Farid & Afra resided in the Greater Toronto Area (GTA) with their three dependant children. They both have stable income and good credit. The couple were looking to buy their first family home in the GTA and were successful in securing a property. Farid & Afra were referred to the team at Mortgage Intelligence-Oshawa by their realtor, two weeks prior to their scheduled closing date, as the couple was not successful in obtaining mortgage financing through a mainstream bank.
The couple had accumulated debt over the years and as a result there debt servicing ratios were higher than usual, which made the transaction difficult. The MiMortgage.ca team was successful in obtaining mortgage financing by using some unconventional income, within four days, from an institutional lender.
The terms of their mortgage:
- Downpayment 22%
- Interest rate of 4.69% for five years
- Monthly payments of $2,190
In the meantime, Farid & Afra also decided to concurrently explore alternate routes of obtaining mortgage financing for their property and the team at MiMortgage.ca did not hear back from them until four days prior to the closing date. The team at MiMortgage.ca were able to get signed mortgage documents, an appraisal, meet all the lender conditions and have their lawyer instructed with within four days. This particular lender worked diligently to close this transaction in within a few days and the transaction closed one day later than the scheduled date.
If you are in similar financial circumstances, maybe it’s time to get in touch with the experts at MiMortgage.ca. We have access to over 50 lenders and are able to provide the best possible mortgage solution, for you. Contact the team at MiMortgage.ca at 1.866.452.1100 to speak to an expert or apply now.