Owning a home is a significant achievement that can give you a profound sense of pride and joy. However, navigating the financial aspects of homeownership can sometimes be overwhelming – and if you’re a homeowner looking to refinance your mortgage, this means that it’s important to find a mortgage broker who is willing to listen to your unique story and can offer the best solution for your financial circumstances.

This includes Phil and Julie[1], a retired couple earning a pension who have owned their home in Kitchener, Ontario for 15 years.

In the second part of this series of real customer stories, we look at Phil and Julie’s homeownership journey and how working with a broker willing to listen allowed them to find the right solution for their story.

Encountering challenges

Ten years into their homeownership, Phil and Julie decided to renew their mortgage with a private lender. However, they realized that their new mortgage had a higher interest rate than a loan from a traditional mortgage lender. Eventually, the cost of their monthly debt repayments became unsustainable, and the couple began to worry about their financial standing.

What they didn’t understand was that having a fixed income could allow them to work with other lenders. Fortunately, their son learned about their distress and recommended a mortgage broker willing to listen to their story.

Overcoming hurdles with a mortgage broker

After being turned down by most lenders, Phil and Julie’s mortgage broker brought their story to Home Trust. We listened to their story and because Phil and Julie had fixed income, our services provided them a solution that allowed them to refinance and improve their financial situation. With Home Trust’s Classic alternative solution, Phil and Julie were able to pay out their private mortgage and ultimately reduce their monthly debt repayment.

The benefits of a mortgage broker

From this experience, Phil and Julie learned that a mortgage broker can help determine if refinancing a mortgage is a good financial decision. Mortgage brokers will be able to understand individual circumstances and break down the complexities of the refinancing process in a way that is easy to understand.

Since mortgage brokers also work with different lenders, they will also be able to connect you with the right mortgage solution for your needs – including alternative options offered by Home Trust.

You can learn more about our mortgage products by visiting hometrust.ca/mortgages.

The information, materials and opinions contained in this Blog are provided for our information only. This Blog does not constitute legal, financial or other professional advice and you should not rely on it as an alternative to specific advice based on your particular circumstance. This Blog contains links to third party websites. These links are provided for information and convenience; Home Trust does not endorse the content of any third party website, and it makes no representation or warranty as to the information on such third party sites. By clicking on any link to a third party site, you leave Home Trust’s website and do so at your own risk. Home Trust disclaims all liability for any damage or loss that results from your access to or reliance on information contained in this Blog or any third party site.

[1] Based on real customer stories but details altered to protect customer identity.