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
770 & 799
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
Purchase agreement of first property sold
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%