When Starting Fresh Means A Change Of Address
When we met Laura, she was in the process of selling the townhouse she owned with her ex-partner. It was the final piece to their separation, and she was hoping to use her portion of the sale for the down payment on a small condo for herself.
Laura had a 6-year history of being self-employed, but in the most recent year hadn't shown very much income on her tax returns. Despite having the down payment she needed, this left her with only 3 options for her mortgage:
- a private lender, which would mean the highest interest rates and a lender fee;
- a 'B' lender who could use bank statements to determine income but would still have higher rates;
- a co-signor to increase the income for the file and qualify with an 'A' lender.
Laura chose to add her parents to the purchase of the condo, and with their additional income our team was able to easily qualify her with an 'A' mortgage lender. However, there was still one more hurdle to jump over in order to complete the file. Laura and her ex didn't have a formal separation agreement, and the lender required some documentation showing any financial commitments that would come from the end of the relationship.
Since there were no support payments for either Laura or her ex, we were able to request an exception from the lender to allow a statutory declaration of the separation as a solicitor condition. That meant that rather than rushing to get the document before the closing of the purchase, Laura was able to make an official statement with the lawyer when she was signing the rest of her paperwork.
In just a few weeks, Laura was able to turn the page on her past and look towards the future. Her new condo represents a new start in her life, and we couldn't be happier to have assisted her in making this change. We're sure there are great things ahead for Laura in her home and business, and we look forward to assisting her again when she needs our services.