Life Happens, Let Your Home Help
Sometimes “life happens”, and when it does, your home can be your savior if you have accrued some equity in it. Maybe you’ve been out of work, run up your credit cards and driven your credit rating into the ground. Perhaps, you’ve decided to leave the job you hate and venture out into the world of owning your own business. Whatever it may be, the equity in your home can help.
I recently helped a client who had maxed out her high interest credit cards due to not being able to work for a couple of years, and the credit card debt had lowered her credit score substantially. She was now back to work as a self employed consultant earning a good income, but the $1,000 monthly interest payments she was paying was seriously eating at her cash flow and not reducing the principal she owed. Dead money!!
Luckily for her, she had great equity in her condo, so I was able to provide her with an Equity Take Out Mortgage. The mortgage lender I chose was able to loan her money based on the strength of her property and the low loan to value of the mortgage based on her equity, NOT her income or credit score.
Here are the numbers:
Mortgage Amount $75,000
Rate: 4.75% (due to low credit score and equity take out)
Monthly Payments: $425.59
Savings per month: $574.41
In this case, my client was able to pay off her credit card debt and had a fair amount of money left over to invest in her business and her future.
In the end, she was very happy to be able to get her finances and business back on track, and start her life anew!
by: J Thomson DLC
Call me, I get “life happenstance”, and as licence Mortgage Agent with a great range of lenders availaable to me, we can help you out, provide some well needed relief, and cash flow!
Valerie J Cavers