- The client purchased a new property in Oshawa 2 years ago, where the client had been preapproved by his bank at the time.
- The client was 48 hours away from closing with the bank
- Mortgage required was 75% of the purchase price
- Due to stress test rule changes, the client was no longer qualifying
- The client only had 48 hours to close his purchase
Our team at Everything Mortgages was able to jump in and arrange an Emergency 48 hour closing on time, so the client did not incur any fees or penalties for delaying the closing.
We got the client a 1 year, 7.19% with 2.75% lender fee, and also have started helping the client prepare to refinance their mortgage with a bank before the one year term comes up for maturity.