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Residential 2nd Mortgage Feature Sheet

Access home equity with a Residential 2nd Mortgage from Contemporary Investment Corp. Enjoy rates from 9.99% and up to 70% LTV for owner-occupied homes.

Residential 2nd Mortgage Feature Sheet

Approved Property Types (Must be Owner Occupied)

  • Single-Family Dwellings
  • Semi-Detached
  • Duplex/Triplex
  • Condominiums
  • Townhomes
  • Garden Suites/Laneway Homes
  • Modular/Prefab Homes

Exclusions

Properties on Reserves/Leased land, Industrial, Commercial, Rooming Houses, Construction, Fractional Ownership, Livestock Farms, Co-ops, Timeshares, Mobile Homes, Vacant Land

Mortgage Features

  • Closed with a 3-month Interest Penalty or Open Term Available
  • Interest-Only or Amortized Payments, Maximum Amortization: 40 Years
  • Available Terms: 1-3 Years / 6 Month Open (custom term available to match maturity date of 1st mortgage)
  • Flexible Payment Options, Monthly, Bi-Weekly, Weekly. Prepaid Options Available

Rates & Fees

  • Current Rate as Low as 9.99%, Placement Fee 1.50%
  • Open Term, Current Rate as Low as 11.25%, Placement Fee: 2.00%

Note: Rates are subject to change without notice. Minimum Placement Fee $3,000.00

Loan Parameters

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  • Maximum LTV: 65-70%
  • LTV subject to Opinion of Value or Full CRA Appraisal at Borrowers Expense
  • Minimum Mortgage Amount and Required Equity: $100,000
  • Requests exceeding $1,200,000 considered on an exception basis (based on combined total with 1st mortgage)

Note: Second mortgages will not be placed behind other private lenders or where the first mortgage is in default

Location Guidelines

  • Urban: Minimum population of 20,000 Rural (House and 5 Acres): Within 15 km of an approved Urban Location (further locations to be approved on an exception basis with a reduced LTV)

Underwriting Requirements

  • Completed Mortgage Application and Credit Bureau
  • Employment Information
  • Existing Mortgage Information, Outstanding Balance and Status
  • Purpose and Disbursement of Funds
  • Exit Strategy

Documentation Requirements

  • Income Verification, Full-Time: T4/ NOA/ Recent Pay Stub, BFS: NOA/T1 and Confirmation of HST filings
  • Rural Properties: Well & Septic Reports or Lawyer to obtain endorsements on Title Insurance
  • Existing 1st Mortgage Statement, Confirmation it is in good standing and paid as agreed
  • Confirmation that the 1st Mortgage pays Property Taxes

Note: If First Mortgage is HELOC or Home Equity Plan: LTV for 2nd mortgage to be based on Global Limit