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Purchase Plus2018-12-11T20:53:10-08:00

Project Description

Purchase Plus

A young family owned a townhouse but wanted to sell it and buy a detached home that needed renovations.

The husband was employed as a Project Manager and the wife, a new university graduate, owned her own small business.

The couple had significant savings and good credit, but the price of the house they wanted plus the extra money required for renovations was beyond their means. Or so they thought, until they spoke with the GLM Mortgage Group team.

If you would like to purchase a home that is in need of Renovations call us now at 604-259-1486

The Details

Value Of Home

$600,000.00 became $635,000.00 when improvements completed

Requested Mortgage Amount

$571,500.00

LTV

90%

Income Documentation

Purchase agreement of first property sold

Renovation quotes

Notice of Assessment from the last two years

Standard income documentation for full-time employment

Credit Scores

770 & 799

Total Debt Services Ratios

Was 47.6% but is now 37.06%

Mortgage Solutions

Used a Purchase Plus Improvements option to facilitate renovations. The new mortgage amount covered monthly mortgage payments, outstanding debt and $35,000 in budgeted renovations that were to be completed within three months of the closing date. Renovations included a new kitchen, updated bathrooms and completion of a basement rental suite. Once completed, the property owner rented the suite for $1,100 per month, which was used towards the mortgage payment.

Purchase Price of Home

$600,000.00 became $635,000.00 when improvements completed

Requested Mortgage Amount

$571,500

LTV

90%

Income Documentation

Purchase agreement of first property sold

Renovation quotes

Notice of Assessment from the last two years

Standard income documentation for full-time employment

Credit Score

770 & 799

Total Debt Services Ratios

Was 47.6% but is now 37.06%

Mortgage Solution

Used a Purchase Plus Improvements option to facilitate renovations. The new mortgage amount covered monthly mortgage payments, outstanding debt and $35,000 in budgeted renovations that were to be completed within three months of the closing date. Renovations included a new kitchen, updated bathrooms and completion of a basement rental suite. Once completed, the property owner rented the suite for $1,100 per month, which was used towards the mortgage payment.

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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