HOME MORTGAGE DEAL OF A WEEK

Posted by: dan

Tagged in: Untagged 

Written By Tony Dhami

Here is this week's HOME DEAL OF THE WEEK:

Deal Purpose:
-Refinance to payout first and second mortgages and consolidation.

Employment: Primary applicant: 19 years, salaried
Secondary applicant: Not working (Homemaker)

Residence: 4 years as homeowners
TDSR: 42.55% (GDS is not considered)

Property: Owner occupied in Brampton

Credit:
Primary Applicant: Beacon 512

Credit bureau summarized as follows:

Finance company loan open 5 months, I1
Bank Loan open 28 months, I1
Visa balance $952 balance, $1000 limit, R1, previously R3 10/09, R2 9/09
Paid R9 from 2007

Secondary Applicant: No Beacon Score

Credit bureau summarized as follows:

No active or paid trade lines
4 Unpaid Collections:
$1371 from 4/09
$377 from 8/07
$1065 from 1/09
$847 from 7/09

Underwriter's Decision:
Approved at 90% as a 4 Key, 3 yr term, 35 yr am, rate of 7.60% to payout all
trades (including the collections) except for the bank loan.

Deal subject to satisfactory rating on first and second mortgages;
appraisal; income verification;

If you have similar deals to this or anything that you would like us to
consider, do not hesitate to contact me.
www.hamiltonmortgagebrokers.ca