Toronto, Ontario – Frank, a cab owner in Toronto, had to make a tough decision. He had to decide whether he should pay his business bills or his mortgage. When the pandemic hit hard on the taxi industry in Toronto, he found it difficult to get a lower interest rate from banks. That’s when a mortgage broker in Toronto rescues him from losing his home. Frank now has a mortgage that has a lower interest rate and he is using the extra cash flow to start another business until the industry bounces back.
A business and personal conundrum
“Save my business or save my house?” That was the lingering question in the back of Frank’s mind each day as time is ticking down for him to decide on which bills to pay.
Frank is a cab owner who has been living for years in the same house. He never imagined he would have to make this decision, but when the pandemic hits hard on the taxi industry in Toronto he has to decide if he’s going to spend money to keep his business or his house. One is not better than the other.
Frank has been in the taxi business for ten years, and he has two mortgages against his primary residence. Staying in the business as a cab owner is not as easy as most people think either. He has non-deferral business expenses that he has to pay to stay in the business. Things like gas, commercial insurance cost, brokerage fee, licensing fee, and last but not least cleaning costs.
This pandemic makes him realize that he has to figure out something fast, or else it is only a matter of time until he runs out of savings and loses his home.
In the beginning of last year, he was confident that he’ll be able to pay off the second mortgage, at 10% interest, by the end of 2020.
He was wrong.
He squeezed through 2020 and first half of 2021 with the Canada Emergency Business Account (CEBA) loan that is provided interest-free by the Government of Canada to pay for the utilities, insurances, wages, taxes and other non-deferrable costs to run his business.
But his mortgage payments can no longer be deferred.
He started to dig deeper into his personal savings.
As a savvy business owner, he quickly recognized the burden of a high interest rate and the benefits of consolidating it into a lower one. He made personal visits to the banks inquiring about mortgage refinancing but each visit ended with rejection because he couldn’t show convincing numbers in his financial statement.
He was in a pinch due to reasons outside his control but that’s when his long-time bank refused to lend him a mortgage consolidation loan.
That’s when Frank was introduced to Jermaine, a mortgage broker in Toronto, and learned more about the true scope of his mortgage refinancing options as a homeowner.
“I am a hardworking self-employed cab owner. But, on paper, I am a finance nightmare,” explained Frank to Jermaine.
The light at the end of the tunnel
Every bank has different mortgage solutions offered in competition with the other banks because they are for-profit organizations at the end of the day. Knowing these different products helps to identify the right one to solve a problem that business owners like Frank are going through.
The root cause of Frank’s problem is the mismatch of flow of income to expenses. Frank has experienced a reduced flow of income but there was nothing that can help Frank lower his ongoing expenses despite his multiple visits to the banks. There was virtually no option in sight until Frank had his conversations with Jermaine.
Frank had a problem that required creative financing solutions from a mortgage broker who is equipped with specialized mortgage products.
A broker secret revealed
Challenging times require creative financing solutions. Lucky for Frank, that is Jermaine’s expertise.
Jermaine makes it his job to know the specialized mortgage products available for Ontario homeowners and understand the pros and cons of each one.
Jermaine revealed one of the top four brokers’ secrets to mortgage refinancing options for homeowners in Ontario. Jermaine has a solution that few mortgage brokers are aware of in the market. Frank received his new consolidated loan at a much lower rate which improves his cash flow significantly.
“I’ve heard good things about working with a mortgage broker,” said Frank before ending the call. “But I didn’t think that my situation is something that a broker can do to help.”
The benefits of working with a mortgage broker paid back in multitudes. Frank gained access to different lending partners who are competitive with ranging lending requirements and offers. It’s like seeing from a bird’s eye view and suddenly seeing several more options that can solve his mortgage problems.
“Jermaine made the process easy and straightforward,” Frank said. “Plus, he helped me get this loan when no one else could.”
Jermaine made sure to disclose the pros and cons, and associated costs, of this specialized product so there is no hidden cost waiting to surprise Frank on his closing day.
“I was completely satisfied with Jermaine and the process,” Frank added, “Give him a call. He’s honest about what he can or can’t do for you.”
About Jermaine Hinds, Mortgage Broker:
Mr. Jermaine Hinds is a mortgage broker in Toronto with years of experience in the industry. His insight comes from his many years as an agent and lender, which gives him a broad network that offers clients more than 100 different lending partners who are ready to offer various mortgage solutions, including home equity loans, bridge loans, and other specialized mortgages products. Mr. Hinds has two children and one loving wife who he spends most of his time with when not working or spending time at the gym! His mortgage license is powered by Matrix Mortgage Global (Brokerage Lic. #11108).
About Matrix Mortgage Global:
Matrix Mortgage Global is a Toronto mortgage brokerage that has been awarded 4X Broker Of The Year in 2018, 2019, 2020, and 2021. The company is led by the Chief Executive Officer, Mr. Shawn Allen who smashed the $380m mark in mortgage origination amount during the Great Financial Crisis. Mr. Allen is an international speaker and masterclass host for mortgage brokers in Canada and Australia. Matrix Mortgage Global head office is located at 100 Consilium Pl Suite 200, Scarborough ON M1H 3E3 Canada.
Those who would like more information about this topic, please call Jermaine Hinds at (647) 998-2767 or Jermaine@mmgb.ca
Company Name: Jermaine Hinds Mortgage Broker
Contact Person: Jermaine Hinds
Email: Send Email
Phone: (647) 277-9487
Address:100 Consilium Pl Suite 203