How TLC FINANCIAL Helped A Client Saddled With Debt Obtain Mortgage Financing

I’m Ted Evans, a licensed mortgage broker and insurance agent in Mississauga, Ontario, and the founder of TLC FINANCIAL. I use my nineteen years of industry experience to help clients protect their earnings, save on interest payments, and make their savings work harder.

I also like to keep up with the latest innovations, so I can solve complex financial challenges for clients that bring peace of mind. Please keep reading to learn how I helped a client saddled with debt obtain mortgage financing.

The Challenge: The clients’ debts were too high to qualify for a mortgage
The client required financing to purchase a home, but their debts were too high to get approved for the mortgage, and they feared losing out on the house.

After thinking over the situation, I felt it was best to arrange a mortgage with a cashback option. It would enable the client to pay down the unsecured debts and bring the debt service ratios in line to get approved for the mortgage.

The Solution: Arrange a consolidation loan
I managed to get the client approved for a mortgage with a cashback which would help pay down their debts. However, the client could only afford a 7% down payment.

Since the down payment was minimal, I had to ensure that the cashback would be enough to pay down the debts. So, I also arranged a consolidation loan for the remaining debt to lower the monthly payment.

The Bottom Line
To obtain the consolidation loan, it took five days to get approved. The cashback was available upon completion of the purchase, which paid off the balance of the debts.

If you face a similar challenge, get in touch with TLC FINANCIAL today. As a leading mortgage broker in Mississauga, ON, I specialize in helping clients find the right solution to improve their family’s financial situation.

My services include mortgage planning, financial planning, insurance planning, debt refinance, consolidation loans, self-employed financing, and commercial financing. I serve clients across Mississauga, Oshawa, Bradford, Hamilton, Brantford, Oakville, and the Greater Toronto Area.

To get started, get in touch with me by clicking here. To learn more about how I can help you, please click here.