Molly is a self-employed person and Tom is in salaried employment.
Like many Canadians, Molly and Tom were faced with credit issues previously, which they have cleared up. Following resolving their credit issues, the couple were very reluctant to obtain credit once again, in fear of falling back on their payments once again. Therefore, as a result they did not re-establish their credit over time.
In 2015, Molly and Tom decided to buy a rural property on well and spectic. Since the couple did not have re-established their credit, it was not possible for them to obtain mortgage financing through a mainstream bank. By contacting the team at MiMortgage.ca Molly and Tom were able to secure mortgage financing to buy their new home, through a credit union. Molly and Tom opted for a 3 year term.
- A 25 percent downpayment
- Interest rate of 3.49 per cent for 3 years
- Monthly payments of $910.94
In addition, Molly and Tom have access to a line of credit, through the credit union, which will enable them to re-establish their credit.
Is a bad credit situation holding you back from re-building your credit? It is worth having a conversation with an expert at MiMortgage.ca to find out, how you can re-establish credit. Call us at 1 866 452-1100 to speak to an expert now!
Fictitious names have been used in order to protect our clients’ identities.