Here’s an example of when we were able to help on an Equity Takeout with a Magnum Mortgage Corp. Private Mortgage:
Our borrower had inherited an Estate home in a Rural Lake Community just outside of Edmonton, from a family member that had passed away. They needed to access their Home Equity to help consolidate debts that had accrued, while they were settling the Estate. Their Bank and other conventional Lenders could not help, as there were a few bumps and bruises on their credit.
Magnum Mortgage Corp. however, was able to help this client access their home equity and helped them to consolidate their debts to provide them with peace of mind knowing that their debts were taken care of to allow them the adequate time to grieve, and to get their finances in order before they were able to sell the home.
Here’s an example of when we were able to help a client on their Purchase with our Magnum Private Mortgage:
We were introduced to clients who were moving inter provincially for work. They had a home that they needed to sell in Alberta in order to Purchase their new home in BC; all was good, the borrowers had an Unconditional Sales Agreement on their existing home in Alberta & an Unconditional Purchase Agreement on their new home in BC and were making the necessary arrangements to finalize their move.
The Problem? Trouble arose when they were only 2 weeks away from taking possession of their beautiful new home in BC; the Sale of their Existing property in AB had fallen through & they no longer had a down payment available for their purchase.
The clients had gone back to their bank for help, but because the sale was no longer happening, and they no longer had a down payment available, their bank could no longer proceed with financing on their purchase. They explored refinance options with their bank, however, because their Total Debt Service Ratio (TDSR) on their application exceeded their bank’s guidelines and their looming 2-week timeline was unachievable, their bank could unfortunately not offer them an option that would be able to help.
Without the down payment available for their new purchase, this resulted in a major material change to their application - they no longer had an approval with their bank lender and risked losing not only their dream home in BC, but also the deposit that they had applied towards their new purchase.
How was Magnum Mortgage Corp. able to help? Through our commonsense lending approach, Magnum Mortgage Corp. was able to step in & help the borrowers with a Second Mortgage on their existing home in AB, which allowed them to use this home equity as a down payment towards their next purchase, allowing the purchase of their new home in BC to go through. As soon as they were able to sell their existing home in Alberta, they were able to pay off their existing 1st Mortgage with their bank, as well as their new (fully open) second mortgage with Magnum Mortgage. Crisis averted!
In an instance where it seemed as though hope was lost, Magnum Mortgage Corp. was able to offer a commonsense lending solution that prevented heartbreak and financial loss to the borrower.
Here’s an Example of when Magnum Mortgage Corp. was able to help on a Debt Consolidation Mortgage:
The story: The self-employed borrower, was negatively impacted due to work slowdown over the COVID pandemic, understandably, their debt level had increased significantly and resulted in further financial stress. Though they were diligent in maintaining all of their individual payments, to all of the individual creditors, it was getting tougher and tougher to manage. When their employment and income eventually stabilized, they had approached their bank to see if a consolidation loan was possible. Their bank was unable to help with a consolidation loan, as their past 2-year average income was too low (due to the slow down) and they were unable to qualify on a traditional loan application. Though their credit was in good shape, and they had ample equity in their home to provide as collateral, they unfortunately could not get past the 2-year average income requirement.
How was Magnum able to help? These clients were connected to us by their local Mortgage Broker, and through our commonsense lending approach, we were able to utilize their recent bank statements to determine that work was indeed stabilizing & their income was consistently increasing. We were able to help with a Debt Consolidation (Second) Mortgage, which allowed the clients access to their home equity, to consolidate their debts and alleviate their debt repayment stress. At the end of their term, the borrowers will be in a better position to qualify on a traditional mortgage application with their Bank or Monoline Mortgage Lender, as they will have a stronger 2-year average income to help them qualify traditionally.
These borrowers were able to benefit from:
1) Consolidation of their debts and their payments;
2) Their credit scores experienced a boost, as their debts were paid out in full;
3) Interest Savings, they decreased their overall interest paid (as they were paying over 18%+ interest on their credit cards);
4) They were able to sleep at night, knowing that their debts with the several creditors were paid and they only had 1 payment that needed to be made every month
Do you have a unique mortgage situation that you’d like to speak with someone about? If so, give us a call today to discuss your mortgage needs! We can be reached at (780) 467-6393 or by email at firstname.lastname@example.org “Our Interest is Your Wealth” ™