Real Deal | Contributory Income

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