BRIAN’$ CORNER
“B Lender”…Short term solution for Long Term benefit Sometimes, through no fault of our own, our Credit score goes downhill. This could be a result of job layoff, health issues, unusually high expenses that cause you to get behind and or miss payments on loans or Credit cards. If you go to your bank and ask for a consolidation loan or a refinance of your house
mortgage, you are declined because of your low Credit score and derogatory payment history. One solution could be to take out a second mortgage on a short term basis with a B Lender. This is a Lending Institution that will give a mortgage behind the Bank’s first mortgage position. Because this is a higher risk, the interest rate will be much higher, but in most cases still less than you are paying on your Credit cards or on some personal loans. Normally this would be a 2 year term with an extended amortization, so your overall payments would decrease significantly and help your monthly cash flow. During that two year term you can work at rehabilitating your Credit Score then re-approach a Bank with an improved Score and history and request a refinance
then at the lower Bank interest rate. SOLUTION #2…..The other solution always available if you have a lot of equity in your home is to go with a “Reverse Mortgage”. In this case if your Credit record is not good this is not an issue as the Reverse
Mortgage is based on your age, the value of your property and real estate values in your area. It is important to note you have to be 55 years or older to apply for a Reverse Mortgage. Questions? Comments? Contact me at: brian.coventry@premieremortgage.ca
Brian can be reached at his office (819) 689-2539 or Cellv(613) 312-9167 by fax (819) 689-2539 or E-mail: brian.coventry@premieremortgage.ca or Website: www.choosepremiere.com
VALLEYVENDOR.BIZ THAT’S ALL THERE IS FOR SALE
AMISH-MADE Airtight WOOD COOKSTOVES and HEATERS for sale. Affordable pricing ranging from $1600.00 and up. You can cook, bake, heat your home, have hot running water, etc. Contact Ervin 613-332-2129 ervin.webers@gmail.com www.weberswoodstoves.com
To place your ad in this paper, see page 20
Cordonnier
PLACE YOUR AD Advertising Deadline for our Next Issue
Mar 28th Submission Details on Page 20
Renaissance Shoe Maker
François Rollin, Prop. 530 Rue Baume-Coulonge, QC J0X 1V0 • Leather • Fur • Harness Stitching Available
Tel: 819-683-2496
Tues. - Fri. 9:00 am -5:00 pm Sat. 9:00 am until 1 pm Depots at Local Cleaners: Renfrew, Shawville, Campbell's Bay
NEW Depot in Pembroke at VOGUE CLEANERS 274 Pembroke Street West
MARCH 2016 • 27