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When Plans Fail, You Need Support

A Rent-To-Own Agreement in Trouble

Several years ago, Drew and Lori entered a rent-to-own housing arrangement. They had been working on rebuilding their credit after a series of professional setbacks and a family medical emergency racked up their debt.

When they approached the Auxilium Team, Drew and Lori’s credit scores had not quite recovered enough to qualify for a mortgage with an ‘A Lender’, but their rent to own arrangement was coming to an end. They both had found steady work with a solid income for their family. With $30,000 already invested in the property, they were committed to finding a solution that would let them stay in the home they had come to love.

Our mortgage brokers presented the options to Lori and Drew, and together we determined that a 1-year term with an alternative lender would be the best fit for their situation. This would allow them to continue improving their credit so that they could renew their mortgage at a more favorable rate sooner rather than later. At the same time, their monthly payments were reduced by almost 30% from their rent-to-own agreement, so they saw an instant improvement in their cash flow.

In just a few weeks, Lori and Drew went from being renters to owning their home. We have continued to work with them to make sure that each renewal of their mortgage term improves their financial situation. Even though their rent-to-own plans were in trouble for a while, the Auxilium Team was happy to support them with options to realize their home ownership goals.

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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