Purpose
- Couple trying to start fresh after past bankruptcy
- Refinance of home appraised at $400,000
- Equity take-out to pay off first and second mortgages, and consolidate debts on the credit bureau
- Combined household income of $140K in stable salaried positions
- Income verified by employment letter, verbal confirmation by employers, and pay stub
- 550 Beacon
- History of bankruptcy due to one spouse's past marital breakdown - has since been discharged and working towards rebuilding credit
- GDS/TDS is 41/44% with stressed TDS of 49% using the mortgage rate plus 200bps
- Well-maintained, detached home with finished basement
- Suburban area with average of 60-90 DOM
Lender was able to offer a 1 year mortgage at 80% LTV to allow the client to pay off first and second mortgages and consolidate debts. With an additional monthly cash flow of $1,000, we have helped to place this couple on a path of sustainable credit repair.
To Learn More Contact
MoneyValue
E: edwin.m@moneyvalue.ca
T: 416 822 5886
Visit https://moneyvalue.ca
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