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!
- Owner-occupied, single-family detached
- High marketability
- Newmarket, ON
- Beacon score 592; Recent credit events include 1 O2, 2 R2s,
- High utilization > 85%
- GDS/TDS: 47.64/47.64%
- Permanent full-time
- Aviation; Services
- Current position > 15 years
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