Distressed over Finances? We are here to help!
Are expenses starting to rule your life? How are other Canadian families making ends meet as the world settles back into “normal”? The lingering impacts of the pandemic, a volatile housing market and rising inflation rates have left many struggling to catch up. From what we’ve seen so far, 2023 may be the year that many families are stressed over finances. This is a term known as a distressed borrower.
Are you in that category? We have good news for you. With ample financial experience and a knack for creative mortgage solutions, Buckley Mortgage Broker is equipped to help you find relief and create a strategy to get back on track with your financial dreams.
The Cost of COVID
Did business change for you during the pandemic? To survive rising supply costs, delayed shipments and layoffs across the sectors, business owners have had to adapt constantly to survive.
Many Canadians made career changes in the past three years, leading to fluctuating incomes and an increase in debt load to fund schooling, business investments or just cover day-to-day expenses.
If your income falls outside a perfectly salaried category, refinancing a mortgage or qualifying for a line of credit at a mainstream bank may not be an option. Thankfully, we have access to over 70 lenders, many of whom offer more lenient income confirmation. You can get the financial help you need even if your line of work has changed in the recent past.
The real estate market in Ontario has been a rollercoaster ride for buyers and sellers over the past three years. From virtual walkthroughs during lockdowns to a 180° pivot from a seller’s market to a buyer’s, the instability in real estate has left many families in financial trouble.
If you didn’t time the market just right, you may have bought high and sold low, leaving you in a cash-tight situation. Or perhaps you were banking on selling your home this year but plummeting housing prices have you thinking twice. Maybe you’re just desperately trying to enter the housing market and the interest rate hikes have you shut out.
No matter your situation, it’s worth it to sit down with an experienced mortgage broker. Not only do they provide the best chance to get you the funding you need, but they will also be able to get you a plan so home ownership becomes an obtainable option.
Coping with Inflation
Inflation is a two-edged sword. Not only is the price of almost everything rising at an accelerated rate, but the government’s solution adds more costs in the short term. Interest rates will likely continue to rise, though we’re expecting lesser increases for 2023. How do you survive the in-between time — where inflation is still too high and interest rates offer little relief?
Why not consolidate your debt? Lumping all your credit products together and paying one, single payment at a secured interest rate could save you hundreds if not thousands in the long run. Debt consolidation using property often results in lower monthly payments than having multiple payments going out at different interest rates, freeing up more of your income for increased costs of living.
Relief for the Distressed Borrower
Times are tough – we get that. That’s why we focus on finding individual solutions for each of our clients. If you are financially stressed, we are here to help. Speak with Gerard Buckley of Buckley Mortgage Broker to discover your custom debt or mortgage strategy today.