Joe and Jan Smith were introduced to Slade Mortgage through their real estate attorney after being denied a mortgage. The Smiths were already living in the home they wanted to buy, which was actually owned by their parents, but the bank where they have their checking and savings accounts turned them away because of their credit scores.
The Smiths were operating on a strict timeline: in order for their parents to be exempt from capital gains tax from the sale of the home – which would have been a bill for over $30,000 – they had to sell the house quickly and the Smiths did not have time to improve their credit.
Although their credit was the same it had been when their bank pulled it, the scores met Slade Mortgage’s lending partners’ flexible guidelines and programs. The Smiths are now officially homeowners, and saved their parents tens of thousands of dollars in capital gains taxes.
Through Slade Mortgage’s many lending relationships, a no-pressure second opinion can not only save a deal but will likely put the homebuyers in a better position than they were in in the first place.
** The names have been changed to protect the identity of Slade Mortgage’s clients. **