Retirement dreams realized
Empty nesters refinance their mortgage and find oasis off-shore
Sophie and her husband Thomas lived near Lake Ontario for decades and had always wanted a boat. They tried saving money towards one for years but between children, household expenses, fluctuations with jobs and saving for retirement they’d never been able to make it work. Now, Sophie and Thomas are getting close to retirement; their children have left home and their lifestyles are changing. The empty nesters decided that it was the time to realize their dream of owning a boat.
At first Thomas was unsure about how they could afford to buy the boat. He didn’t want to pay for it using a credit card with a high interest rate, but they didn’t have enough flexible savings to spend on a large purchase. Thomas and Sophie had just been turned down by the bank for an extension on their line of credit, so he knew they would need to look beyond a bank for their financial needs. On the advice of a close friend, Sophie and Thomas visited their local Fairstone branch in Cobourg, Ontario.
When the couple sat down with Lending Specialist Olivia, they explained their family’s financial situation and goals. Sophie and Thomas knew they would require a large loan to cover the costs of the boat — more than $25,000 — and wanted to make sure they could afford a loan of that size.
Olivia worked with Sophie and Thomas to find a loan solution with a manageable term and affordable monthly payment. Sophie and Thomas decided that a second mortgage was right for their situation; the payment fit their budget and the interest rate was lower than on a personal loan. Most importantly, Sophie and Thomas were able to get the money they would need to meet their lifelong goal.
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