Mortgage Products and Tools
Homeowners Struggling to Make Ends Meet
For many homeowners, income is simply not keeping pace with the rising cost of living. Each month, the shortfall between income and expenses is often bridged by taking on more debt or cashing in savings, both of which can erode long-term financial stability.
Exploring Mortgage Options – But Facing Roadblocks
In times like these, it makes sense to approach your mortgage lender to explore accessing the equity in your home and to consider financial restructuring. However, an increasing number of lenders are choosing not to accommodate these requests.
While they recognize that a homeowner with equity in their home is struggling, many lenders are either unwilling or unable to provide access to it. Often, when the answer is "no," there is:
- No clear explanation as to why
- No alternative suggestions
- No meaningful support
This can leave homeowners feeling isolated and stuck.
Waiting Too Long Narrows Your Options
The worst mistake in a financial "situation" is inaction. As unappealing as your current options might seem, in 90 days, they may become:
- Even less favourable
- More expensive
- Or disappear entirely
As your risk profile increases, your options will decrease.
The Hidden Threat: Credit Bureau Impact
While you might find ways to mentally and emotionally manage financial stress, your credit report tells a different story.
When your Equifax file reflects:
- Late payments
- Missed minimum payments
- Balances not decreasing
… your credit score declines. This is especially damaging if it involves your mortgage or a secured line of credit, such as a Home Equity Line of Credit (HELOC). These late payments stay on your record for years and will limit future borrowing options.
What You Need to Know:
🏦 CRA Debts
- Even with a payment plan, the CRA charges significant interest and penalties.
- No A-tier lender will fund a mortgage if you owe money to the CRA
🏘️ Property Tax Arrears
- Municipalities may delay collection, but they still charge penalties and interest on a monthly basis.
💸 Cashing in Savings and Investments
- Reduces your net worth
- Eliminates your financial cushion
- May trigger tax liabilities
- Post-COVID, lenders now consider your savings in their approval process
🧾 High-Interest Lenders (e.g., Fairstone, Easy Financial)
- Seen as lenders of last resort
- Appear as red flags on your credit report
- Carrying excessive interest makes them very difficult to pay off
⚠️ Private Mortgages Without a Clear Exit
- May involve high fees
- Often lack a realistic repayment plan.
- Can trap you in a situation where you will both erode home equity and ultimately default on the mortgage
✅ The Best Move? Have a Trusted Conversation
If you're financially stressed or know someone who is, it can be helpful to have a conversation with someone trustworthy and ethical.
We bring:
- A strong understanding of mortgage, debt, and credit dynamics
- Access to financing options that go beyond traditional banks
- A commitment to realistic, sustainable solutions
- A promise that we will apply no pressure on you to act
- There will be NO follow-up phone calls unless you request one
- You are not being added to a list so that other people can call you later.
⚖️ A Bad Move Now Can Set You Back for Years
Please don't wait until the situation gets worse. The right advice—and the right strategy—can make all the difference. 📞 Reach out today for a confidential consultation. Let's explore this to see if we can help alleviate some of the pressure.
Non-Mainstream Lending Products
The RIGHT Financial Solution will do more than kick the can down the road. The problem today is that we are seeing too many people in financing agreements that never should have been executed in the first place. Before you enter into any financing agreement, make sure that you are working with someone who has been referred to you, wherever possible.
Don't choose people or companies based solely on their online presence.
We care, have a well-stocked toolbox of mortgage financing options, and we do things the right way. Our business is based entirely on referrals and repeat clients.