Tom’s credit needed to be improved (Beacon score 546) and the family was also looking to downsize to a smaller home as their current home was too large and incurring expenses which were far more than what Tom & Anne could afford on a single family income. Tom and Anne were unable to secure financing through a bank due to Tom’s precarious credit situation.
The team at MiMortgage.ca was able to obtain financing through a 2nd mortgage that enabled Tom to pay off all outstanding debt and was left with sufficient funds for an initial investment on a property with a long closing date.
- By May 2015, Tom’s credit had improved to a beacon score of 597.
- In the meantime, Tom and Anne managed to sell their house, pay off the 2nd mortgage and make a 10 per cent down payment on the new property they were looking to purchase.
- Our team was successful in securing financing for the new property through a bank.
- Tom and Anne were previously making bi-weekly mortgage payments of $1,015.52 plus other debts.
- Monthly mortgage payments of $1,665.39 and debt free.
** Fictitious names have been used to protect our clients’ identity.