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For some homeowners, financial pressure builds gradually. One payment becomes several. Revolving balances grow. Even with stable income and meaningful home equity, the path forward can start to feel constrained. Limited even. That’s where experienced mortgage brokers can help to find the right solution.
In this case, the clients owned an owner-occupied rental property in a major Ontario market and were looking for a refinance pathway that could consolidate their first mortgage, HELOC, and unsecured debts. The file included elevated ratios and high credit utilization, as wells as strong equity, documented income, rental income, and a clear consolidation purpose.
Pathway
MCAN worked with the broker to structure a 3-year closed MCAN Discover Alt solution with a 35-year amortization and LTV 76.77%. The pathway was not simply about replacing one mortgage with another. It was about restructuring the client’s obligations into a more manageable monthly plan.
The result was a meaningful shift. The refinance consolidated outstanding debts, left no residual debt, and created estimated monthly savings of more than $6,000. For the client, that meant a clearer financial pathway and more room to move forward
Deal Snapshot
SCORE!
This deal also qualified for our SCORE (Support for Credit Optimization, Optimization and Education) Program.
That means if the client’s Beacon score increases by 30 or more within the first full two quarters following close, we’ll send them $500! If it holds steady or increases further after another two quarters? You guessed it – we’re sending them another $500!
And! When the broker qualifies as Innovator or higher in the MCAN ICON Partner Program, they’ll earn 4x MQ Points / 20 bps extra comp.
Things change, visit Broker Resources for the most up‑to‑date information here.
