Arif is new to Canada and needs to refinance his private mortgage
New to Canada, Arif required a long-term financing solution to replace his private mortgage. When he immigrated to Canada last year, Arif used the equity from the sale of his property overseas to purchase a new home in Calgary. On a short timeline, without the source of wealth documentation that a traditional financial institution typically requires or a FICO score, and temporarily employed in a lower-paying job than he previously held, Arif was forced into a short-term private mortgage.

In the year since he signed with a private lender, Arif was able to gather the required relevant source of wealth documentation for his down payment from his home country. He also improved his credit rating significantly by opening a few small trade lines.

After a meaningful conversation with Arif, his broker learned he was taking gap courses to secure gainful employment as an engineer in Canada. However, Arif’s high-interest mortgage payments inhibited his ability to save money to put toward his education.

Home Trust was able to refinance a new first mortgage for Arif with an Equityline® Visa. This solution allowed Arif to pay out the private mortgage and provided access to a revolving line of credit to build his credit history and invest in his future.

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