Success Stories
At Client First Mortgage Solutions, we pride ourselves on not just finding the best mortgage rates, but also navigating the complexities of unique financial situations.
Our experienced brokers are here to ensure you get the right guidance and the best mortgage products tailored to your needs. Here are some of our success stories, demonstrating how we’ve helped our clients achieve their dreams. Please note that for privacy reasons, names have been changed.
Challenge: Large Gift from Overseas Relative
CLIENT PROFILE
Status in Canada: Permanent Resident
Property Type: High-end property not listed on MLS
Down Payment: Large gift from a close relative, held in an overseas account
SOLUTION
- Gift Letter: A signed Gift Letter from the relative was obtained, detailing the gifted amount and their relationship to the borrower
- Funds Verification: The gifted funds were transferred to the borrower’s account 30 days before funding, and their origin from overseas was verified to the lender’s satisfaction.
- Approval and Closing: The deal was approved by an A-Lender (bank) with best rates, and the purchase was completed successfully.
Challenge: Renewal Declined by Lender
CLIENT PROFILE
History: Previous a client, but renewed directly with a different lender
Current Situation: Needs to renew but was declined by existing lender due to high debt
Additional Complication: Co-borrower’s income decreased due to long-term disability.
SOLUTION
- Assessment and Options: Our broker carefully assessed the client’s needs and discussed all available options. He took the time to explain everything in detail, providing reassurance during a very anxious period for the clients.
- Property Value and Refinance: The property’s value was sufficient to refinance for the renewal amount and include funds to consolidate their debt.
- Successful Outcome: Our broker secured the mortgage with an A-Lender at a lower rate than what was offered by the existing lender, addressing both the renewal and debt consolidation needs.
Challenge: New Purchase During Maternity Leave
CLIENT PROFILE
Objective: Selling existing property and moving into a larger home.
Co-Borrower Status: On maternity leave, considering reduced work hours with the potential for extra hours.
SOLUTION
- Property Assessment: The broker assessed the potential sale price of their existing property and the outstanding mortgage balance, to estimate the net proceeds and potential down payment for the new property.
- Income Consideration: Evaluated the impact of the co-borrower’s potential reduced work hours on their purchasing power, considering guaranteed income.
- Decision and Offer: The co-borrower decided to return to work full-time (40hr/week). They received an offer on their property, allowing the broker to provide accurate affordability numbers for the new purchase.
- Mortgage Options: With an accepted offer, the broker discussed port and blend options with the existing lender for cost-effective new mortgage terms. Approval was secured to extend the amortization back to 25 years.
Challenge: Requiring Funds for Business
CLIENT PROFILE
Objective: Taking out a second mortgage for additional business funds
SOLUTION
- Equity Assessment: The clients had sufficient equity in their property with an overall Loan-To-Value ratio under 50%
- Business and Credit Evaluation: Their long history with the business and good credit score facilitated the approval of the second mortgage by a private lender.
- Loan Terms: The second mortgage was approved as an interest-only loan with the intention to pay it off within a year, despite additional closing costs.
Challenge: Self-Employed Income
CLIENT PROFILE
Objective: Purchasing a new home
Income Source: Earns a living as a Social Media Influencer
SOLUTION
- Income Verification: As self-employment income, the broker confirmed the need for proof of income.
- Documentation: The lender required a 3-month bank deposit history to confirm the client’s income, T1 Generals, and Statements of Business Activities for the last two years, along with proof of no outstanding CRA debts.
Our commitment to providing a high level of service and personalized mortgage solutions, ensures that even the most complex situations can have happy and successful outcomes. If you need expert guidance on your mortgage journey, you’ve come to the right place. Our services are free, and we’re here to help you every step of the way.
