A Smart Refinance for a Better Future
Stephanie and Rick had been juggling two mortgages—one with their bank and a second with a private mortgage lender. They had taken the private mortgage out last year as Rick wanted a career change so the 2nd mortgage bridged the cost of schooling and being off of work. Now that school is finished and Rick is in his new role, they can they wanted to refinance their mortgages together. They also wanted to renovate their basement into a rental suite, creating an additional source of monthly income.
The Challenge: Newer employment
Because Rick was brand new in his job, his bank wasn’t able to provide him the financing requested. Rick was however excelling in his new role and was earning more money than he was before schooling. So the solution was a 2 step financing process. We provided him the financing required to renovate the basement suite and get it rented. Followed by a new mortgage.
A New Mortgage (and Income Source) for a Fresh Start
Once renovations were completed, they started receiving rent from the basement suite, and Rick had tenure in his employment. With the new income their mortgage application was now attractive to more lenders. Stephanie and Rick consolidated the financing on their home into one mortgage with competitive interest rates and one low payment.
With their newly created rental suite, they now have additional monthly income that improves their cash flow and gives them greater financial stability. By making a smart financial move, Stephanie and Rick have turned their home into an even more valuable asset, setting themselves up for long-term success.