Making a Home with Family

FamilyHomeHelpA common way to get on the property ladder is for mom & dad to help out with a first property purchase. This can take many forms, from a gift of funds for the down payment to co-signing on the mortgage. In Sheila's case, her parents had bought a condo unit for Sheila to live in while she was attending school.

Once Sheila secured a permanent job in her chosen field, it was time to take the next step and transfer the property title to her. Her parents were also hoping to take some equity out of the property to account for their expenses while Sheila had been in school.

Sheila started by approaching the existing mortgage lender, but wasn't impressed with the service she received. When she began looking for other options, a friend recommended the Auxilium Team.

Unfortunately, Sheila's income wasn't quite enough to carry the mortgage on her own. The best solution was to refinance the mortgage with the existing lender – with whom her parents also have a banking relationship – and add Sheila to title, with the goal of a full transfer once her household income increases. 

Although she didn't enjoy her initial conversation with that lender, Sheila learned that one of the benefits of working with a mortgage broker is that we have a completely different channel to communicate with lenders. She was also able to work directly with us to complete the mortgage process, and so had access to the responsive, personalized service of our team.

Two months after we first met Sheila, she's a first-time homeowner! Her parents have been repaid for their investment, and Sheila has a solid foundation to build from.

Does this situation sound familiar? You can CONTACT US TODAY to have the Auxilium Team working with you.

Do you know someone who could benefit from the same great service? REFER A FRIEND and we'll see how we can work with them.