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Carrying high-interest balances? · Summerland
If the balances have been growing and a payment has slipped, it can feel like the door is closing. In practice there's usually more room than people expect. It starts with an honest look.
Verified client · Douglas M.
Our bank turned us down for a mortgage and a friend recommended Stephen Aitcheson. He took the time to understand our current finances and provided us with some great options. He was understanding, explained the entire process to us and took care of every detail making the entire process stress free.
When the balances add up
Banks apply one set of rules, and they're not the only lender in the country. A decline at a branch says more about that branch than about you.
01
Moving higher-interest balances into a mortgage can lower what you pay each month, and because it stretches the amortization it can raise the total interest over time. You should see both numbers before you decide.
02
Some lenders build their whole business around situations a branch won't take. The question is which one fits your file.
03
Most of the weight of this is not knowing. A conversation costs nothing and usually replaces a vague dread with an actual position.
British Columbia licensed · BCFSA #MB610332. Stephen Aitcheson is a Submortgage Broker working through Xeva Mortgage LLP, serving Summerland, Penticton and the South Okanagan. He compares options across lenders rather than one lender's shelf, and his support doesn't end at approval: he schedules an annual review so the mortgage keeps matching your life. No cost to talk, and no obligation.
Before you book: good to know
Does consolidating mean I pay less overall? Not necessarily, and it's worth being clear about that up front. Folding higher-interest balances into a mortgage usually lowers the monthly payment, but spreading them over a longer amortization can increase the total interest you pay. Stephen shows you both numbers so the trade-off is yours to make.
My credit has taken a hit. Is it worth asking? Yes. A branch decline and the whole lending market aren't the same thing, and there are lenders who work specifically with credit that has been through something.
Will this conversation affect my credit? An initial conversation doesn't require a credit check. Nothing is pulled until you decide you want to move forward.
Stephen Aitcheson, Submortgage Broker, British Columbia Broker License BCFSA #MB610332, working through Xeva Mortgage LLP. Rates and terms are not guaranteed and are confirmed directly with Stephen and the lender. Nothing here is financial or legal advice.
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