Olivia called to review her mortgage renewal with Desjardins on March 12 and discuss consolidating her outstanding debts. Her current mortgage rate is 5.34%, and she confirmed that she has kept all payments up to date. Her priority is to simplify the household budget by bringing the mortgage, car loan and line of credit into one monthly payment.
The debts discussed were an $18,000 car loan at 8.9% and a $7,400 line of credit at prime plus 4%. Together, these represent $25,400 she would like to include in the refinancing. Olivia described the separate payments as difficult to track and wants a clearer picture of what the household will owe each month after renewal.
You reviewed a five-year option at 4.79%, with an estimated mortgage payment of $2,540 per month. She said the household currently pays approximately $3,100 per month across the mortgage and the two debts, and would be comfortable with a new payment up to $2,650. The quoted payment is within the budget she described and would leave more room for regular household expenses.
Olivia reported a combined household income of $142,000. Both borrowers work full time, and she indicated that their credit scores are above 740. These details will be included in the application alongside the supporting income documents and the outstanding loan information.
She agreed to send her T4s and car loan statement before Friday so you can prepare the file for the lender. The follow-up will recap the rate and estimated payment discussed, confirm the documents still needed, and keep the application moving ahead of the March 12 renewal.
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