Last week I had lunch with Wendy Young from our Hamilton bankruptcy office, and Harvey Woods, a mortgage broker with Mortgage Intelligence in St. George (Harvey's office is across the street from the St. George Arms, so we ate there). Most of Harvey's clients are in the Brantford area, but he and his team helps people as far west as London, and as far east as Toronto.
I wanted to meet with Mr. Woods (that's his picture on the right) to find out first hand how the credit crisis and the decline in the real estate market is impacting on residents of Brantford. Specifically, is it still possible to refinance your house to repay your high interest credit card debts, and is it still possible to get a mortgage to buy a new home?
Harvey told me that yes, it is still possible to get a mortgage, but it is more difficult to qualify than it was two year ago at the height of the real estate and credit market. Two years ago it was common to be able to get a mortgage with no money down; today, it is almost impossible to get a no-money-down mortgage unless you have perfect credit and a high income. If you have good credit and sufficient equity in your home, you may still be able to refinance up to 90% of your home's appraised value. If you are buying a new house, your chances are better if you have a more conventional 25% down payment.
If you think refinancing your house may be the solution to repaying your high interest debts, or if you are considering buying a home, Harvey can be contacted through his website.
If your house has declined in value and now you owe more on your mortgage than your house is worth, or if you have large credit card and other debts, give me a call in Brantford at 519-770-4440 or 310-PLAN, or e-mail me, and we can discuss your options for dealing with debt in these difficult economic times.
Labels: mortgage Brantford
posted by J. Douglas Hoyes, CA, Trustee @ 9:32 AM
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