Pickering Single Mother Qualified for Debt Consolidation Refinance Using Two Jobs, Bonuses, Commissions, Child Tax Benefits and Child Support

1. Executive Summary

A single mother in Pickering wanted to consolidate debt through a full refinance. She worked two full-time jobs and also received bonuses and commissions. We used the average of her two-year T4 income where supported by lender policy. She also received child tax benefits and child support. Child support received can be used as income when properly documented and accepted by the lender; child support paid by a borrower is usually added to liabilities. In this case, because she was receiving support, it strengthened the income side of the file. When all eligible income sources were added together, the income was enough to qualify her for a full refinance.

2. Borrower Profile

The borrower was a single mother in Pickering, Ontario. She worked two full-time jobs and received bonus and commission income. She also received child tax benefits and child support. She wanted to consolidate debt through a refinance. Borrower identity, employers, income amounts, child support amount, child tax benefit amount, credit score, debt balances and lender name are not disclosed.

3. Property Profile

The refinance was secured against an owner-occupied residential property in Pickering, Ontario. The mortgage was structured as a full refinance for debt consolidation. Exact address, property value, existing mortgage balance, refinance amount, loan-to-value, rate, fees, term, amortization and lender name are not disclosed.

4. The Challenge

The client wanted to consolidate debt, but the file required careful income construction. She was a single mother working two full-time jobs, with additional variable income from bonuses and commissions. If the file were reviewed too narrowly, her qualifying income could have been understated. The solution required a lender and income calculation that could properly recognize her two-job history, average T4 income, child tax benefits and child support income.

5. Why Conventional Solutions Failed

The file could have failed if the borrower’s income was reviewed too narrowly. Looking only at base salary or one job would not have reflected the full picture. The client had two full-time jobs, bonus income, commission income, child tax benefits and child support. Each income source had to be reviewed for lender eligibility, documentation and continuity. Once the income was analyzed correctly, the file supported a full refinance.

6. HopeWell’s Analysis

Our analysis focused on building the income correctly and responsibly. We reviewed the two-year T4 history, bonus and commission pattern, two-job sustainability, child tax benefits, child support received, debts to be consolidated, mortgage payment, property equity and debt-service ratios. The support-income treatment was important. Since she was receiving child support, it could strengthen income subject to documentation. If she had been paying child support, it would have increased liabilities instead.

7. Financing Structure

The file was structured as a full refinance for debt consolidation. The refinance used eligible employment income from two full-time jobs, supported by the two-year T4 average, along with eligible bonus, commission, child tax benefit and child support income where accepted by lender policy. Public details do not disclose the lender name, mortgage amount, rate, term, amortization, fees, property value, debt balances, income figures or final debt-service ratios.

8. Why the Solution Worked

The solution worked because the borrower’s full income profile was recognized. A single mother working two full-time jobs may have a stronger file than it first appears if the lender can use the two-year T4 average and eligible support income. The debt-consolidation refinance became possible when all acceptable income sources were documented and added correctly. The underwriting principle is that income construction matters as much as income amount.

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