Debt Consolidation

An Ontario couple wanted to consolidate their debts and refinance their mortgage. They had several thousand dollars in consumer debt along with their mortgage and a secured line of credit that was almost at its limit.

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

$525,000.00

LTV

65%

Credit Scores

675 & 700

Mortgage Solutions

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

$330,000.00

Income Documentation

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%

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.