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Did You Know?

Did you know? We can help you with Equity Take Out options such as:

Purchasing a secondary property 

• This includes Rental Properties

Payment of personal income tax owing to CRA, Realty Tax Arrears or Consumer Proposal

• Consolidating debt will put you on a better financial path, and allow you to save monthly

Home Renovations

•  Equity Take Outs can be used to invest in self-contained rental units, including basements

Investments in a business

• Business-for-Self (BFS) can take out equity to reinvest in your business

​Other points to know

• No set maximum
• The Equity Take Out can be used to cover additional broker fees (requires a letter of direction for the lawyer)
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  TELL US YOUR STORY
  MONEYVALUE
  E: contact@moneyvalue.ca
  T: 416 822 5886

Case Study 12

Purpose 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

Case Study 11

The applicant is a sole proprietor of a salon.  He has accumulated $65K in debt, spanned across multiple credit sources, from renovating his apartment. His applied for a one year mortgage at 80% LTV and provided the following documents to qualify the $90K BFS income: Documentation Provided: 6 months business bank statements 6 recent contracts/invoices Copy of business licence Statutory declaration from the lawyer showing no taxes owing HST/GST number He submitted a signed Income Declaration Form which calculated the client's qualifying income:    A) Gross Revenue Annualized Bank Statements $193K B) Annual Expenses Salaries and Wages (minus client's own salary/drawings) $35K Lease for office/store space (if applicable) $25K Other Annual Expenses: Cost of goods/materials $33K Phone $10K Total Annual Expenses $103K C) Qualifying Income (A - B) = C $90K Deal Rationale: The client's GDS/TDS was 36/36% with stressed debt service ratio of 43%. The client qualified for a one year mortgage at 80% LTV to consolidate debts with $1.2K in monthly savings. After paying off $65K in debt, the client had enough leftover equity to purchase a new grooming station for the salon and expand its operational capacity. TELL US YOUR STORY MoneyValue t: 416 822 5886 e: contact@moneyvalue.ca www.moneyvalue.ca

Case Study 9

Here is a scenario where a seasonal landscaper/snow removal applicant qualified for a $450K home using self-employed income. The applicant is is a seasonal worker. They earned $60K as a snow remover from November-February and $50K as a landscaper from March-September. With a Beacon score of 560, the applicant is looking to purchase a new home. His broker provided the following documents to qualify the $83K BFS income: Documentation Provided: 12 months business bank statements* 3 recent contracts/invoices for landscaping 3 recent contracts/invoices for snow removal Copy of business licence Statutory declaration from the lawyer showing no taxes owing HST/GST number *12 months of statements showed income that allowed us to offer a better rate than just using 6 months for self employed mortgage A) Gross Revenue Annualized Bank Statements $110K B) Annual Expenses Salaries and Wages (minus client's own salary/drawings) $0 Lease for office/store space (if applicable) $0 Other Annual Expenses: Cost of goods/materials $26K Phone $1K Total Annual Expenses $27K C) Qualifying Income (A - B) = C $83K Deal Rationale: The client's GDS/TDS was 35/35% with stressed debt service ratio of 42%. The client qualified for a 1 year mortgage to purchase a detached home in a great neighbourhood where all comparable homes were 10 days on market or less.

Contact MoneyValue and Tell Us Your Story
t: 416 822 5886
e: contact@moneyvalue.ca
https://moneyvalue.ca

Case Study 8

Purpose Applicant wants to refinance a newly constructed home to consolidate 1st and 2nd mortgages and payoff $25K in debts Income and Debt Servicing Salaried income earning $89K annually Employment verified by employment letter, pay stub, and verbal confirmation by employer GDS/TDS is 36/36% with stressed TDS of 43% using the mortgage rate plus 200bps Mortgage Details LTV 80% Pre-Construction Property Value (2016) $400,000 Post-Construction Property Value (2018) $500,000 GDS/TDS Calculation Salaried Income  100% $89,000 GDS/TDS 36/36% Stressed TDS 43% Credit 550 Beacon due to piling of bills during past unemployment Excellent mortgage repayment history Property Newly constructed home purchased in 2016 $500,000 current appraised value 3 comparables in a highly marketable prime lending area with DOM under 90 Deal Rationale: The client was able to refinance their home for $400K on a 1 year term at 80% LTV. The client was able to consolidate their 1st and 2nd mortgages, $35K in debt, and improve their cashflow by $700 monthly.

Contact Us Today
Please Visit https://moneyvalue.ca

Case Study 7

Purpose

• Applicant wants to purchase home while away from work on maternity/paternity leave
• Recently seperated from spouse and currently renting apartment

Income and Debt Servicing

• Stable salaried positions earning $55,000
• Employment verified by employment letter, pay stub, and verbal confirmation by employer
• $1.5K in monthly child and alimony support
• $541 in monthly Canada Child Benefits
• GDS/TDS is 39/39% with a stressed TDS of 46% using the mortgage rate plus 200bps

Mortgage Details
LTV	80%
Property Value	$400,000

GDS/TDS Calculation Salaried Income (Maternity/Paternity Leave) 100% $55,000 Additional Income Sources Child and Alimony Support 100% $18,000 Canada Child Benefits 100%  $6,492  $79,492 GDS/TDS 39/39% Stressed TDS 46%

Credit

• 550 Beacon
• Payments and bills were missed during the difficult period leading up to the applicant's divorce
• Excellent mortgage repayment history on previous home

Property

• $400,000 property value
• Good condition, well maintained property in suburban area

Down Payment

• $20K down payment from client's own savings
• $60K from the seperation settlement 

Deal Rationale:

Client was offered a 1 year mortgage at 80% LTV. The client was able to purchase a new home to raise their child in. 

Contact Us Today
Please Visit:  https://moneyvalue.ca

Case Study 6

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

Income

• Combined household income of $140K in stable salaried positions
• Income verified by employment letter, verbal confirmation by employers, and pay stub

Credit

• 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

Property

• Well-maintained, detached home with finished basement
• Suburban area with average of 60-90 DOM

Deal Rationale:

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

Case Study 5

Purpose

• Refinance home to consolidate 1st and 2nd mortgages and payoff $20,000 in debt

Income and Debt Servicing

• Stable salaried position earning $65,000
• Employment verified by employment letter, pay stub, and verbal confirmation by employer
• GDS/TDS is 39/39% with stressed TDS of 46% using the mortgage rate plus 200bps

Credit

• 520 beacon due to family member's illness
• Medical bills started to pile up and client's credit was bruised
• Excellent mortgage repayment history

Property

• $400,000 property value
• Good condition, well maintained property
• Suburban area with DOM under 30

Deal Rationale:

Was offered a 1 year mortgage at 75% LTV. The client was able to consolidate $20,000 in debt and improve their cashflow by $750 monthly.

Contact Us to Learn More
MoneyValue
E: edwin.m@moneyvalue.ca 
Please Visit: https://moneyvalue.ca