When Erin and Joe decided to sell the large suburban house where they’d raised two sons, they assumed they’d have no trouble arranging financing for the new townhouse they were downsizing to.
After all, they would be able to put about 45 per cent down on their new $435,000 townhouse, and they were keeping the same $250,000 mortgage amount they had on the old place. Plus they had a long relationship with their bank and a decades-long history of making payments on time.
They were in for two unpleasant surprises.
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