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Debt Consolidation2018-12-11T20:57:24-08:00

Project Description

Debt Consolidation

An Ontario couple wanted to consolidate their debts and refinance their mortgage. They had several thousand dollars in consumer debt along with their mortgage and a secured line of credit that was almost at its limit.

Their monthly payments for debts alone ended up being almost $2,700/month. With an income of only $45,000 between the two of them, they were not able to make ends meet. They approached their bank who promptly said no!

GLM Mortgage Group was able to arrange a mortgage that consolidated ALL debts and reduce the monthly payment to just over $1200/month. Utilizing a longer amortization, this couple went from almost losing their home to making significant contributions toward debt.

If you need to Consolidate your Debts and experience financial relief call us now at 604-259-1486.

The Details

Value of Home

$525,000.00

Requested Mortgage Amount

$330,000.00

LTV

65%

Income Documentation

Lease agreement showing rental income (bsmt suite)

2 yrs most recent Notices of Assessment and T1 Generals

Standard income documentation for full time employment

Confirmation of 2 yrs self-employment

Credit Scores

675 & 700

Total Debt Services Ratios

Was 125%, now 43%

Mortgage Solutions

All debts were paid out with mortgage proceeds. Used a Lender that utilized a 35 year amortization. 5 year term variable rate mortgage. Annual savings of over $17000.

Value of Home

$525,000.00

Requested Mortgage Amount

$330,000.00

LTV

65%

Income Documentation

Lease agreement showing rental income (bsmt suite)

2 yrs most recent Notices of Assessment and T1 Generals

Standard income documentation for full time employment

Confirmation of 2 yrs self-employment

Credit Score

675 & 700

Total Debt Services Ratios

Was 125%, now 43%

Mortgage Solution

All debts were paid out with mortgage proceeds. Used a Lender that utilized a 35 year amortization. 5 year term variable rate mortgage. Annual savings of over $17000.

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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