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Out of Debt and On the Right Path

A Mortgage Refinance Was the Key to Lifting a Weight Off Her Shoulders

When Janet bought her condo several years ago, the unit was a fixer upper. It needed new windows and updates to the bathroom and kitchen, which she did soon after taking possession. However, shortly after her closing date the strata decided the whole building needed work and put a special levy into place – which included the replacement of the windows throughout the building. Although Janet had replaced the windows in her unit on her own and the strata wouldn’t be doing additional work for her unit, she still had to pay the levy and was not given any reimbursement.

Janet had no choice but to use her Line of Credit and credit cards to deal with the expense of the strata levy. This unexpected cost so early after becoming a homeowner completely upset Janet’s budget and she struggled to carry the debt for her first few years of ownership. With high interest rates on her unsecured credit, Janet knew her best hope was to refinance her mortgage and leverage the equity she had built to pay out her debt.

Strictly on paper, Janet’s debt service ratios were over the accepted limit for an ‘A’ mortgage lender, so our team prepared her for the higher rates, and the possibility of a broker fee, that come with ‘B’ financing. After meeting with her and re-examining her options, we talked about seeking an exception from an ‘A’ lender since her ratios were very close and her payment history was excellent.

With Janet’s full story in hand, we approached a lender who agreed that she would be a good fit for their conventional mortgage product and was willing to make an exception for her debt service ratios. As a bonus, while Janet was in our office to sign her mortgage documents, a rate drop came through!

Janet’s monthly payments are now less than her previous mortgage payments – with all the debts included. She is no longer paying thousands of dollars each month just trying to keep up with her debts. Best of all, Janet told us she feels as though a weight has been lifted from her shoulders and she can move forward as a happy homeowner.

Call for your free consultation with a mortgage specialist at 250-590-6520 (toll-free 1-855-590-6520). Walk-ins are welcome at our #16-Unit 211-2840 Peatt Road location during regular business hours, and we can arrange appointments evenings and weekends to suit your schedule.


Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals.


This post reflects the best available information at the time of writing/last update. In order to ensure that you have the most up-to-date information, contact us to confirm the details for your specific situation

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