Cash Back

A couple with two young children wanted to buy a detached home with a rental suite. They had several thousand dollars of consumer debt and no down payment.

The husband was employed and the wife ran her own small business. Their combined income was average but, with their significant amount of debt, they weren’t sure they would be able to buy their dream home. GLM Mortgage Group knew what options were available including the ability for them to realize their home ownership dream and pay down their debt.

For information on how you can get Cash Back on your Mortgage call us now at 604.259.1486.

Purchase Price Of Home

$600,000.00

LTV

95%

Credit Scores

699 & 768

Mortgage Solutions

Down payment was provided by parents and rental income from the subject property was used. All debts were paid with $25,000 cash back from the lender who also provided an interest- only payment Line of Credit to cover both the mortgage and consumer debt.

Requested Mortgage Amount

$570,000.00

Income Documentation

Lease agreements for two suites (basement and loft)
Notice of Assessment and TI Generals from the last two years
Standard income documentation for full-time employment
Confirmation of self-employment from last two years

Total Debt Services Ratios

Was 47.74%, now 42.5%

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.