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.
