Business For Self

A woman in Alberta wanted to purchase a second home. She owned her own successful business but was reporting personal income of just under $8,000/year. She had purchased another property within the prior 12 months, which had been converted to a rental property.

Her existing mortgage broker said that the new deal wasn’t possible, as she had poor credit resulting from high debt associated with her business. The GLM Mortgage Group team assured her it was possible and helped her achieve her goals.

For more information on Business for Self and your Mortgage call us today at 604.259.1486.

Purchase Price Of Home

$626,000.00

LTV

80%

Credit Scores

675

Mortgage Solutions

Used stated income of $150,000 based on gross business revenues combined with rental income of $2,500/month. Strategy includes paying down debt and increasing credit score over the next year through an alternative/B lender (higher interest rate but tolerates lower credit scores) in order to ultimately negotiate with a conventional/A lender with a better interest rate (stricter guidelines).

Requested Mortgage Amount

$500,800.00

Income Documentation

Working contracts
Bank statements reflecting one month of business activity
Verification of Business for Self

Total Debt Services Ratios

39%

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.