Holly & Cole Taylor Mortgage Solutions
387 Mapleview Drive West L4N 9G4 Barrie, ON, Canada

Taylored Tips The difference the right lender can make. When it comes to your student loans, every lender treats them a little differently. Not only that, but whether it’s a fixed loan (OSAP), or an open student line of credit (from a bank) can make or break you when it comes down to getting the home you want. ... For example, some lenders must apply 3% of the total outstanding student loan per month towards your debt service ratios, instead of what your actual monthly payment is. What does this mean exactly? Let’s take a fresh college student couple for example, making a combined total of $70,000 per year with 5% down. They have one student loan amounting to $30,000 with a fixed monthly payment of $360.00, along with a few other minor loans. Using those numbers affords them a home costing roughly $350,000. Great! However, many lenders must apply the 3% rule to the outstanding student loan amount, changing their monthly obligation to $900.00! This reduces the mortgage they qualify for by a whopping $100,000! And in today’s market, $250,000 is an extremely limiting price point... Have questions? Let us know!

This is why we love being "independent" mortgage advisors. We can do what is best for our clients without these conflicts of interest.

Thank you everyone who has taken the time to share their experience with us! All the love is much appreciated <3