Marvin and Nancy

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.