Case Study · Residential / Alternative

A Private Second Mortgage, a Car Loan and Family Debt: One Alternative-Lender Refinance at 77% in Maple Ridge

A married couple owns a four-bedroom townhouse in Maple Ridge valued at about $980,000, carrying a credit union first mortgage of about $530,000 and a $60,000 private second mortgage.

Closed in 2025 · Published October 18, 2026

Residential
Alternative
Refinance
Debt consolidation
Second mortgage
Car loan

Home value: about $975,000
New first mortgage: $750,000
Loan-to-value: about 77%
Credit scores: 679 and 721
Rate in 2025: just under 5%, one-year fixed

The Situation

A married couple owns a four-bedroom townhouse in Maple Ridge valued at about $980,000, carrying a credit union first mortgage of about $530,000 and a $60,000 private second mortgage.

The Challenge

There was also a $73,000 car loan, $50,000 owed to family and about $20,000 on cards. Paying it all out put the debt-service ratios near 49%, and too many credit checks, mostly for vehicle financing, had left the scores at 679 and 721.

The Solution

In 2025 we refinanced with an alternative lender: a $750,000 first mortgage, about 77% of the value, on a one-year fixed term at just under 5%. The lender read two-year income averages of about $100,000 and about $35,000, accepted the ratios, and the proceeds paid out both mortgages, the car loan, the family debt and the cards.

The Outcome

Several payments, one on a private second mortgage, became one mortgage payment.

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Questions and answers

Questions about this file

Can you refinance to pay out a private second mortgage?+

This couple did, in 2025: an alternative lender placed a $750,000 first mortgage, about 77% of the value, and the proceeds paid out both mortgages, a credit union first of about $532,000 and a $60,000 private second.

Can you roll a car loan into your mortgage?+

In this 2025 file the refinance paid out a $73,000 car loan, along with $50,000 owed to family and about $20,000 on cards.

How did too many credit checks affect the refinance?+

They had left the scores at 679 and 721, mostly from vehicle financing, and the alternative lender still placed the refinance.

What debt-service ratios did the lender accept?+

Paying everything out put the ratios near 49%, and the lender accepted them, reading two-year income averages of about $100,900 and $35,200.

What were the terms?+

$750,000 on a one-year fixed term at just under 5% in 2025. Several payments, one on a private second mortgage, became one mortgage payment.

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