First Time Home Buyer

A young single man decided he wanted to put money toward a mortgage and own a home instead of continuing to pay rent.

He worked as a rail man and had been in the industry for more than four years. He had minimal savings, consumer debt and was paying off the remainder of a student loan. GLM Mortgage Group discussed his monthly rental payment and showed him that he could easily own a condominium with a monthly mortgage payment and strata fees for the same amount as his rent.

We will make your First Time Home Buying experience seamless. Call us now at 604.259.1486.

Purchase Price Of Home

$250,000.00

LTV

95%

Credit Scores

680

Mortgage Solutions

GLM Mortgage Group created a five-year plan for the client, knowing that eventually he would be upgrading to a larger residence. We worked with a lender who had no restrictions on moving the mortgage to a new property as well as giving the client the ability to obtain a larger mortgage if needed. Penalties for transferring the mortgage were greater of either three months’ interest or the interest rate differential based on the contract rate and the current lowest rate being offered at the time of transfer.

Requested Mortgage Amount

$237,500.00

Income Documentation

Standard income documentation for full-time employment including Letter of Employment and latest pay stub.

Total Debt Services Ratios

42%

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.