Purchase Plus

A young family owned a townhouse but wanted to sell it and buy a detached home that needed renovations.

The husband was employed as a Project Manager and the wife, a new university graduate, owned her own small business.

The couple had significant savings and good credit, but the price of the house they wanted plus the extra money required for renovations was beyond their means. Or so they thought, until they spoke with the GLM Mortgage Group team.

If you would like to purchase a home that is in need of Renovations call us now at 604.259.1486.

Value of Home

$600,000.00 became $635,000.00 when improvements completed

LTV

90%

Credit Scores

770 & 799

Mortgage Solutions

Used a Purchase Plus Improvements option to facilitate renovations. The new mortgage amount covered monthly mortgage payments, outstanding debt and $35,000 in budgeted renovations that were to be completed within three months of the closing date. Renovations included a new kitchen, updated bathrooms and completion of a basement rental suite. Once completed, the property owner rented the suite for $1,100 per month, which was used towards the mortgage payment.

Requested Mortgage Amount

$571,500.00

Income Documentation

Purchase agreement of first property sold
Renovation quotes
Notice of Assessment from the last two years
Standard income documentation for full-time employment

Total Debt Services Ratios

Was 47.6% but is now 37.06%

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.

Bank Says “No”

A single young female was refinancing her home after a common-law relationship ended. After working for seven years, she found herself on disability for a work-related injury. When she approached her bank to discuss her options, the only suggestion they offered was to sell her house. Thankfully, the GLM Mortgage Group team stepped in and helped her.