Recent deal exemplifies Community Trust’s “We Care” attitude
But Community Trust’s programs, like the high equity program or non-conforming mortgages, allow them to put together solutions for clients even when ratios are a bit over the threshold, and that’s what happened in this case. With an average income, the couple wouldn’t normally qualify – especially through an A lender – because they wouldn’t pass the stress test. But because they use a rental suite in the basement to supplement their income, and because the property itself had appreciated over time to a value close to $2 million, “we were able to do this under our high equity program.”
“Though we couldn’t offer the straightforward conventional mortgage, we were able to help them because of our flexible approach,” Toste said. “Their loan-to-value was relatively low, their credit scores were a little bruised but not terrible and we ultimately freed up almost $3,000 in cash flow for this family. And the net ratio, what they’re actually paying on the rate we’re doing, is still within their means.”
Community Trust provides brokers and their clients something that’s becoming more and more rare: options. And as always, Community Trust was there to guide the broker and the clients through each stage of the process, working closely with all parties to get the required documents in and get the deal funded in a timely manner.
Another benefit of working with Community Trust is Community Trust Café, its online hub for brokers, which makes the process so much easier. The broker was able to see what stage the file is at, be notified of any outstanding conditions and communicate directly with the underwriter or the fulfilment specialist. It made the whole transaction much more seamless for all parties, Toste said, “because everything Community Trust does is in the interest of the client to put them in a better financial situation, such as releasing Community Trust Café as a mobile app so that brokers can check their deals on-the-go.”
“This couple can now save for the future or pay down the mortgage and reduce their overall costs over time,” Toste added. “Our goal is to help Canadians achieve their financial dreams, and it’s our ‘We Care’ attitude that drives us to do just that.”