Affordable home loan for single peopleOn November 30, 2019 by Michael Richardson
Martine was too old for her house banker and she had too high a risk profile. 57 years and single. No home loan for her. Until she spoke to her insurance broker.
He is also a credit intermediary in mortgage credit and finds a solution. Thanks to an affordable home loan, Martine can now sell her home and buy a new-build apartment.
57 years + single = no home loan with house banker
Martine owns a detached house. She no longer has a current mortgage loan. The house has become too large and Martine wants to buy a new-build apartment. For this she has taken out an advance loan. Now she is looking for a home loan to purchase the new-build apartment.
Martine is 57 years old and single. She’s divorced. Although she has a fixed income, she does not get a home loan from her house banker. She does not understand this and is talking about it with her insurance broker.
Insurance broker is also a credit broker in mortgage credit
Martine explains her situation to her insurance broker whom she has known for years. He believes in her file and tells her that he is also a credit intermediary in mortgage credit.
He collects the necessary information and makes an appointment with the Harlequin account manager. Together they analyze the file for feasibility. They decide to submit Martine’s home loan file.
Sale of existing property combined with purchase of new-build apartment
Martine is going to sell her existing home and move to the new-build apartment. In such cases you can combine two products. A Good Finance together with a Good Finance-Fix “all-in”. This is how we presented this to Martine.
She now has one home loan with two mortgage loan advances:
- a home loan of $ 95,500 over the age of 18 with a fixed monthly installment of $ 591
- a bridging loan of $ 304,500 over 24 months for which Martine pays nothing during the term of this bridging loan.
Affordable home loan for Martine
Martine now has an affordable home loan. She does not pay $ 600 a month and can purchase her new-build apartment.
She does not have to worry about the bridging loan. She pays nothing during the term. This gives her the time and comfort to sell her existing home in peace. She has 24 months to do this.
Thanks to her insurance broker who is also a credit intermediary in mortgage credit, Martine now has an affordable home loan.
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