Condo refinance using child tax benefit as income
Here is a behind-the-scenes look at how our experts helped these clients refinance the mortgage on their condo to pay off high-interest debt.
With a low beacon score and a part-time, hourly co-borrower, their broker sent the deal straight to us – the alternative lending experts.
Our pragmatic underwriter asked to have a small trade balance paid off, and then used the client’s child tax benefit as income to get the deal approved. This increased the client’s LTV to 80% and got them a good rate on a one-year term. Plus, the door was left wide open to renew at a lower rate in a year, after they’ve repaired their credit.
**The AIR is compounded semi-annually, not in advance. The APR based on a $364,000 loan with a 30-year amortization and loan fee of 1% is 5.89%.
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