• Mitch Speigel – Mortgage Agent
    Your Mortgage Group Professional
    Kora Management
    License #M08003984, FSCO #10315

  • Case Study: Alternative “B” mortgage saves a house.

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    Deal Description:

    The borrower was living in his partner’s home. When they split, the separation agreement allowed him to buy the home for the existing mortgage amount

    Purpose:

    To purchase the home in which he was living for the outstanding mortgage balance.

    Employment:

    The applicant was a professional DJ, working by himself and for himself, with little provable income.

    Credit:

    His credit was good, although he had some outstanding credit card debt.

    Difficulty

    The applicant did not have sufficient long-term provable income to qualify for a conventional mortgage and was short a small amount of cash for a “B” mortgage.

    Final outcome:

    We obtained a “B” mortgage for approximately 70% loan-to-value, at approximately 1% above the conventional rates. A family member covered the small shortfall. The one year term allows him the ability to change his accounting and increase his income so he can refinance in a year.

    We had guests for breakfast this morning I served a dish that I had had previously at the Kimpton Hotel in Toronto:

    Place a few slices of smoked salmon over scrambled eggs, lightly done.  Sprinkle with fresh white pepper and a few blobs of sour cream, mixed with horseradish and a touch of lemon juice. Top with a mixture of shredded cabbage, shallots, and capers.