Real Deal | Contributory Income

XMC-Uninsured Deal Approved Using Contributory Income!

REFINANCE IN NEWMARKET WITH BEACON SCORE OF 592

This client is starting over after a life event disrupted family structure. She will pay off outstanding debt with the refinance. The property is marketable and located in a popular community within easy commuting distance of Toronto.

We used both contributory income and Canada Tax Benefit to qualify.

Contributory Income: income derived from a family member living in the subject property.

Child Tax Benefit: Up to 100% of the CTB can be used, contingent on qualifying guidelines.

Ask your BDM for more information on guidelines regarding alternative income usage for debt-servicing.

 

Deal Approved at 59% LTV with 30-year amortization; 1-year closed term at 4.59% (1% admin fee deducted from advance).

Broker compensation is 70 bps and Client enjoys six-months’ FREE Home System Warranty!

Property

  • Owner-occupied, single-family detached
  • High marketability
  • Newmarket, ON

Credit

  • Beacon score 592; Recent credit events include 1 O2, 2 R2s,
  • High utilization > 85%
  • GDS/TDS: 47.64/47.64%

Employment

  • Permanent full-time
  • Aviation; Services
  • Current position > 15 years