When Should You Speak With A Mortgage Advisor?

More times than not, we are contacted by a homeowner when they are desperately in need of our help.  That’s okay, we are here to save them but in many cases, certain situations can be avoided.

The majority of us don’t like talking about or deal with our finances.  Especially if they aren’t in good shape. We procrastinate and “deal with it later”.  From a financial perspective, this usually does more harm than good. 

Last week alone, we were contacted by three separate individuals who were on the brink of losing their homes.  Two were being foreclosed and the other needed to renew with a different lender. Every single case required a financing solution within 2 weeks.

We managed to work quickly and put new financing strategies in place.  I’m happy to say all of them will be enjoying another Christmas in their family homes.

I spoke with these clients and encouraged them to contact us much sooner in future.  They could have avoided immense stress and unnecessary expenses.

So when is the right time to call a Licensed Mortgage Advisor?

The moment you start to feel financial pressure, please pick up the phone and speak with an experienced mortgage expert.  It’s also a great idea to speak with a Financial Advisor, and your Accountant, depending on the situation.  

Sometimes, all it takes is a minor tweak to your finances and problem solved.

If you choose to procrastinate, the financial pressure will start to accumulate and damage could be made to your credit or reputation with your creditors. 

By the time we receive a call, the credit bureau can be so bruised that we no longer qualify with a bank or credit union.  In such circumstances, your only options may be for us to help you with a private mortgage (not cheap), consider a consumer proposal or bankruptcy, or sell your home.

This is not a position anyone wants to be in.  A simple phone call well in advance can in most instances, avoid these less than desirable measures.

If you own a home and are experiencing financial stress due to unpaid bills, low cash flow, or have large upcoming expenses, please give us a call or email us at info@goatmortgages.ca and we will be happy to help or point you in the right direction.