The coronavirus pandemic has caused serious mental, physical, and financial damage. Many of those hopeful about their 2020 prospects are now out of the job and facing a totally new and anxiety-inducing situation: Finding a new career in the midst of a global health emergency.
If you have lost your job or have otherwise suffered financially because of the coronavirus, the first thing you want to do is to stop the bleeding. What that means is, that if you don’t have any (or as much) money coming in as you used to, the first thing you need to do is find a way to reduce your monthly payments and expenses.
In some cases, this may be as easy as going out to dinner less and cooking more. But, for most, such an easy “sacrifice” is wishful thinking and really what is called for is a major overhaul of your expenses.
Examing Your Financial Situation
Taking a long, hard look at your mortgage, credit card debt, student loans, and other fixed monthly expenses is not exactly the most fun activity in the world. It is, however, necessary if you want to effectively reduce how much you are paying and secure yourself financially as things with the coronavirus slowly but surely come to an end (hopefully!).
Making these kinds of arrangements yourself is no easy task. Thankfully, Morgix can help. In order to determine if Morgix’s mortgage and financial services are right for you, figure out if you have any major or burdensome expenses relating to mortgage payments, or other kinds of debt. If so, Morgix offers a number of services that may help you get out of your financial hole and set yourself up for the future.
Morgix No Payment Mortgage
Whether you were injured, temporarily laid off, or had your salary reduced due to the coronavirus, a no payment mortgage may be able to help.
For most people, their home is the most expensive thing they own, and mortgages are financial vehicles that help pay for them. On paper, a mortgage is a great thing: It’s a product that enables consumers to purchase homes within their price range by paying for them over extended periods of time—usually between fifteen and thirty years.
The problem with mortgages is that it’s impossible for individuals to predict if and when they will encounter financial difficulties.
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Perhaps, when you initially took out your mortgage and bought your first home, things were going well: You had a steady job with a solid income, and so did your partner. Then fast forward a few years, you have two kids, your partner quits their job to take care of the kids, and now, suddenly, there is a much greater financial burden resting on your shoulders.
This is all fine, so long as your paycheck keeps coming in. But, if you get injured, fired, or laid off because of an extraordinary situation like the coronavirus, you may suddenly be faced with mounting bills and a shrinking number of options.
In such dire situations, some people take out loans, others refinance their homes or take out second mortgages. You can cut costs, in other ways, but if you have a family and little to no income, odds are, you will have to take a second look at your mortgage.
While loans and second mortgages are sometimes viable options, a no payment mortgage from Morgixis an attractive alternative that few people know about.
If you are in a temporarily difficult situation, one that you are confident you can and will resolve within the next year, the best choice may be to simply delay your mortgage payments for 12-months. This is exactly what Morgix can do for you.
Rather than taking on years or even decades more worth of interest or making dramatic changes to your existing mortgage agreement, a no payment mortgage is a simple way to save you money while you get back on your feet.
*Also remember, if you need emergency help due to lost income, check out the Government of Canada’s emergency Covid benefits here.
Home Equity Loan or Line of Credit
Another source of emergency funds is a home equity loan or home equity line of credit (HELOC). A home equity loan borrows against the money you have already paid toward your mortgage.
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This option may be useful in some situations, and effectively the money (equity) you have already put into your mortgage is used as collateral against the loan or line of credit that you take out.
The HELOC is generally more useful for large, planned or emergency expenses… A lot of people use a home equity loan to pay for renovations.
Mortgage Refinancing
There are some instances when home buyers are locked into high-interest rates that they can later renegotiate down to save themselves money. Morgix offers competitive mortgage refinancing options that, in many cases, can end up saving you money every month.
Mortgage refinancing is popular both if you have a high-interest rate, or when you are in a difficult financial situation and need to reduce the amount of your monthly payments.
Often when refinancing, you’ll have the option to consolidate other debt you may have into the mortgage.
Consumer Proposal Payout
A consumer proposal payout is sort of like declaring bankruptcy, but instead, it enables individuals to come to compromises with their creditors so they can actually afford to make achievable regular payments.
If you are being hounded by creditors and others who you owe money and cannot afford to pay, a consumer proposal payout from Morgix may be right for you.
Debt Consolidation
Whether you have a credit card or other types of debt, debt consolidation enables you to combine all of your high-interest debt under one roof, which not only simplifies things but also saves you money.
Debt consolidation is not a widely known financial tool, even though it can be very helpful in aleviating large debt or interest burdens.
Conclusion
Times are tough for many. But that doesn’t mean you need to get buried in a serious financial hole. With the help of Morgix, you can stem your short-term financial problems while you look for a new job and or wait for things to get better with the coronavirus pandemic.
The problem with waiting, rather than acting now, is that many authorities report that they simply do not know when the world economy and the economies of Canada and the United States will return to normal.
As such, it is better to make moves now because it’s always better safe than sorry. Get your finances undercontrol and secure your future with financial assistance fromMorgix Mortgage Solutions, serving all of Canada.
Remote approvals, meetings, and esigned documents make dealing with Morgix even easier.
Contact Details
Morgix Mortgage Solutions 2 Bloor St E Suite 3500, Toronto, ON M4W 1A8 +1 844-301-2796 https://morgix.ca Lic# 11108
