I want to share a recent client story who completed a refinance with me.
They had a first mortgage with a bank. There was also a second mortgage with a high rate lender for a small amount of $35,000 as well. During the 1 year and 3 months they had the second mortgage, they paid down just over $1000 toward the principal while making monthly payments of $903.28.
They reached out to their bank for a refinance. They were declined. There were no missed payments, the mortgage was in good terms, they just said no.
They found my name on a Facebook Page. So then they called me.
We got to work. I asked what was important to them and what mortgage features they needed. We changed to the TIPPs program (Tax Instalment Payment Plan) and submitted the application to the lender.
The current mortgages were a combined total of $2272.09 a month. With the refinance, we reduced the rate drastically and extended the amortization to help with cash flow to put additional funds towards consumer debt that had accumulated.
After the refinance, the new monthly mortgage payment dropped to $1076.22! That is an increase of $1195.87 a month to put towards the consumer debt. And, in a year, that is $14,350.44! The new mortgage has the option of prepayment privileges. When utilized, this will give the ability to increase the monthly payments, or make lump-sum payments. Taking advantage of these will reduce the amortization, and they ultimately will pay less interest overall.
I am so proud of the work this client did during our time together. They were open and honest. And I am so excited to hear the relief in their voice and the excitement for the future.
Does this sound like you? There could be options for you. Reach out. Ready to start the process now? Click here to apply and put your financial goals first. Or check out the different mortgage solutions available to you here.