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Owning a home is a huge achievement for most people having a place to call your own but it comes with several financial obligations, one being your mortgage payments. We understand that life is unpredictable and financial setbacks can happen to anyone. Let's work together to minimize the impact.

Dave Browne Chilliwack Mortgage Broker


Before assuming you missed a payment and it harms you, let's check if the lender provides grace periods to make the payment late instead of missed. Generally, you have to be more than 30 days late for it to even show up on the credit bureau.  Now it is always better to contact your lender right away as they will usually be more than happy to work with you on a plan to ensure that you get back up to date and stay there.

If you have gone more than 30 days behind it will report to the credit bureau.   This is not the time to bury your head in the sand and ignore the situation.  In some cases, lenders will allow you to skip a payment if you have been in good standing with them. Communication with your lender is key.   Feel free to contact us if you need some advice on what to say to your lender to get them on your side.

 Now what if you do not see a way to catch up your payments?


Ignoring the problem will only worsen the situation, so taking immediate action and looking through your options is important. A Triggered foreclosure can cost you thousands in lawyer fees on behalf of Banks. We want to make sure that you repay your missed mortgage payments and avoid being perpetually behind, ultimately harming your credit.  But if you can’t afford to catch up on your missed payments, speak to one of Browne Mortgages Mortgage Brokers to find a different solution to repaying your loan.

Refinancing – Obviously at this time rates and payments are higher than they have been for the last 15 years.   We have noticed a lot of people taking on additional debt because of the increased cost of living.   This is a perfect time to contact us to see if we utilize the equity you have built in your house to your advantage.   By consolidating your mortgage and debts together we have been saving thousands of dollars per month for some of our clients.  

Reamortization - If it is your mortgage payment alone that how has now increased and is impacting your lifestyle we can look at reamortizing your mortgage up to 30 years.  This can lower your payment by hundreds of dollars and give you that breathing room you have been looking for.

Second Mortgage - In some cases our clients still have a great mortgage rate on their house for a few more years and do not want to touch it as it will increase the rate.   In these cases, we tap into your equity for the funds to help you via a 2nd mortgage.   We align the dates up so that when your first mortgage comes due we can payout the 2nd mortgage with no penalty as well.  This leaves you with a great first mortgage rate and also those much need funds to help you with a consolidation of debts.

 This is a difficult and stressful situation, and we understand that it can be challenging to determine the best course of action. Let us assist you in exploring your options and taking proactive steps to prevent any future missed payments. We can work together to find a solution that eases your financial burden. Contact Browne Mortgage today to speak with our team and find the best solution for your unique financial circumstances.



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