘I’ll pay off all your debt.  I’ll become your single creditor.  You pay all your bills to me from now on.'”

“What were the repayment terms of this new angel investor?  Here is what they were; 10.2 years, which is the length of the plan, at 2.92%, which is the effective interest rate.  The monthly payment is exactly what I was paying towards my debt before.  And the closing costs?  They are the enrollment fee, already figured into the plan.  Who wouldn’t take that deal?”

I can’t tell you how excited Jim is with his 9 Year Mortgage Financial Plan, and now his goal is to beat the plan’s debt-free date by a year, so he and his wife can leave for their church service a year earlier than planned.  They are focused on that goal, and will not let up until they get there.

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When Miriam and her husband Mitch enrolled with 9 Year Mortgage they had an unusual situation in that they wanted to purchase their dream home, but they were fighting to clean up their credit which was damaged by the hospital when Mitch had a water skiing accident.  The bills were sent out in the names of two different people with two different addresses.  They paid the bills they knew about, but the “mystery bills” were not paid until they had gone to collections and finally found their way back to Mitch.

The couple had tried every means possible to have those collection accounts taken off of their credit report, but finally entered into a payment arrangement for the principal balance (fees and interest were waived) with a promise that the collections accounts would be removed from their credit once the balances were paid in full.

9 Year Mortgage helped Mitch and Miriam to see the value of borrowing from a retirement account to clean up the mess immediately.  The new three year medical loan became a new account in their financial plan, and was accelerated down to 2.2 years.  Now their credit score is coming back immediately rather than in three years, and Mitch and Miriam are hoping they can purchase their house this coming winter or spring, before interest rates go up, and while property values are still low.

They just needed someone to help them see what options were available, and to evaluate the impact of those choices on their overall financial picture.  9 Year Mortgage helped them to take action and set up a plan, and gave them hope that they could move forward.  They had been so discouraged at how credit scores and identity theft had ruined their financial lives that they were simply going from day to day, without hope.  Now things are different, and they thank 9 Year Mortgage for letting the light shine in.

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9 Year Mortgage on In-Store Credit Cards

When it comes to in-store credit cards, you and everyone else has been asked by a sales clerk to apply for one.  Between aggressive sales clerks and over-zealous announcements, the enticing deal of saving 20% on your current purchase seems almost irresistible. But are they really too good to be true? The answer to that question is based solely on your situation.

To clarify, the difference between a credit card and an in-store credit card is that with the latter you can only use it at a particular store or set of stores rather than at any location. Let us first look at the pros and cons of in- store credit cards before we determine who should really be qualified for one.

Pros to In-Store Cards9 Year Mortgage - Store Credit Cards

It’s true, besides the initial savings there can be some great benefits to having an in-store credit card! Some stores will continue to offer their loyal customers with in-store credit cards with continual discounts, frequent shopper points, or even exclusive shopping days. Depending on the store, you may even be able to get free wrapping or alterations. Also, various stores will offer you their in-store credit card, but it has one of the main credit card companies logos on it like Visa, MasterCard, or American Express. If the store card you apply for comes with one of these logos on it, you are not limited to spending at only that one store, you can use it anywhere, and you will earn points with that store for using it. These are rare, but they may be one of the options you come across.

Applying for an in-store credit card can also help your credit. If you want to build up your credit before getting a major credit card with a bigger spending limit, an in-store credit card may be an option. In-store credit cards are known for being more lenient with who they approve, meaning if you have a low credit score this could be your ticket to building it up. If you are able to keep an in-store credit card for a long period of time it will help build your credit history, but only if your disciplined enough to pay it off in full every month.

Cons to In-Store Cards

Now for the bad news, in-store credit cards may not be as great as they sound. Although this is probably not very shocking, there are a plethora of negatives to in-store credit cards that you may not have known. If you apply for an in-store credit card, you should expect an astronomical interest rate, usually between 25% and 30%. Now if you are one of the few people who always pay off your debts in full, this will not matter for you. However, say you only pay the minimum payment due, then those so called “savings” you got when you signed up are all down the drain, plus more, because of the interest that will accrue on your remaining balance.

