Their monthly payments for debts alone ended up being almost $2,700/month. With an income of only $45,000 between the two of them, they were not able to make ends meet. They approached their bank who promptly said no!
GLM Mortgage Group was able to arrange a mortgage that consolidated ALL debts and reduce the monthly payment to just over $1200/month. Utilizing a longer amortization, this couple went from almost losing their home to making significant contributions toward debt.
If you need to Consolidate your Debts and experience financial relief call us now at 604.259.1486.
Purchase Price Of Home
675 & 700
All debts were paid out with mortgage proceeds. Used a Lender that utilized a 35 year amortization. 5 year term variable rate mortgage. Annual savings of over $17000.
Requested Mortgage Amount
Lease agreement showing rental income (bsmt suite)
2 yrs most recent Notices of Assessment and T1 Generals
Standard income documentation for full time employment
Confirmation of 2 yrs self-employment
Total Debt Services Ratios
Was 125%, now 43%