As BC moves into Phase 2 of the province's COVID-19 restart plan, the Auxilium Team is here to assist with solutions that work during these difficult times. The reality is that borrowing funds through your mortgage remains one of the lowest-cost options available to homeowners.
We have solutions for you to access the equity in your home depending on your employment situation. Click the description that fits your needs for additional details:
- You are a salaried or hourly employee who is currently working or has a back-to-work commitment AND your current mortgage is renewing in the next 120 days
- You are a salaried or hourly employee who is currently working or has a back-to-work commitment AND you have an amazing mortgage rate maturing more than 120 days from now
- You are a salaried or hourly employee who is currently working or has a back-to-work commitment AND were already facing debt challenges before the pandemic
- You are a salaried or hourly employee who is NOT working and do not have a back-to-work commitment
- You are self-employed and have tax returns to verify your income
- You are self-employed and have business bank statements to support your cash flow
Mortgage Renewal with Cash Back
This option is for homeowners whose current mortgage is renewing within the next 3-4 months and you could use some extra cash to assist during these challenging times – whether for paying off debts or supplementing unforeseen costs. You are not looking for a ton of cash; up to 3% of your current mortgage balance would work. For example, if you currently owe $400K on your mortgage, you would receive $12K cash back with this solution.
Second Mortgage Solution
This solution is for homeowners who have an amazing 1st mortgage rate; your renewal is not on the horizon anytime soon, and the penalty to break your existing term is simply horrendous. You have lots of equity in your property that you've been saving for a rainy day – and it's pouring right now. You need the cash flow rather than the equity to keep your household going right now. Keep in mind the minimum equity cash out is $45K under this program.
Mortgage Refinance for Debt Consolidation
If you were struggling with debt at the beginning of 2020, the recent turn of events has not helped. However, if you are "house rich but cash poor" and have lots of equity in your property, there is a solution for you. You've got an existing 1st mortgage that you're willing to pay out in spite of the penalty because the equity take out will allow you to both pay off higher interest debt and free up monthly cash flow by eliminating many of your current payments.
100% Equity Mortgage Solution
Many industries remain shut down, which also means that many folks are still out of work and unsure when they will be back on the job. It is possible to get a mortgage approval based on your equity rather than your income or credit. At a minimum you should have 35% equity in your property; the more equity you have, the more our lenders can lend you. It's that simple! Under this program bad or bruised credit is acceptable.
Self-Employed Verifiable Income Mortgage
If you are self-employed and can provide tax returns that both verify your income as well as support it, this solution is for you. You have options, as we can offer 1st or 2nd mortgages with best terms, cash back, or equity take out. Keep in mind: the more challenging your credit, the more your equity will be relied upon for the approval.
Bank Statement Mortgage
If you are self-employed and not able to confirm your income by traditional means such as tax returns, you can instead use your business bank statements to support your cash flow. A bank statement mortgage is available in either 1st or 2nd place and allow you to take out equity to assist with cash flow during these challenging times. Once again perfect credit is not a requirement however equity will be relied upon to offset it.
Let Us Assist You In Finding Your Best Mortgage Solution
You don't need to feel anxious or uncertain about your mortgage as we move through the phases of BC's restart plan. Our team has solutions and options that we can look at together. If you'd like to book a consultation with one of our mortgage specialists, get in touch with us today by phone at 250-590-6520 (toll-free 1-855-590-6520) or by using our online contact form.
Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals.
