Worksheet 1: monthly household budget
| Monthly cash flow | Current | After proposed mortgage | Stress scenario |
|---|---|---|---|
| Net employment/business income | |||
| Pension/support/rental income | |||
| Other dependable income | |||
| Total net income | |||
| Mortgage payment | |||
| Property tax | |||
| Heating/utilities | |||
| Condo fees | |||
| Insurance | |||
| Maintenance reserve | |||
| Transportation | |||
| Childcare/support | |||
| Consumer-debt payments | |||
| Food/household | |||
| Medical/personal | |||
| Savings/retirement | |||
| Other | |||
| Total expenses | |||
| Monthly surplus/(shortfall) |
Stress scenario: Use a higher mortgage payment, reduced income, property repair and an emergency expense.
Worksheet 2: debt analysis
| Creditor | Type | Balance | Limit | Rate | Payment | Secured? | Payout planned? |
|---|---|---|---|---|---|---|---|
Total monthly debt payment = Sum of required monthly payments
Weighted average rate = Sum(balance × rate) ÷ Sum(balance)
Debt consolidation can lower the monthly payment by extending repayment and securing previously unsecured debt against the home. Record both monthly savings and total cost.
Worksheet 3: net worth
| Assets | Value | Ownership % | Pledged/restricted | Net attributable value |
|---|---|---|---|---|
| Principal residence | ||||
| Other real estate | ||||
| Cash | ||||
| Investments | ||||
| RRSP/RRIF/TFSA | ||||
| Business interest | ||||
| Vehicles/equipment | ||||
| Other |
| Liabilities | Balance | Personal liability? | Monthly payment |
|---|---|---|---|
| Mortgages/HELOCs | |||
| Consumer debts | |||
| Tax debts | |||
| Guarantees | |||
| Support/equalization | |||
| Other |
Net worth = Total attributable assets − Total liabilities and contingent exposure
Worksheet 4: mortgage readiness scorecard
| Area | Ready | Needs work | Evidence/action |
|---|---|---|---|
| Stable, supportable income | ☐ | ☐ | |
| Complete two-year tax history where needed | ☐ | ☐ | |
| Credit reports reviewed | ☐ | ☐ | |
| No unexplained collections or inquiries | ☐ | ☐ | |
| Down payment accumulated and traceable | ☐ | ☐ | |
| Closing-cost reserve available | ☐ | ☐ | |
| Debts fully disclosed | ☐ | ☐ | |
| Property type fits intended lender | ☐ | ☐ | |
| Emergency reserve remains after closing | ☐ | ☐ | |
| Legal/title issues identified | ☐ | ☐ | |
| Payment remains affordable under stress | ☐ | ☐ |
Worksheet 5: refinance analysis
| Item | Amount |
|---|---|
| Current mortgage payout | |
| Prepayment penalty | |
| HELOC/second mortgage payouts | |
| Debts to consolidate | |
| Cash required | |
| Lender/brokerage fees | |
| Legal/appraisal/discharge costs | |
| Total new mortgage required | |
| Accepted property value | |
| Resulting LTV |
| Cost comparison | Current | Proposed |
|---|---|---|
| Monthly mortgage payment | ||
| Other debt payments | ||
| Total monthly debt payment | ||
| Mortgage balance after planned holding period | ||
| Total interest/fees during holding period |
Break-even months = Upfront refinancing cost ÷ Monthly cash-flow savings
Worksheet 6: debt-consolidation behaviour plan
- Debts being paid: ______________________________________________
- Cards/lines to close or reduce: __________________________________
- Emergency reserve after closing: _________________________________
- Monthly savings created: _________________________________________
- Automatic savings transfer: ______________________________________
- Maximum future revolving balance: _________________________________
- Trigger for financial review: ____________________________________
- Date of first 90-day review: _____________________________________
Worksheet 7: private mortgage exit plan
| Exit element | Primary plan | Contingency plan |
|---|---|---|
| Repayment event | ||
| Target date | ||
| Target lender/buyer/source | ||
| Required income | ||
| Required credit changes | ||
| Required property work/value | ||
| Maximum acceptable balance | ||
| Documents to accumulate | ||
| Responsible professional | ||
| Failure trigger date |
Worksheet 8: rental-property analysis
| Rental analysis | Monthly | Annual |
|---|---|---|
| Gross potential rent | ||
| Other recurring income | ||
| Less vacancy/collection allowance | ||
| Effective gross income | ||
| Property taxes | ||
| Insurance | ||
| Utilities paid by owner | ||
| Condo fees | ||
| Maintenance/repairs | ||
| Property management | ||
| Reserve/other | ||
| NOI before mortgage | ||
| Mortgage debt service | ||
| Cash flow before tax |
Worksheet 9: commercial property cash flow
| Commercial income | Current year | Stabilized |
|---|---|---|
| Base rent | ||
| Recoveries/additional rent | ||
| Parking/storage/other | ||
| Vacancy and collection loss | ||
| Effective gross income |
| Operating expenses | Current year | Stabilized |
|---|---|---|
| Property taxes | ||
| Insurance | ||
| Utilities | ||
| Repairs/maintenance | ||
| Management | ||
| Administration | ||
| Reserve | ||
| Other | ||
| Total expenses | ||
| NOI |
DCR = Stabilized NOI ÷ Annual qualifying debt service
Cap rate = Stabilized NOI ÷ Accepted value × 100
Worksheet 10: income stabilization plan
| Income issue | Current evidence | Required evidence | Target date |
|---|---|---|---|
| Probation/new job | |||
| Variable/commission income | |||
| Self-employed history | |||
| Corporate NIAT | |||
| Rental income | |||
| Foreign income | |||
| Pension/investment income |
Worksheet 11: credit rebuilding plan
| Account/problem | Status | Required action | Completion date | Evidence |
|---|---|---|---|---|
| Mortgage/rent history | ||||
| Revolving utilization | ||||
| Collection/judgment | ||||
| Consumer proposal/bankruptcy | ||||
| Reporting error/identity theft | ||||
| New trade-line plan |
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