Example of a COVID-19 Relief Mortgage
Current Mortgage and Debt Scenario
House Value - $400,000
Current 1st mortgage - $200,000 - Payment of $1000 per month
Mortgage Arrears - $4000
Property Tax Arrears - $2000 - Payment of $400 per month
Credit Card Debt - $20,000 - Payment of $800 per month
Car Loan - $32,000 - Payment of $800 per month
Total Debt Load - $258,000
Total Monthly Payment - $3000 per month
Borrower has lost their job due to COVID-19, and EI is only paying $1600 per month. Borrower can not afford to keep their home.
New Mortgage Setup - 1 year no payments*
New Mortgage of $300,000
Lending Fees - 5%
Rate of 8.95%
Monthly payment of $2240 - PrePaid - No Monthly Payment from Borrower
Payoff existing 1st mortgage and all debts, $258,000
Borrower now has no monthly payment on mortgage for 1 year. Other debts are paid off. Monthly payment is $0.
Borrower can now focus on staying safe,
and seeking new employment when the time is right!
*OAC. Subject to equity availability. Rates and fees are example and subject to change based on individual scenario.
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