Debt consolidation played a crucial role in helping our client regain financial stability after a major injury led to missed mortgage payments and financial difficulties.
In the quiet town of Williamsford, Ontario, our 47-year-old client faced financial challenges due to an injury a few years ago. After working as a plumber and pipefitter with the same union for over 16 years, he faced some uncertainty and missed mortgage payments. He had to take out private loans to stay afloat.
Despite having a bruised credit score of 642 due to missed payments during the injury period, their stable job and significant equity in the property played a crucial role in getting the refinancing approved.
We paid off two private mortgages and consolidated debts, providing a monthly savings of over $1,800 and ensuring continued financial stability. The individual worked closely with their broker, who provided guidance and support throughout the process, helping them understand the importance of timely payments and financial management.
This deal qualified for the SCORE Program. That means we’ll run a soft inquiry after two quarters, and if the client’s Beacon score improves by at least 30 points, we’ll pay $500 toward the principal. After four quarters, we’ll do it again if the Beacon score remains the same or improves further!
AND! This broker holds Innovator status in the ICON Program, which means he’ll be paid 4x MQ points on this deal – that’s 20 bps on every SCORE deal funded!
We pay an extra 5 bps on deals that flow first through our deal run hub, too! Since this broker spoke to Maxim and the team ahead of submission, he earned a total of 95 bps at funding and an additional 20 bps when we processed MQ Points in January.
That’s a total of 125 bps earned on a 3-year Discover solution.
