Bank Says "No" - GLM Mortgage Group - Metro Vancouver Mortgage Company

Bank Says “No”

A single young female was refinancing her home after a common-law relationship ended. After working for seven years, she found herself on disability for a work-related injury. When she approached her bank to discuss her options, the only suggestion they offered was to sell her house. Thankfully, the GLM Mortgage Group team stepped in and helped her.

Purchase Price Of Home

$355,000.00

LTV

80%

Credit Scores

702 & 817 (Father who was her co-signer)

Mortgage Solutions

Using a 35-year amortization, the GLM Mortgage Group was able to secure a new mortgage that covered her present mortgage and consumer debt. Her father, who had excellent credit and a strong financial position but little income, was able to co-sign. GLM Mortgage Group had a solid relationship with a local credit union that recognized the value of the co-signer and provided a solution.

Requested Mortgage Amount

$284,000.00

Income Documentation

Appraisal
Working contracts
Bank statement reflecting deposits for disability
Confirmation of property details including mortgage statements and strata fees
Separation agreement
Standard documentation for disability (daughter) and pension (father)

Total Debt Services Ratios

46.994% (Due to the relationship with the GLM Mortgage Group and overall strength of her file, the lender made an exception)

CHIP Reverse Mortgage

A retired couple on fixed pensions found themselves struggling to make ends meet each month. Both were in good health and wanted to maintain an active lifestyle. They had spent their working years paying off their mortgage and had little saved in their RRSPs.

Life Event

A working professional couple found themselves in financial hardship after one of them was injured and went on long-term disability. Their income took a significant hit and their monthly cash flow was negatively impacted. Over the course of time, they had maxed out their credit cards and line of credit. Although they were continuing to make their minimum payment each month, the interest rates were very high and the actual debt was not being reduced.

Purchase Plus

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