Mr and Mrs M, approached us after their mortgage approval fell through at the last minute with another broker. Their last broker processed their mortgage for months and told them right before they were ready to sign with the lawyer that the lender was not willing to proceed.
Mr M, was only at his current job for one week and Mrs M was working part-time with the same company for many years. They ended up getting a 2nd and 3rd mortgage on their property for $100,000.00, both at 12% interest. They accumulated debt when Mr M was laid off from his long-term employment 2 years ago and Mrs M had to work part-time to take care of her sick parents. Both their credit suffered, and their beacons dropped to 644 and 582.
We were able to get them approved to combine their 1st, 2nd and 3rd mortgage, payout some other debts and still have about $20K left to do some home renovations. We also got an exception on his new employment as he has been in the same line of work for the last decade. Despite their low credit, we got them approved for a 2-year fixed rate at 4.44% with a 1% lender fee and 1% broker fee.
This refinance helped the clients free up their monthly cashflow and save on interest. They also got out of interest only payments on their $100K 2nd and 3rd mortgage. They are now saving about $7500.00 in annual interest.
If you have need assistance with your situation. Contact us!