Cash Flow

Are you thinking of refinancing your home to consolidate debt, to do some much-needed renovations or to improve your Cash Flow? Not so fast! It appears the easy days of refinancing are over. Consider this couple who came into our office to refinance to improve their Cash Flow. The amount of the mortgage they needed represented only 50% of the value of their home. They have excellent equity, good income and all the banks are still saying no. Why?

Well, some banks do not like the remoteness of the Cayuga area and some do not like the clients’ credit. We received two such clients this week at Robert Floris’ Mortgage Architects Office in Hamilton, Ontario.

It is no surprise that financial circumstances changed when mortgage rates and general rates started going higher over two years ago. This has greatly impaired people’s ability to use them home to help with their Cash Flow. Obviously the mortgage stress test did not help. Here are two sobering notes:

The Canadian Association of Solvency and Restructuring surveyed all the trustees in Canada and 70% believe bankruptcy cases will increase significantly in the next five years.

As well, 31% of Canadians Cash Flow is only $200/month away from having less income than expenses.

Needless to say, the Cash Flow of many Canadians is vulnerable and on the brink. If this may be your financial outcome, call us for options while you still can!

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

If you would like to apply for a mortgage online, please follow this link.

If you would like to see our Google reviews or leave one yourself, you can do so here.

Thanks for reading!