Recently Funded•London
London First-Time Buyer Approved with Two Jobs and Strong T4 Income
A 23-year-old first-time home buyer in London applied as a single applicant. She earned more than $125,000 annually while working two jobs. Although the income was strong, some lenders are cautious when a borrower relies on two jobs because they want to understand whether the income is stable and sustainable. HopeWell reviewed the income history and presented the file with a clear explanation that both jobs were in the same industry and supported by two years of T4s. The lender accepted the explanation and approved an insured mortgage.
- Solution
- Insured A-lender mortgage
- Purpose
- First-time home purchase
London Ontariofirst-time home buyeryoung borrower
Read the case study →Recently Funded•Windsor
Windsor First-Time Buyer Approved with U.S. Income Despite Exchange-Rate Volatility
A first-time home buyer in Windsor was a Canadian citizen and resident but worked as an architect in Detroit, earning U.S. employment income. HopeWell identified an A-side lender that could consider U.S. income for an uninsured mortgage. At pre-qualification, the client’s income converted into Canadian dollars was sufficient. However, by the time of closing, exchange-rate movement changed the lender’s CAD-equivalent income calculation and the debt-service ratios moved outside the expected range. HopeWell worked with the lender’s BDM, and the lender agreed to proceed if the client could show approximately $18,000 in liquid assets. The client’s father gifted the funds, HopeWell documented the gift letter and bank statements, and the file closed on time.
- Solution
- Uninsured A-lender mortgage
- Purpose
- First-time home purchase
Windsor Ontariofirst-time home buyerUS income
Read the case study →Recently Funded•Brantford
Brantford Single Mother Approved by B Lender Using YTD Income Exception
A single mother in Brantford wanted to purchase her primary residence. She was making decent income through overtime and commissions even though her base salary was low. The challenge was that lenders usually use a two-year T4 average for overtime and commission income. Unfortunately, one year was affected by COVID-related work shutdowns, and the other year was affected by a road accident that prevented her from working as much as usual. As a result, the T4 average did not support the purchase. Her credit score was also low. We approached a B lender, explained the situation, provided the last 12 months of pay slips and bank statements, and asked the lender to consider an exception because her YTD income was strong. The lender accepted the explanation and approved the file on exception basis.
- Solution
- B-lender purchase mortgage
- Purpose
- B-lender purchase approval using current income documentation and exception request
Brantford Ontariosingle motherprimary residence purchase
Read the case study →Recently Funded•London
London Power of Sale Rescue with Fully Prepaid Private Mortgage After Road Accident
London clients faced power of sale after the husband had a road accident and was unable to work for a significant period. Because of the income interruption, they fell behind on mortgage payments and ended up in arrears. We arranged a fully prepaid private mortgage for the term to pay off the existing mortgage, cure the arrears, and consolidate their debts. Since the mortgage was prepaid, the clients did not have to make regular private mortgage payments for one year. The exit strategy was to revisit refinance with an institutional lender after the husband returned to work.
- Solution
- Private mortgage
- Purpose
- Fully prepaid private mortgage to stop power of sale, pay out existing mortgage, consolidate debts, and create one-year refinance exit window
London Ontariopower of saleprivate mortgage
Read the case study →Recently Funded•Brantford
Brantford A-Lender HELOC Using Corporate NIAT, Rental Surplus and Basement Rent Offset
Brantford clients co-owned three properties: a primary residence where the son lived with his parents, plus two rental properties. The primary residence was free and clear, and they wanted a HELOC secured against it. The husband worked as a truck driver, but his personal T1 income was very low because income was collected through a corporation account. We used corporate NIAT less dividends where lender policy allowed. The son was salaried, and the wife was also salaried. We also used the rental worksheet of a major A-side bank to calculate the rental position from the two rental properties. One rental property showed a surplus and one showed a deficit, but overall the rental worksheet showed a surplus. The subject property also had basement rental income, but lenders generally do not add the subject property to the rental worksheet; instead, the basement rent was treated as an offset. We approached a major A lender and secured the HELOC they needed.
- Solution
- A-lender HELOC
- Purpose
- A-lender HELOC on free-and-clear primary residence
Brantford OntarioA-lender HELOCfree and clear primary residence
Read the case study →Recently Funded•London
London Builder Purchase Closed with Rush Alternative Bridge and B-Lender Stated-Income Exit
London clients were purchasing their primary residence from a builder. The husband was a truck driver with very low verifiable income, and the wife was not working. Before approaching us, they had spent a lot of time trying to get an A-lender approval, but they were declined because the income did not support the requested mortgage. When they came to us, only about five days were left before closing. The builder was demanding a very high penalty for extending the closing, even by a few days. We arranged a rush mortgage from an alternative lender strictly as a six-month bridge. We then arranged a mortgage from a B lender under a stated-income program supported by 12 months of bank statements.
- Solution
- Alternative lender bridge and B-lender stated-income mortgage
- Purpose
- Rush builder purchase closing using alternative-lender bridge followed by B-lender stated-income exit
London Ontariobuilder purchaserush closing
Read the case study →Recently Funded•Brantford
Brantford Second-Position HELOC for Self-Employed Homeowner’s Rainy-Day Fund
A Brantford client owned her home by herself, and her parents lived with her. She was self-employed and wanted a HELOC available for rainy days because she was anticipating future expenses. Her income and credit profile were not strong enough to qualify for a HELOC from an institutional lender. We arranged a second-position HELOC from an alternative lender under a no-traditional-income-docs program. The HELOC came with a four-year term, so she did not have to worry about renewing the loan every year. She would pay interest only on the amount used, could pay it back anytime, and could use the credit again if needed.
- Solution
- Alternative-lender second-position HELOC
- Purpose
- Rainy-day equity access and future expense planning
Brantford Ontariosecond-position HELOCalternative lender
Read the case study →Recently Funded•London
London Refinance for Truck Driver Using Business Bank Statement Income
A couple in London, Ontario owned a residential property with two mortgages. The second mortgage carried a high interest rate of approximately 12%, and the clients also had additional debts. The husband worked as a truck driver, while the wife received disability income. Because the husband’s T1 income was low and the clients had credit challenges, they could not qualify for an A-lender refinance. HopeWell arranged a B-lender refinance using stated income supported by 12 months of business bank statements. The refinance consolidated the first mortgage, second mortgage, and additional debts, reducing monthly payments by approximately $2,000.
- Solution
- B-lender refinance
- Purpose
- Refinance and debt consolidation
London Ontariotruck driver mortgageB lender
Read the case study →Recently Funded•Brantford
Brantford B-Lender Exit Refinance Reduced Monthly Payments by Over $4,500
A single homeowner in Brantford was with a B lender and had a significant amount of credit card debt. His income was decent, and he had a rented basement, but his monthly obligations were still too high to sustain. The client’s main goal was to reduce monthly payments. We sat with him and reviewed the full debt profile. Instead of trying to consolidate everything without a strategy, we identified the debts that had to be included in the plan and prioritized debts with the highest monthly payment impact. By consolidating the right debts, the GDS/TDS ratios improved enough that we could request a minor exception from the bank. Overall, the client reduced his monthly payments by over $4,500.
- Solution
- Debt-consolidation refinance
- Purpose
- B-lender exit, debt consolidation, and monthly payment reduction
Brantford Ontariodebt consolidationB-lender exit
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