Our blog this week features a success story of the team at MiMortgage.ca.
“Sally and Mike” are an average Canadian family. Their 20 year old son lives with them. Both “Sally and Mike” are in full-time employment. As life happens to many families over the years, “Sally and Mike’s” financial circumstances were as follows:
- Over years accumulated debt amounting to $65,000;
- Monthly payments of $2271 ($1000 mortgage + $ 1271 minimum payments on debt);
- Credit scores were 471 & 570 (poor).
The couple had over extended and fallen behind on their payments, and as a result could not approach any traditional banks to obtain financing. We were able to assist “Sally and Mike” with obtaining mortgage financing to purchase their new home.
- 15 per cent down payment;
- Interest rate of 5.25 percent for 1 year;
- Paid off all outstanding debt;
- Monthly payments were reduced to $970.
If you are struggling with the escalating debt, contact us. We may be able to help! We can review your situation and let you know how your score will be viewed by lenders and what it means to your financing options. If you need to improve your score, we can outline your best options for credit improvement. If you want to get a mortgage while you work on bettering your score, we can also advise how that may be possible.
Fictitious names have been used in order to protect our clients’ identities.