We found this self-employed buyer an extra $150,000
Our client had been told by his bank that he qualified for a $575,000 mortgage. His documents suggested a much higher ceiling – pun intended!
Looking at the client’s tax return showed that an addback – a different way of looking at income – could unlock more buying power. The Roy Team presented the client’s new position to lenders and they were re-qualified for 25% more.
Mortgages for the self-employed take extra care. Our experienced eye and the belief that we could get more is why clients refer us. The deal is in the details.
24 Hours to Save A Dream
A couple’s offer had been accepted and their mortgage agent had five days to close the financing. They couldn’t. After four days of failure the panicked couple and their real estate agent came to us.
Their numbers showed that income was just short. Not much, but enough. Questions were asked. A conversation about a co-signer ensued. Assurances were given that a co-signer could be taken off the mortgage in the future. Within an hour, a family member was ‘in’ for a small sum and the deal closed.
A successful Canadian citizen had lived and worked in the U.S. for the last decade. He was returning – but had no Canadian credit and his income was considered foreign. Even his own bank would not lend to him.
We knew lenders that were friendlier to US-based income. Knowing their policies and workflow sped up the paperwork and brought this Canadian home to his waiting home.
Rate: 2.89% Five-Year Fixed