Closed in 2023 · Published October 17, 2026
- Residential
- Prime lender
- Refinance
- Debt consolidation
- Acreage
- Anmore
- Home value
- about $3.3 million
- New mortgage
- about $820,000
- Loan-to-value
- 24.85%
- Credit score
- 687
- Rate in 2023
- about 4.8%, five-year fixed
The Situation
Our client, a manufacturing equipment engineer, owns an estate in Anmore, BC, worth about $3.3 million: a five-bedroom main house and a separate two-bedroom coach house with its own road access, on a large lot. Several secured and unsecured credit lines had built up, each with its own payment.
The Challenge
Consolidating meant qualifying on a salary that had risen 10% in January 2022 and another 2% that June, faster than the tax slips could show, with a credit score of 687 and debt-service ratios of about 48%.
The Solution
In January 2023 we refinanced with a major Canadian bank: about $820,000, 24.85% of the value, on a five-year fixed term at about 4.8% with a 30-year amortization. The bank qualified the client on about $116,000, the average of the last tax slip and the year-to-date pay, below the roughly $130,000 the client was on track to earn, and accepted the ratios on the strength of the raises, the very low loan-to-value and a credit history with every account paid as agreed.
The Outcome
Every credit line was paid out from the proceeds, leaving one mortgage payment at a bank rate, on about a quarter of the home's value, in place of several.