Joanne was looking to purchase a rural property in Kwartha Lakes and arranging financing for a quick close, and was subsequently declined by her bank. She was then referred to the team at MiMortgage.ca by her realtor. At the time, Joanne was going through a sepration and purchasing a property to move in to. The downpayment for her purchase was through the sale of property she with sharing her partner.
Joanne was on disability due to an accident outside of work. Her credit was a beacon score of 576. She was over the limit on the one active credit card and was falling behind on her monthly bill payments due to the loss of income due to her disability and her on-going separation.
The terms of her mortgage were:
- Down payment of 65%
- Interest rate of 2.44% fixed for five years
- Monthly payments of $470
The team at MiMortgage.ca were able to secure financing through a monoline lender due to low loan to value on the property.