When we first met Shane and Emily, they were living in military housing but were ready to buy a home in Victoria. They were referred to us through their realtor, and we were able to work with them through a relatively straightforward deal to finance their purchase.
Fast-forward 2 years, and during the annual check-in our team makes with each of our clients, Shane mentioned that he and Emily were hoping to refinance their mortgage to use some equity for upgrades on the property. They wanted to do some work to organize their outdoor space and landscaping, making the entire property more functional for their lifestyle.
At the same time, Emily and Shane wanted to keep their monthly payments close to what they had with their original mortgage. They knew that Shane could receive a new posting that would take them away from Victoria, and appreciated having greater control over their cash flow.
When our team was looking at all the pieces for Emily and Shane's refinance, we were able to consider a relatively new product that combined an interest-only loan with traditional amortized financing in a single mortgage product. This solution would provide them with the flexibility for savings in their contingency fund while still building equity by paying down some of the principal balance each month. Plus, we were able to keep their monthly payments similar, even though they were borrowing more.
Shane and Emily have completed their renovations; now they have both a home that suits them perfectly and a mortgage solution that's tailored to their needs. When their mortgage is up for renewal, we’ll work with them to meet their next home ownership goal and continue to make sure their financing fits their lifestyle.