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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




Credit Scores


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


Income Documentation

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

Total Debt Services Ratios


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