{"id":5638,"date":"2025-09-19T09:31:53","date_gmt":"2025-09-19T14:31:53","guid":{"rendered":"https:\/\/solutionshypotheques.ca\/?p=5638"},"modified":"2026-04-04T16:00:11","modified_gmt":"2026-04-04T21:00:11","slug":"laurie-and-maxime-pay-off-a-second-mortgage","status":"publish","type":"post","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":"\t\t
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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,\u00a0since the market has been quite hot, they knew they had equity in their home.\u00a0<\/span>\u00a0<\/span><\/p>

They tried refinancing with their local bank but were declined\u00a0due to their\u00a0debt\u2019s\u00a0coverage ratio. This means they had too\u00a0much debt and the bank\u00a0was\u00a0not comfortable increasing their loan amount.\u00a0<\/span>\u00a0<\/span><\/p>

Details of the transaction:<\/span>\u00a0<\/span><\/h3>
  • Region:<\/strong>\u00a0Montreal<\/span>\u00a0<\/span><\/li>
  • Job:<\/strong> Manager of a supermarket and her husband is in the sale of meat products<\/span>\u00a0<\/span><\/li>
  • Value:<\/strong> $420,000<\/span>\u00a0<\/span><\/li>
  • First\u00a0Mortgage:<\/strong> $250,000<\/span>\u00a0<\/span><\/li>
  • Second\u00a0Mortgage:\u00a0<\/span><\/b>$40,000 in private funds\u00a0at 15%<\/span>\u00a0<\/span><\/li><\/ul>

    So, they found a private lender to lend them\u00a0$40,000\u00a0so that they could\u00a0finish the renovations. The second mortgage rate\u00a0is\u00a015% and their monthly payment is of\u00a0$500\u00a0per month\u00a0in interest-only payments. After a while, they began having a tough time keeping up with all their payments.<\/span>\u00a0<\/span><\/p>

    They\u00a0recently\u00a0also\u00a0had some\u00a0debts\u00a0end up in\u00a0collections…\u00a0This is a big no-no with the banks and their credit has dropped because of it.\u00a0They try to refinance\u00a0to pay off the debts in collection and the private lender,\u00a0but\u00a0they keep being turned down.\u00a0The time to renew their\u00a0second\u00a0mortgage is approaching and they are looking for solutions\u2026<\/span>\u00a0<\/span><\/p>

    Here what we were able to do for them:\u00a0<\/span><\/h3>
    • Refinance property with one of our alternative\u00a0B\u00a0lenders\u00a0at 75% of the value.<\/span>\u00a0<\/span><\/li>
    • First mortgage of $315 000.\u00a0<\/span>\u00a0<\/span><\/li>
    • Rate\u00a0at 4.75% for a\u00a01-year\u00a0term with ability to renew as needed.\u00a0<\/span>\u00a0<\/span><\/li>
    • The loan is amortized over 30\u00a0years.<\/span>\u00a0<\/span><\/li>
    • Capital and interest\u00a0payments.<\/span>\u00a0<\/span><\/li>
    • All\u00a0their\u00a0current and in\u00a0collection debts are\u00a0paid.<\/span>\u00a0<\/span><\/li>
    • Their enrolled in the credit repair program to make sure they can refinance at the end of the term!<\/span>\u00a0<\/span><\/li><\/ul>

      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!<\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      Laurie and Maxime are a young couple who just bought a house a couple of years ago. They got really …<\/span><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[76],"tags":[],"class_list":["post-5638","post","type-post","status-publish","format-standard","hentry","category-case-studies"],"acf":[],"yoast_head":"\nCase Study: Paying Off a Second Mortgage | Solutions Hypotheques<\/title>\n<meta name=\"description\" content=\"Laurie et Maxime, couple de Montr\u00e9al, ont refinanc\u00e9 avec un pr\u00eateur alternatif pour rembourser une seconde hypoth\u00e8que \u00e0 15 %.\" \/>\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\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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