Applicant wants to refinance home to pay off all outstanding debt and have monthly cash flow savings
Income and Debt Servicing
Commission-based income earning $90K annually, confirmed by previous 2 year's T4A gross and Year to Date commission statement
Employment verified by employment letter and verbal confirmation by employer
GDS/TDS is 37/37% with stressed TDS of 44% using the mortgage rate plus 200 BPS
Mortgage Details
LTV
80%
Property Value
$500,000
GDS/TDS Calculation
Commission-based Income
100%
$90,000
$90,000
GDS/TDS
37/37%
Stressed TDS
44%
Credit
540 Beacon due to missed bills during marital conflict
Excellent mortgage repayment history
Property
$500,000 property value
Good condition, well maintained property
Suburban area with DOM under 90
Deal Rationale:
Client was offered a 1 year mortgage at 80% LTV. The client was able to consolidate all of their loans and credit card debt and is saving $500 monthly.
Tell Us Your Story MoneyValue
www.moneyvalue.ca
contact@moneyvalue.ca
t: 416 822 5886
No comments:
Post a Comment