Credit Repair & Debt Consolidation in Calgary
Outside of having a job, a strong credit profile with manageable monthly debt is the #1 way to convince a lender that they should give you a mortgage. Working with a mortgage professional to position your file to be as strong as possible when you choose to purchase a home is very important.
Scroll down for more detailed information on debt consolidation and credit repair in Calgary.
Some Of The Lenders Our Mortgage Brokers Work With and banks we have relationships with.
Mortgages During Divorce, Spousal Buyouts
In most cases, when a client’s marriage or common-law partnership is dissolved, the splitting of assets, debt and Real Property can be difficult to navigate.
It’s important that as the separation agreement is negotiated, both parties spend time learning what is available to them for mortgage financing. Often, one spouse wants to purchase the other’s equity in the Marital Home. There are specialized mortgage products to help clients navigate these situations and our mortgage professionals can help guide you through the process.
When refinancing a typical mortgage, clients can only access up to 80% of the home’s value. But, through a Spousal Buyout Program, you can ‘purchase’ the home from your spouse and unlock up to 95% of its equity. Matrimonial debt and lump sum equity payments can also be included in the mortgage – up to 95% of the appraised value.
This added access to funds often makes the difference between one spouse being able to buy out the other’s half of the home versus having to sell the home and find two new separate places to live.
It allows the ex-spouses to separate their assets and start the new chapters in their lives. Typically, these solutions help to alleviate stress and allow clients to secure separate housing more quickly.
Why is it important to select a qualified mortgage professional in Calgary for these services?
Many of our mortgage professionals share stories about clients with bruised credit or monthly payments that need to be restructured. In 3 months, they often see credit scores improve from 590 to 700.
Our mortgage professionals are able to restructure:
- Vehicle loans to achieve lower payments
- Credit cards to achieve lower payments and start making a dent in the true principal balance.
- Lines of credit
- Student loans
- Term Loans
Here is an example of debt restructuring:
Client has a total of $28,000 in unsecured debt.
If the client did nothing (meaning didn’t meet with a mortgage professional pre-emptively and restructure the file), a lender would consider this a monthly debt payment of just about $900.
This REDUCES a client’s mortgage ability by nearly $100,000.
Our mortgage professionals can recommend strategies such as the following:
Restructure the $28,000 into a term loan for at LEAST 7 years in length, but hopefully 10. This will result in payments of just under $400 per month and increased the client’s borrowing capacity by $60,000.
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No Charge or Money out of your pocket!
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Not tied or forced to work with any specific lenders
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