Case Studies

Case Study A

Angela, The Money Lady, was approached by one of her networker in November 2002. This networker had just refinanced a second mortgage at 12.75%, one year term with another mortgage broker, who had charged her close to $15,000 (which included $1,500 in cash payment) in brokerage fee on a second mortgage of a $100,000 (an exceptional hefty fee- about 15% brokerage fee, which is actually outrageous). This mortgage broker had convinced Angela’s networker that she was the last resort, that was why, Angela’s networker paid the hefty fee and consummated this second mortgage in September 2002.

When this networker met and approached Angela, The Money Lady in November, Angela went to meet with her and her spouse . After she reviewed their financial situation, Angela made a recommendation to combine the first and second mortgage into one big mortgage as they had sufficient equity in their house to secure the mortgage at 6.35% (which is a substantial savings from the 12.75% second mortgage and close to 7% on their first mortgage).

Angela, The Money Lady did not charge her clients any fee and as an act of good faith ,because she understood that they had already paid a hefty brokerage fee to their previous mortgage broker, Angela agreed to absorb their appraisal fee of $250.

As a result of Angela’s action and commitment to assist her clients, she was not only helping her clients to ease the heavy financial burden on their shoulders, she was also earning the respect as a professional in the mortgage field.

Angela Wong-Liao Tel 416-529-2888 angela@moneylady.ca or angelawongliao@invis.ca