Blogs

How Julie & Mark Went From Consumer Proposal to 'A' Mortgage Rates

When we first met Julie and Mark, they were just a few months out of a Consumer Proposal and hoping to buy a home. When it comes to a Consumer Proposal or Bankruptcy, in order to borrow money a lender generally likes you to be at least 1 year past the end of the Proposal with 2 years of re-established credit. There can be some flexibility based on the loan-to-value (LTV) of your mortgage, so our team went to work finding a solution.

When we met John and Monica, they co-owned a home with Monica's parents. The family had made the decision to sell that property to give the younger couple the opportunity to find a home of their own. This generous gift left John and Monica with a significant down payment on their next property, but they wanted to know exactly what they could afford.

Unfortunately, sometimes "happily ever after" doesn't last forever. We originally met Veronica and Tom through one of our realtor partners, with whom they were shopping for their first family home. They found a property they loved with a suite as a mortgage helper and put in an offer. Our team secured them a mortgage with a monoline lender that would allow them to meet their financial goals as their family matured.

A 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.

What happens when you separate from your partner, but you remain on good terms with each other? For Cecelia and Howard, the answer was building a solid investment together. 

Sometimes the journey to your perfect home takes more twists and turns than you expected. This was the case for Sharon and Susanne, who worked with the Auxilium Team for over two years to purchase the property they now call home.

Julia and Cole are both young professionals who were looking for a place to call home that would allow them to unwind from their busy work days. They found their dream property in a rural estate sale – but there was a catch. The property they were looking at had an aging mobile home on it that would require a lot of work to update once they moved in.