Project Description
First Time Home Buyer
A young single man decided he wanted to put money toward a mortgage and own a home instead of continuing to pay rent.
He worked as a rail man and had been in the industry for more than four years. He had minimal savings, consumer debt and was paying off the remainder of a student loan. GLM Mortgage Group discussed his monthly rental payment and showed him that he could easily own a condominium with a monthly mortgage payment and strata fees for the same amount as his rent.
We will make your First Time Home Buying experience seamless. Call us now at 604-259-1486.
The Details
Purchase Price Of Home
$250,000.00
Requested Mortgage Amount
$237,500.00
LTV
95%
Income Documentation
Standard income documentation for full-time employment including Letter of Employment and latest pay stub.
Credit Scores
680
Total Debt Services Ratios
42%
Mortgage Solutions
GLM Mortgage Group created a five-year plan for the client, knowing that eventually he would be upgrading to a larger residence. We worked with a lender who had no restrictions on moving the mortgage to a new property as well as giving the client the ability to obtain a larger mortgage if needed. Penalties for transferring the mortgage were greater of either three months’ interest or the interest rate differential based on the contract rate and the current lowest rate being offered at the time of transfer.
Purchase Price of Home
$250,000.00
Requested Mortgage Amount
$237,500.00
LTV
95%
Income Documentation
Standard income documentation for full-time employment including Letter of Employment and latest pay stub.
Credit Score
680
Total Debt Services Ratios
42%
Mortgage Solution
GLM Mortgage Group created a five-year plan for the client, knowing that eventually he would be upgrading to a larger residence. We worked with a lender who had no restrictions on moving the mortgage to a new property as well as giving the client the ability to obtain a larger mortgage if needed. Penalties for transferring the mortgage were greater of either three months’ interest or the interest rate differential based on the contract rate and the current lowest rate being offered at the time of transfer.
