These are interesting times we are living in, with a record inflation that has not been this high since August 1991. Many clients out of fear of the unknown are simply signing their mortgage renewal agreements without looking at what else is out there.
The Trudeau government provided many people during Covid 19,
particularly those who were self employed, with monetary relief so they could
stay afloat. It also resulted in them taking on more debt as they were forced
to close shop, but still had to maintain payments on their leases, mortgages
and other financial obligations tied to their businesses.
There is a huge growth in alternative lending in this sector.
Having one payment to consolidate all your debts is the credo under how this
lending operates. One can argue you are further ahead with a higher mortgage
rate with one payment vs your low rate mortgage at the bank that keeps
you with balances on your unsecured debt. This is because your reported net
income on your tax return does not debt service at the mortgage stress test.
This rate is currently 5.25% as of April 14/2022. So what good is low
rate on your mortgage when you still have unsecured debt at 2 to 3 times
higher.
There is a better way. Want to know more...
Please connect with me
https://RenewYourMortgage.ca
via email at lindsay@mountainviewmortgage.ca or
by phone/text @ 416 464 6423
Lindsay Doke Mountainview Mortgage,
Mortgage Agent lic M18001723
*Photo Mirabella 1926 Lake Shore Blvd W. Toronto
