Jay and Edie resided in Peel Region in the Greater Torono Area. Jay and Edie along with their two children had been residing in their home for 14 years and was looking to upgrade to a bigger home. Jay was self-employed while Edie was in employment at a local business and they both had excellent credit standing. Therefore, with the couples’ combined income and they were in a position to live their dream of moving in to a bigger home.
They found their ideal family home with a larger back garden and a pool, also in Peel Region. The couple made an offer on the property. They contacted the team at MiMortgage.ca for assistance with mortgage financing.
A few weeks after making an offer on the property and starting the mortgage application process, Edie was made redundant. The sudden turn of events on the family’s financial circumstances changed the couple’s eligibility to obtain financing through conventional methods. Instead financing was obtained through a bundle, consisting of 1st & 2nd mortgages, on a one year term:
- 20 percent downpayment
- Interest rate 4.89 per cent for one year
- Monthly payments of $3415.88 + $213.49