MORTGAGE MOMENT: WHEN LIFE GIVES YOU LEMONS…
Dreaming is a natural part of human nature, and it's what makes life fun. We all make plans and envision them coming to fruition. However, it's rare that these plans stay on course as we initially intended, which is specially true for mortgage clients. Many of them come to mortgage brokers with one set of circumstances but find themselves in a completely different situation a few years later. That's why six out of ten Canadians break their five-year term mortgage early.
Recently, one of Vikram’s clients, a young working couple, found themselves in a tough spot after one of them was injured and went on long-term disability leave. Their income took a hit, and they had to rely on credit cards and a line of credit, with interest rates that kept increasing, leaving them struggling to pay their debts. They were left with no option but to seek private funding, but they were afraid of losing their home if they approached their lender.
However, Vikram stepped in to help and turned their lemons into lemonade. He paid off all their debts with the proceeds from their 5-year variable-rate mortgage with a 30-year amortization, resulting in an annual savings of over $18,000!
We understand that life rarely goes as planned, but there's always a creative solution to help you get back on track. If you find yourself in a similar situation, give Vikram a call, and he'll help you make some of the best lemonade out of your lemons.
Text Shoren at 416-250-9090, and you'll be pleasantly surprised!