- First mortgages, conventional < 80%, high ratio > 80% of value
- Second mortgages to 80% of Value
- Equity based mortgages for those with poor credit
- Flexible income qualifications
- Discounted or pre-paid mortgages
Andrew had just gotten married and decided it was time to upgrade to a larger home. He called his current mortgage company to see what they would pre-qualify him and his new wife for. They did their calculations and came up with a figure of $750,000. This disappointed Andrew as he knew he would need to borrow up to $900,000 to get the home he had his eye on. Andrew’s realtor put him in touch with 1 City.
After analysing the situation, we provided Andrew with a $900,000 pre-qualification from a prime institutional lender with interest rates and terms slightly better than Andrew’s original lender. Knowing the qualification rules used by many lenders allowed us to pick the right fit. By having Andrew agree to pay off three consumer credit lines, leaving him with no debts outstanding, 1 City was able to place the application under a program which allowed for a higher GDSR (Gross Debt Service Ratio is the percentage of gross income used up by mortgage payments and property taxes).
After suffering through the failure of a business partnership, Dorothy found herself liable for all the debts when her partner left the country. Dorothy worked hard trying to pay something to all of the creditors every month but there never seemed to be enough to go around. Dorothy’s credit rating was ruined so when she went to her bank to try to consolidate her debts they turned her down. 1 City arranged a second mortgage on Dorothy’s home, funded by one of our private investor clients. This loan allowed Dorothy to settle all of the outstanding debts and left her with a payment she could afford. After a year passed, Dorothy’s credit score had improved to the point where a new first mortgage at a competitive rate was arranged to combine the old first and the second into one, further reducing Dorothy’s interest cost and monthly payments.