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Refinance - Debt

Refinancing a primary residence helped this couple get a handle on overwhelming debt.


The challenge

Sayeed and Mika were looking to refinance their primary residence to pay out their first mortgage and consolidate about $77,000 in other debt.

Their backstory

After losing his job a year earlier, Sayeed is now employed full time. Mika, on the other hand, is somewhat more stable, working full time for the past six years. Homeowners for 11 years, their beacon scores are 544 and 675, respectively. Another plus: they rent out their basement apartment for $1,500 a month.

Our view

Losing a job is stressful for anyone. If debt obligations can’t be met, credit scores will be affected, and getting credit in the future could also be more difficult. For Sayeed and Mika, debt consolidation made a lot of sense. In fact, taking this approach reduced their monthly payments by $2,400. At IC Savings, we recognize that life happens, and helping borrowers get back on their feet is what we’re here for.

Approval details

  • LTV: 64%
  • Amortization: 30 years
  • Income: Salary letters and T4s
  • Lease agreement for basement apartment
  • Direct funds to pay out debts



Be sure to include notes regarding any temporary job losses and the effect on credit scores, as well as describing how refinancing can lower overall monthly payments and put your applicant in a better position.



We accept discharged bankruptcy and consumer proposals with no minimum waiting period.

These may be subject to LTV restrictions and other minimum credit requirements.

Click here to read other client stories.