Money Matters

Your Home is An Investment

Your Home is An Investment

By Kam Brar, Auxilium Mortgage Corporation

“I’ve helped many clients achieve goals
that they thought were impossible.”

—Kam Brar

Ron and Candace’s family of four was rapidly outgrowing their home. They were trying to decide between another renovation on their existing property or an upgrading to a newer, larger home. A friend referred them to Auxilium to find out what they could afford.

Considering the Options – Our team sat down with Ron and Candace to look at three possible scenarios:
• Refinancing their current mortgage to fund the renovation;
• Selling their home and buying a new one;
• Buying a new home & keeping the existing property as a rental.

With solid income and strong credit, Ron and Candace prequalified for any of these options. After looking at properties through the summer in a hot real estate market, they ultimately decided to leverage the equity in their home and move forward with an extensive renovation that would add the functional space their family needed. We were able to secure a refinance for them that included a line of credit so that they could access the funds, as required, for the renovation.

Staying in Touch – The Auxilium team stayed in touch with Ron and Candace throughout the year of their renovation, as they had wanted to revisit their mortgage to reassess the new value of their upgraded home, once work was complete. As can happen with many renovation projects, the work went slightly over-budget. Ron and Candace ended up having to borrow a bit from family to pay the contractor’s final bills. However, the
upgrades to their home increased its value by approximately 25%. Plus, their growing family finally had the newer, expanded living space they needed. Rolling in the extra construction bills, we were able to secure a variable rate mortgage for Ron and Candace so they could simply enjoy life in their home.

But Wait, There’s More! – One of the things that makes the Auxilium team unique is our client follow-up. So, when a mortgage product became available that would lower Ron and Candace’s rate by half a percent, we reached out to them with the opportunity. Now that even more of each mortgage payment goes towards their principal amount, Ron and Candace are building equity in their property. Most importantly, they are living in the dream home they’d always envisioned for their growing family.

Call or visit us today for more information. Our GoWestShore Portal listing includes all of our contact information.

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