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Laurie and Maxime are a young couple who just bought a house a couple of years ago. They got really excited about renovating their home. They did not have enough money to complete all the work they wanted to do and, since the market has been quite hot, they knew they had equity in their home.
They tried refinancing with their local bank but were declined due to their debt’s coverage ratio. This means they had too much debt and the bank was not comfortable increasing their loan amount.
So, they found a private lender to lend them $40,000 so that they could finish the renovations. The second mortgage rate is 15% and their monthly payment is of $500 per month in interest-only payments. After a while, they began having a tough time keeping up with all their payments.
They recently also had some debts end up in collections… This is a big no-no with the banks and their credit has dropped because of it. They try to refinance to pay off the debts in collection and the private lender, but they keep being turned down. The time to renew their second mortgage is approaching and they are looking for solutions…
Laurie and Maxime notice the difference right away. They are less stressed now and can fully enjoy the renovations they put into their home. They got their happy ending!