This rental refi in St Catharines, ON with a 35 year amortization helps our BFS client pay out a high-rate private mortgage they took on due to a higher-than-expected down payment and significant debt load incurred through foundational repairs.
The client, a successful full-time commissioned realtor for 7 years, qualified with a 2-year average of net commission income together with rental income at a 75.36% LTV with a 35-year amortization.
With strong credit, an established rental portfolio and great net worth, we determined confirmable and sustainable income.
Refinancing the rental residence pays out a first private mortgage, and large credit card debt, and generates extra cash out for closing costs and replenishment of savings.
Longer amortizations help lower payment amounts which increase affordability. With more time allotted to repaying the loan, terms like payment amount move in favour of the client; however, with shorter amortizations, equity increases faster and total interest paid is reduced.
We work with the best mortgage brokers in the country to design the right solution for the right client. Mortgages are custom built for each individual story.
