Case Study: Credit RebuildCase Study: Credit Rebuild Mortgage brokers offer many services that you just can’t get from your bank! Here is one example of how we helped a client in a less-than-stellar situation qualify for a mortgage.
The Client: Andrew** was a first-time buyer who came to me after spending four years earning a good income as a tradesperson. Over that span, he had saved a 5% down payment from his own resources and was ready to take the leap into home ownership.
The Challenge: After pulling his credit report, we discovered that he had four collections under his name – only one of which was paid. Of the three outstanding, one was an auto loan that he co-signed and did not know had gone into collections. Another was for a property management company - he was fighting with a property manager over the state of the apartment after he moved out and didn’t know that they had filed the dispute with collections. The last was a cell phone that he had cancelled.
The Solution: Andrew’s credit issues caused a bit of a road block in his mortgage application, but not for long. I was able to contact Equifax Business Services to get the information he needed to address the collections. He paid out all of his collections, and we spent the next three months working on getting his credit score back to an acceptable level. After learning the importance of keeping up with his credit on a regular basis – and fixing situations as they arise – he was eventually able to find home he was interested in purchasing, and obtain a mortgage with 5% down.
Sandra Forscutt is a mortgage agent with Axiom Mortgage Solutions. You can reach her at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or Sandra.axiommortgage.ca.
**Not his real name**    |
