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Bank Says “No”2018-12-11T20:53:35-08:00

Project Description

Bank Says “No”

A single young female was refinancing her home after a common-law relationship ended. After working for seven years, she found herself on disability for a work-related injury. When she approached her bank to discuss her options, the only suggestion they offered was to sell her house. Thankfully, the GLM Mortgage Group team stepped in and helped her.

The Details

Purchase Price Of Home

$355,000.00

Requested Mortgage Amount

$284,000.00

LTV

80%

Income Documentation

Appraisal

Working contracts

Bank statement reflecting deposits for disability

Confirmation of property details including mortgage statements and strata fees

Separation agreement

Standard documentation for disability (daughter) and pension (father)

Credit Scores

702 & 817 (Father who was her co-signer)

Total Debt Services Ratios

46.994% (Due to the relationship with the GLM Mortgage Group and overall strength of her file, the lender made an exception)

Mortgage Solutions

Using a 35-year amortization, the GLM Mortgage Group was able to secure a new mortgage that covered her present mortgage and consumer debt. Her father, who had excellent credit and a strong financial position but little income, was able to co-sign. GLM Mortgage Group had a solid relationship with a local credit union that recognized the value of the co-signer and provided a solution.

Purchase Price of Home

$355,000.00

Requested Mortgage Amount

$284,000.00

LTV

80%

Income Documentation

Appraisal

Working contracts

Bank statement reflecting deposits for disability

Confirmation of property details including mortgage statements and strata fees

Separation agreement

Standard documentation for disability (daughter) and pension (father)

Credit Score

702 & 817 (father who was her co-signer)

Total Debt Services Ratios

46.994% (Due to the relationship with the GLM Mortgage Group and overall strength of her file, the lender made an exception)

Mortgage Solution

Using a 35-year amortization, the GLM Mortgage Group was able to secure a new mortgage that covered her present mortgage and consumer debt. Her father, who had excellent credit and a strong financial position but little income, was able to co-sign. GLM Mortgage Group had a solid relationship with a local credit union that recognized the value of the co-signer and provided a solution.

TURNING NO INTO YES!

 We work with you taking on even the most challenging cases turning a NO into a YES!

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