Your Mortgage Needs Can Change Over Time
For some people getting a mortgage is straightforward and they will simply make regular payments until they are mortgage-free. But for many Canadians mortgage financing will change as they go through their lives. Did you accumulate debt early on that has affected your ability to get approved for a mortgage? Have you or your family been impacted by an unexpected illness or disability? Has your employment changed so that your income isn't what you projected? Any of these circumstances can require you to adapt your financial situation – and that's where a mortgage broker can help you find the best solution.
We've worked with Larry for several years, and the Auxilium Team has been by his side on the journey from private mortgage financing to his current term with an 'A' lender. When we first met Larry he was re-building his finances following a bankruptcy brought on by fraud. Although he had started to re-establish his credit record, his circumstances required a combination of a ‘B' lender – incurring higher rates – and a private second mortgage. He also required a co-signor for this mortgage term to provide additional assurance for the lender.
During this mortgage term, Larry was diligent about making his payments and his property also increased in value. This meant that his next mortgage was a conventional loan-to-value and we were able to move his financing to a lender with more favourable terms. We were also able to pay out the private lender and Larry was one step further towards improving his situation.
Unfortunately, Larry ran into another bump in his journey as he approached the end of that mortgage term. He had developed some health issues that led to him needing to increase his reliance on credit and falling behind on some payments again. He was turned down by his day-to-day bank for a Home Equity Line Of Credit (HELOC). Since Larry had maintained his payments with his mortgage lender, our team was able to approach them and negotiate a refinance for the funds he needed to help him get through this period.
Most recently, we worked with Larry to move his mortgage to an 'A' lender. At the same time we secured a HELOC for any future unexpected expenses. Larry was also able to qualify for this mortgage on his own, so he no longer needs a co-signor for the loan. With his strong track record of payments, Larry is well on his way to being mortgage-free.