Dominion LenDing CentreS OUR HOUSE Spring 2017
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37 iStoCK
Too much debt
there are a growing number
of consumers doing, well, too
much consuming. Credit card
debt is on the rise and overuse
of lines of credit is putting some
people in a debt overload situation. Before
buying a home some people will purchase an
amazing new truck that comes with a large
monthly payment, which pushes their total
debt servicing (tDS) ratio over the limit.
Some homeowners have so much
consumer debt that they are unable
to refinance their home to consolidate
the mortgage and the credit card debt.
that's because the amount exceeds
the maximum loan to value allowable:
currently 80 per cent of the value of the
home. if housing prices stabilize or drop in
some areas this makes it more difficult for
homeowners to qualify for a new mortgage
and lower payments. Want to qualify for a
mortgage? pay off your debt.
■ Do you want more information for your
next mortgage? Contact any of us here
at Dominion Lending Centres. We're here
to help!
PAuLine TOnkin
is an accredited
mortgage professional
with Dominion
Lending Centres. She
is part of DLC
innovative mortgage
Solutions based in
Coquitlam, B.C.
