Alternative refi with boarder income
Vancouver, BC | 35-year amortization
This week’s deal was approved as part of our Kinetic program designed for Canadians who hold full-time employment with fully verifiable income, carrying higher debts.
These clients took out a second mortgage on their property to help their families overseas, forcing them to assume extensive financial obligations. By refinancing their owner-occupied rental property, they will be able to consolidate their first and second mortgages, and also clear all outstanding debt.
We used Boarder income from two non-family members amounting to $1,000 per month to help qualify.
Refinancing will save them over $2,000 per month – improving financial stability and helping them move forward with confidence!
- 35-year amortization
- Boarder income used to qualify
- Elevated ratios
- Deal approved at 70% LTV
- 1-year closed
- GDS/TDS: 52.56%/ 54.89%
- Type: Permanent full-time; Labourers
- Tenure: 10 years
- Occupancy: Owner-Occupied
- Location: Vancouver, BC
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