As 9 Year Mortgage previously mentioned, in-store credit cards are incredibly easy to obtain, but this is not only a perk but a downfall. Most retailers fail to check your credit rating before issuing you one of their credit cards, which means that they are offering cardholders to get into debt that they can not necessarily afford. Along with high interest rates for all, the credit limit is relatively low compared to other types of credit cards. Most in-store credit cards only allow a couple hundred dollars up to maybe $1,000, which may seem ideal but can lead to trouble. Since you only have a smaller balance on them compared to other major credit cards you may put off paying them off, focusing on your larger bills first. Don’t forget that your interest rate is ridiculously high so if you forget to pay your in-store credit card off, your amount due will nearly double in only two months!

9 Year Mortgage Discusses How an In-Store Credit Card Effects Your Credit Score

The real trouble comes if you decide to apply for multiple in-store credit cards. The following are some statistics on how applying for any credit card will effect your credit score

  • An application for a new credit card will cause a hard inquiry on your credit report, which can cost you anywhere from 3 to 10 points per card.
  • If you decide to activate and open that account, another 10 points could be deducted from your score.
  • Even if you decide to forgo the credit card, the inquiry will stay on your credit report for two more years.
  • If you decide to close one of your credit cards, that account will stay on your credit report for seven more years.

What makes up your credit score you ask?

  • Roughly 10 percent of your credit score is made up of what is called your “credit mix”; this includes gas and retail credit cards
  • About 30 percent is made up of your credit utilization, meaning the available credit you have left on your cards
  • Another 35 percent of your credit score is determined by your credit history, or in other words if you pay off your balances in full and pay on time
  • Nearly 15 percent of your credit score is determined on the length of your accounts, so the longer you have your accounts the better this portion of your credit score will be.

9 Year Mortgage on Who Should Apply9 Year Mortgage - Store Credit Cards

In-store credit cards are not for the weak or undisciplined shoppers. If you are to ever obtain a in-store credit card you have to be extremely disciplined, not only with your spending but also paying off your bills on time. If you plan to keep a running balance on any credit card, but especially a store credit card with high interest rates, you’re better off not applying in the first place.  Another 9 Year Mortgage tip is to only apply at long-standing businesses. Because of the points deducted from your credit score when you apply for multiple cards, make sure those lost points are not wasted by applying for a card at a small boutique, which has very little guarantee of being in business for a long period of time. If you plan to open a store credit card, go in to the application process with the mentality that your in it for the long haul; the longer your credit card account is open, the more it will help your credit score.

9 Year Mortgage is of the opinion that if you are going to open a store credit card for the 20% discount, make sure you save that discount for a day when you need to purchase a lot of products from the store to take advantage of the discount. Nor is it a bad thing to keep your store credit card just for the additional perks like member’s only discounts or shopping nights. 9 Year Mortgage can not stress enough that you DO NOT want any remaining balance on your store credit cards. We suggest going home and paying them off as soon as possible. Some stores will even let you first pay with your credit card (to receive the points) and then let you pay off your balance right then; if this is an option for you, take the opportunity to escape your forgetfulness and forgo letting interest build on your account balance. Another helpful hint would be to take the credit card application home and review and compare it to other stores. Get as many benefits out of your in-store credit cards as you can by applying at the right places.

Wrapping It Up With 9 Year Mortgage

The next time you find yourself being asked by a sales clerk to sign up for a credit card, 9 Year Mortgage advises you to stop and think about your commitment to such a card. Can you afford to lose a couple points on your credit score? Will you be able to pay off your entire balance every month? Will you actually take advantage of the member benefits, or let them slide by? Do you think that this store will be around for a while? Or do you have plans of purchasing a bigger ticket item in the near future that 20% off might be better used on? All of these questions and more are valid points when considering a in-store credit card. Just remember that if you can pay off your balance every month, a store credit card does have its many perks and you should take advantage of their offers.

Will 9 Year Mortgage work for me?

Not everyone qualifies or will benefit from the 9 Year Mortgage program so there is no easy answer to that question.   We are very careful with who we let into the program.  We go through a qualification process to make sure we can provide you a viable financial plan that will work before we let you into the program.  Our representatives are trained to ask the right questions and gather the information necessary to quickly find out if we can help you.  If you would like to go through this process you can Click Here to begin filling out some basic information so that a 9 Year Mortgage representative can start working on your financial plan right away.

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