Post Author:

Browne Mortgage Team

Categories:

Self-Employed Mortgages

Date Posted:

February 12, 2019

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Are you and your family looking to purchase your first home or upgrade to accommodate for your growing little’s? We can help by looking at your child tax credit.

Our clients know the difference between using a Browne mortgage broker vs other competitors. Our team of skilled experts has the resources to secure some of the lowest mortgage rates while obtaining your mortgage, quickly and efficiently. We will work to meet or exceed your purchase price expectations.

How can the child tax benefit help you?

Many of us are aware of the recent changes in the lending/banking industry which have made it increasingly difficult to obtain financing for a home. These new rules resulted in lessening the maximum purchase price a borrower would typically qualify for. However, we do have some good news.
Our team of Abbotsford mortgage brokers have exclusive access to three lenders that allow us to include Child Tax Credit on your application to help increase your purchase price.
The option to add your Child Tax Credit onto your income is not available through the major banks and excludes the majority of lenders, meaning – there’s a good chance you won’t find this anywhere else.
Here is an example:
The Williams’ family:

  • Mr. Williams’ annual salary: $50,000

  • Mrs. Williams’ annual salary: $85,000

  • Mr. and Mrs. Williams’ have 3 children

  • Down-payment: $150,000

  • Mr. and Mrs. Williams’ are both debt-free

  • Mr. Williams’ credit score: 720

  • Mrs. Williams’ credit score: 650

  • MAX PURCHASE PRICE: $962,000

*Based on today’s best interest rate and a 5-year fixed term

The Williams’ family when using a Browne Mortgage broker:

  • Mr. Williams’ annual salary: $50,000

  • Mrs. Williams’ annual salary: $85,000

  • Mr. and Mrs. Williams’ have 3 children

  • Down-payment: $150,000

  • Mr. and Mrs. Williams’ are both debt-free

  • Mr. Williams’ credit score: 720

  • Mrs. Williams’ credit score: 650

  • Add child tax benefit to your income of $4,500/year

  • MAX PURCHASE PRICE: $992,000 – increase of $30,000

*Based on today’s best interest rate and a 5-year fixed term

By including your Child Tax Credit on your mortgage application, we can increase your purchase price by $30,000.
Contact our team today to explore your home buying options.
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