Carmela had been carrying credit card balances of around $50,000 at interest rates between 18.99% and 24.99% for the last few years, religiously making minimum monthly payments and not making a dent in the principal.
Tired of paying over $1,000 /month in interest and seeing collection notices and judgments piling up, she called her MORGIX agent and got a second mortgage at a rate of 8.99%. This allowed her to dramatically reduce her monthly payments and reduce the interest cost to $375/month saving her $625 a month on her monthly payments.
Through one of MORGIX’s trusted affiliated, MORGIX was able to settle out her debts saving her over $10,000 without credit counseling or consumer proposal. Together they cleaned up her credit and today she’s ready to roll her debt consolidation mortgage into her new first mortgage, cutting her interest rate in half, again.
Debt consolidation is a loan designed to combine your high interest debt, credit cards, and other loans into one singular loan, under a better interest rate, and a more manageable term.
You could take advantage of a debt consolidation loan if you have multiple high interest credit cards, loans, and are tired of trying to keep up with multiple payments and vendors. Let’s get it all together and help pay down your debts faster.
Tajinder loved HGTV, his favorite show was Decked Out. He was happy with his first mortgage but needed some creative cash to beautify his backyard.
He called his friends at MORGIX. Within two weeks he had his down payment for the contractors.
If you’re wondering if he’s happy with his MORGIX experience, you should try to ask him between his hot tub sessions.
A home equity loan is a way to use the equity (paid down portion of your mortgage, or more accurately, the portion you own) of your home in order to borrow money to use for major expenses such as renovations, education, or other larger but necessary expenses. The loan amount is based on the equity amount, and uses that equity as collateral against the loan (The portion of the house you own is used to recoup the cost of the loan in case of default).
There’s a number of practical and necessary reasons that you may need to borrow against the equity in your home to access capital (borrow money):
Ray needed some extra cash, his credit was good, his income was good and he didn’t want a second mortgage. CIBC offered him what he thought was the best rate, 3.19%. Like any good consumer, Ray knew there would be a penalty for breaking his mortgage and did some shopping, stumbling into his friends at MORGIX.
Using commission the bank paid us to buy down the rate, he got a lower rate than his own bank representative could offer. This more than offset the cost of the penalty, putting extra money in his pocket and reducing his monthly payment.
You know who Ray’s calling when this mortgage comes up for renewal…
Mortgage refinancing is a pretty common practice where you can take advantage of lower rates and renegotiate the terms of your existing mortgage. This is handy if you had been previously locked into a higher rate mortgage, due to a fixed term, or a bad deal. Refinancing will allow you the opportunity to save hundreds of dollars a month and could even speed up the time it takes to pay down the principal (the original mortgage amount).
*Occasionally while refinancing you can consolidate other high interest debt to help pay it down faster.
You may need to refinance if you’re in a bind, financially, and need to free up some extra money each month. Refinancing at the right time (with a Morgix Agent of course!) and a longer amortization (the period in which the mortgage is set to be paid down at the proposed rate) you could free up enough money to help with surprise expenses, or even a new vehicle.
Liz has a cleaning service, she’s been in business for over 5 years but for obvious reasons couldn’t prove the income necessary to qualify with her bank.
She called MORGIX who found her a lender that didn’t care about what the Government thought she made, and provided her the financing she needed to hire herself another 3 staff to grow her business.
Liz recently approached MORGIX to purchase a rental property. We love success stories, way to go Liz!
A stated income mortgage is a loan where the vendor/lender does not verify the borrower’s income through official channels or pay stubs. The vendor simply asks the borrower for their ‘stated income’ and are taken at their word. This is ideal for freelance type workers or as a way to include supplemental income as a basis for a loan amount.
If you are a freelancer worker (Example: Web designer, writer, photographer) who doesn’t necessarily have an official paid status, you may opt for a ‘stated income mortgage’ as a way to get financing for a purchase you otherwise wouldn’t be able to.
When Guillermo called MORGIX he was in quite the bind, the bank was ready to change the locks on his door. Time was of the essence, and the first thing that had to be done was to keep his family in their home.
Through one of our trusty associates, MORGIX was able to stop the eviction process long enough to arrange the new financing which kept the moving trucks parked and was much more affordable. Better still, our debt settlement partner reduced all of his collection items and judgments, saving him over $25,000 without consumer proposal, credit counseling or bankruptcy, giving him piece of mind.
Now when the phone rings, Guillermo answers.
“Stop Power of Sale” is a Canadian measure that exists to prevent a a lender from taking your home in case of failed payments. This type of process is based on the equity in your home and can be used as a last measure to stop overdue lenders from repossessing your home, while you work to figure your finances out.
Sometimes you just need a quick fix, and when the Tatiana approached her Trustee she got what she needed, at least so she thought. She was told that she could “avoid bankruptcy”, but didn’t realize that consumer proposal was actually registered under the Bankruptcy and Insolvency act, or that it would stay on her credit bureau for 8 years on her current payment plan.
She called the experts at MORGIX to get the money she needed to pay off her payment plan early, fixing her credit in 3 years instead of 8. When her MORGIX agent asked how much she originally owed, and what she was paying off through the proposal, they suggested that instead of paying back the full amount of the debt, she withdraw from the program and opt for an informal settlement through their licensed affiliate.
Tatiana saved $5,000 more than she had through the consumer proposal, and kept her payment exactly the same.
As an alternative to bankruptcy, a customer proposal payout is a way to get protection from debt collectors by arranging a sort of financial compromise. This compromise is a proposal to payout a certain amount of your outstanding loans and the lenders may agree to forgive the rest. This setup can put a halt to many intrusive operations that overdue lenders partake in.
DeVon got hurt at work, seriously hurt. He knew that ODSP was coming, but he hadn’t been approved yet, his bills were piling up and he wasn’t making mortgage payments. He thought he would have to sell his family home, he and his 2 kids had been living in this same house for 12 years and he was desperate not to uproot them.
MORGIX had the answer. Not only did we give him some cash to maintain his family’s lifestyle, but using the equity in his home managed to pay for his first, and (new) second mortgage for a full year. Hopefully this time next year DeVon will be getting the income he needs, if not, that’s fine…
MORGIX also works with specialists that can assist relocating them, virtually for free.
Details coming soon!
Reasons coming soon!
A second mortgage is a loan/mortgage that is taken out on a property that is already mortgaged. In effect, you’re borrowing against the security of the first mortgage, which can make the second mortgage require a higher interest rate to cover the increased risk.
Getting a second mortgage is a great solution to consolidate debts (consider those high interest credit cards!). If you’re over burdened by such debt, you should consider talking to us to see if a second mortgage is the right option for your situation. Eliminating high interest debt is one of the best ways to get control of your finances!
A bad credit mortgage is a mortgage intended for those who’ve had a ‘not so great’ financial track record. A combination of higher interest rates (to compensate for the higher risk) and private lenders work together to establish an acceptable arrangement to secure financing for the home buyer.
You could need a bad credit mortgage if you’re in a situation where you need to make a move, but the main banks and lenders won’t look at you due to negative past financial performance. Perhaps you lost your job, or just couldn’t keep up with payments. Whatever the reason, there’s likely a chance with a bad credit mortgage.
The first time home buyer’s mortgage is where your journey begins. As you come closer to making your first home purchase, one of the factors to consider is the financing. Homes are a huge purchase, and more often than not, you’ll need to borrow the money to buy the home. Morgix is here for you to help you through the process. From setting a budget to establishing rates and terms, and ending with a hand shake, we are ready to help make your move easy, and pain free.