Cameron and Chloe are both employed and residing in Durham region. Cameron’s two children from his previous relationship are living with the couple. Shortly after the couple got together, Chloe’s parents and brother, turned to the couple for support and ended up residing with them.
During this time, Chloe was injured at work and was unable to care for her parents. Further as a result of Chloe being off work, the couple were behind on their mortgage and utility payments. They filed for a consumer proposal but were unable to maintain payments. In addition, their home was going in to power of sale.
In an attempt to remedy their situation the couple contacted the team at MiMortgage.ca with regard to refinancing their mortgage. Through the refinance the couple were able to pay off their consumer proposal, their outstanding collections and bring utilities upto date. The terms of their mortgage were:
- Interest rate of 8.49% for one year
- Monthly payments of $1,167.37 (interest only)
We were able to obtain financing through a private lender. In one year, we should be able to take them to an equity lender and obtain lower interest rates. Interest only payments will enable the couple to get financially back on track and re-establish their credit.