In spite of the COVID-19 pandemic, many consumers still seem to be living large and purchasing property wherever possible. Unfortunately, that prosperity might be short-lived because most of it has been funded by credit.
Credit card debt has become an epidemic, with more and more consumers building up debt and not paying it back. The trouble is, by living beyond their means now, they’re only setting themselves up for financial destruction later on.
As loan officers, it’s our duty to warn our clients about the risks of taking out loans they can’t afford to pay back, but how can we approach those difficult conversations? Is it possible to get them on the right financial path if they’ve already built up a ton of debt?
In this episode, author of Digging Out, Jodee Brydges shares what we should be telling our clients to keep them debt-free.
Stop your clients from overextending themselves with loans they shouldn’t have got in the first place.
-Dan Trinidad
Get the Full Episode on YouTube:
Three Things You’ll Learn:
How to advise consumers hoping to buy vacation rental properties
In the midst of COVID-19 shutdowns, vacation rentals and Airbnbs couldn’t operate. If our clients are hoping to pay off their loans by renting out their properties, we have to remind them of this and let them assess if it’s worth the risk in the event of another lockdown.
Why we need to have uncomfortable conversations with our clients
Discussions about what a client can’t afford are never pleasant, but they’re necessary. By being open about the risks of overextending themselves, we can help our clients see where they need to pivot.
The importance of sharing industry knowledge with buyers
As mortgage professionals, we know that at some point there will be a correction in the market and rates will increase. It’s up to us to make sure our clients don’t panic buy their way to financial destruction.
Want to be part of a boutique mortgage team where everyone matters?
Learn more about joining the team at Partners Mortgage: http://partnersmortgage.com/join-our-team/
To schedule a confidential consultation with Dan, email dant@partnersmortgage.com.
Guest Bio:
Jodee Brydges is a loan advisor at RPM and an industry veteran of over 3 decades. Passionate about educating both her clients and other mortgage professionals, Jodee is also the creator of the ‘PointPro’ turnkey seminar package available to loan originators, and the author of Digging Out: A Practical Guide to Getting Out of Debt and Paving a Path to a Secure Financial Future. Jodee is a national speaker and has been featured on Robin Fahr’s Conversations.
To find out more, go to:
https://jodeebrydges.com/
https://www.linkedin.com/in/jodee-brydges-93950a3
https://www.instagram.com/jodeebrydges1/
https://www.rpm-mtg.com/lo/jbrydges/
https://www.amazon.com/Digging-Out-Practical-Getting-Financial/dp/1631320491
Other books mentioned in this episode:
https://www.amazon.com/What-Love-Money-Will-Follow/dp/0440501601