Refinance while on parental leave using pre-leave income to qualify
In this deal scenario, our experts helped new parents refinance their property using 100% of their pre-leave income to qualify. This is because they were due to return to work within 60 days of application (clients on leave can normally use up to 60% of their pre-parental leave income if their return-to-work date is over 60 days).
The property was outside of a major urban centre, and the clients had a few credit mishaps in the past. But based on the merits of the deal, our underwriter was able to approve on a 2-year term and at a rate much lower than their current one.
They now have the extra money they need to renovate their home and accommodate their growing family.