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Refinance - Credit

When life delivers unexpected challenges, we can help turn things around!  


The challenge

Between paying bills and making payments towards her other debt obligations, Grace’s financial picture was already tight. Then, the global pandemic hit in March 2020, making the situation even more challenging for this homeowner. Desperate to get back on track, she hoped to use the equity in her home to consolidate her debt. 

Her backstory

In her mid-60s, Grace is single, with no dependents and carries a small mortgage of about $150,000. While she receives a modest pension from a previous employer, she began supplementing her income in 2019, with a part-time job at a neighbourhood coffee shop in Vaughan.

As with many small businesses, the global pandemic forced many to close or severely reduce their hours. In Grace’s case, this extra income that she counted on was lost and it became difficult for her to meet her monthly financial obligations. During this time, she also began to collect unemployment insurance and the Canada Emergency Response Benefit, which eventually triggered income taxes owing.  

Our view

With refinancing, we helped Grace turn things around. Not only did this option allow for all outside debt, including the CRA, to be cleared, it also provided an opportunity for better cash flow and future savings. Overall, the LTV on this file was low and Grace also had regular, verifiable income from her pension. Another bright spot: Grace regained her additional source of income, returning to work part-time at the coffee shop about three months ago.

Approval details

  • LTV: 39%
  • GDS/TDS: 45/45
  • Beacon: 615
  • Income verification



Be sure to provide an explanation for any credit challenges at the the time of submission. 



We have no minimum beacon score requirement. 

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