Proudly Serving
Canada!

Call Us Now At
604-259-1486

Covid-19 information update - Click here

Cash Back2018-12-11T20:56:03-08:00

Project Description

Cash Back

A couple with two young children wanted to buy a detached home with a rental suite. They had several thousand dollars of consumer debt and no down payment.

The husband was employed and the wife ran her own small business. Their combined income was average but, with their significant amount of debt, they weren’t sure they would be able to buy their dream home. GLM Mortgage Group knew what options were available including the ability for them to realize their home ownership dream and pay down their debt.

For information on how you can get Cash Back on your Mortgage call us now at 604-259-1486

The Details

Purchase Price Of Home

$600,000.00

Requested Mortgage Amount

$570,000.00

LTV

95%

Income Documentation

Lease agreements for two suites (basement and loft)

Notice of Assessment and TI Generals from the last two years

Standard income documentation for full-time employment

Confirmation of self-employment from last two years

Credit Scores

699 & 768

Total Debt Services Ratios

Was 47.74%, now 42.5%

Mortgage Solutions

Down payment was provided by parents and rental income from the subject property was used. All debts were paid with $25,000 cash back from the lender who also provided an interest- only payment Line of Credit to cover both the mortgage and consumer debt.

Purchase Price of Home

$600,000.00

Requested Mortgage Amount

$570,000.00

LTV

95%

Income Documentation

Lease agreements for two suites (basement and loft)

Notice of Assessment and TI Generals from the last two years

Standard income documentation for full-time employment

Confirmation of self-employment from last two years

Credit Score

699 & 768

Total Debt Services Ratios

Was 47.74%, now 42.5%

Mortgage Solution

Down payment was provided by parents and rental income from the subject property was used. All debts were paid with $25,000 cash back from the lender who also provided an interest- only payment Line of Credit to cover both the mortgage and consumer debt.

TURNING NO INTO YES!

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

Go to Top