{"id":6754,"date":"2026-05-30T05:54:11","date_gmt":"2026-05-30T10:54:11","guid":{"rendered":"https:\/\/orchid-dunlin-632746.hostingersite.com\/?post_type=etudes-de-cas&#038;p=6754"},"modified":"2026-06-11T21:51:58","modified_gmt":"2026-06-12T02:51:58","slug":"laurie-and-maxime-pay-off-a-second-mortgage","status":"publish","type":"etudes-de-cas","link":"https:\/\/solutionshypotheques.ca\/en\/case-studies\/laurie-and-maxime-pay-off-a-second-mortgage\/","title":{"rendered":"Laurie and Maxime, pay off a second mortgage"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">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,&nbsp;since the market has been quite hot, they knew they had equity in their home.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They tried refinancing with their local bank but were declined&nbsp;due to their&nbsp;debt\u2019s&nbsp;coverage ratio. This means they had too&nbsp;much debt and the bank&nbsp;was&nbsp;not comfortable increasing their loan amount.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Details of the transaction:&nbsp;<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Region:<\/strong>\u00a0Montreal\u00a0<\/li>\n\n\n\n<li><strong>Job:<\/strong>\u00a0Manager of a supermarket and her husband is in the sale of meat products\u00a0<\/li>\n\n\n\n<li><strong>Value:<\/strong>\u00a0$420,000\u00a0<\/li>\n\n\n\n<li><strong>First\u00a0Mortgage:<\/strong>\u00a0$250,000\u00a0<\/li>\n\n\n\n<li><strong>Second\u00a0Mortgage:\u00a0<\/strong>$40,000 in private funds\u00a0at 15%\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">So, they found a private lender to lend them&nbsp;$40,000&nbsp;so that they could&nbsp;finish the renovations. The second mortgage rate&nbsp;is&nbsp;15% and their monthly payment is of&nbsp;$500&nbsp;per month&nbsp;in interest-only payments. After a while, they began having a tough time keeping up with all their payments.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They&nbsp;recently&nbsp;also&nbsp;had some&nbsp;debts&nbsp;end up in&nbsp;collections\u2026&nbsp;This is a big no-no with the banks and their credit has dropped because of it.&nbsp;They try to refinance&nbsp;to pay off the debts in collection and the private lender,&nbsp;but&nbsp;they keep being turned down.&nbsp;The time to renew their&nbsp;second&nbsp;mortgage is approaching and they are looking for solutions\u2026&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Here what we were able to do for them:&nbsp;<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Refinance property with one of our alternative\u00a0B\u00a0lenders\u00a0at 75% of the value.\u00a0<\/li>\n\n\n\n<li>First mortgage of $315 000.\u00a0\u00a0<\/li>\n\n\n\n<li>Rate\u00a0at 4.75% for a\u00a01-year\u00a0term with ability to renew as needed.\u00a0\u00a0<\/li>\n\n\n\n<li>The loan is amortized over 30\u00a0years.\u00a0<\/li>\n\n\n\n<li>Capital and interest\u00a0payments.\u00a0<\/li>\n\n\n\n<li>All\u00a0their\u00a0current and in\u00a0collection debts are\u00a0paid.\u00a0<\/li>\n\n\n\n<li>Their enrolled in the credit repair program to make sure they can refinance at the end of the term!\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">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!&nbsp;<\/p>\n","protected":false},"featured_media":2529,"parent":0,"template":"","meta":{"_acf_changed":false,"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":""},"class_list":["post-6754","etudes-de-cas","type-etudes-de-cas","status-publish","has-post-thumbnail","hentry"],"blocksy_meta":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Laurie and Maxime, pay off a second mortgage | Solutions Hypotheques<\/title>\n<meta name=\"description\" content=\"Learn how Laurie and Maxime paid off their second mortgage and regained control of their finances.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/solutionshypotheques.ca\/en\/case-studies\/laurie-and-maxime-pay-off-a-second-mortgage\/\" \/>\n<meta property=\"og:locale\" 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