From Tight Budget to Homeowners: $50,000 Extra Borrowing With An Alternative Lender

14 Dec

When Client A, a sales manager, approached the major banks for a home loan, he kept getting knocked back because his commissions and bonuses income were not fully recognized to determine borrowing power. At Investors Mortgage, we understand the unique challenges that home buyers face and pathways to get them to their home ownership easier and faster.

Introduction

Today, we are happy to share a success story that showcases how we helped one client turn their dream of owning a home into reality after an initial rejection. Here's how an alternative mortgage lender increased Client A’s borrowing capacity by $50,000 compared to mainstream banks.

Meet Our Client A :

With a base salary of $100,000, Client A has earned bonuses averaging $15,000 yearly for the last 1.5 years. However, the big banks would only consider bonus income that has been earned for over 2 years for serviceability. In addition, some lenders would also only take 80% of the bonus income into the calculation. This policy restriction granted our client borrowing ability for a maximum $458,000 loan even with 20% deposit ready.

An Alternative Approach At Investors Mortgage

When Client A approached one of our experienced mortgage brokers - Rajesh Bukya, Rajesh immediately assessed the client's financial profile and provided him a lending option with one of our best alternative lenders on the panel, who not only accepted the bonus income in full but also had no time restrictions. This careful selection of a suitable lender transformed the total loan amount from the initial $458,000 to $508,000, making a $50,000 increase.

The Happy Ending

Where major banks usually utilize a one-size-fits all lending policy, the alternative lender we chose recognized Client A’s true earning capacity accustomed to his field. Their advanced credit decisioning and niche products qualified our client for a much more comfortable borrowing capacity without compromising other loan features.

Get Personalized Assessment of Your Maximum Potential

If inflexible mainstream home loan rejections have hindered your property plans despite strong financials, customized alternative lending could unlock extra opportunity. Let us re-evaluate your complete scenario for maximum purchasing power. Contact Investors Mortgage today so we can match your profile with the best lending solutions available through our broad industry networks.