Residential Mortgage Feature Sheet

Approved Property Types (Must be Owner Occupied)

Single-Family Dwellings
Semi-Detached
Duplex/Triplex
Condominiums
Townhomes
Garden Suite/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 (Applicable to Bridge Financing)
Flexible Payment Options, Monthly, Bi-Weekly, Weekly. Prepaid Options Available
Property taxes to be included with Payment

Rates & Fees

Current Rate as Low as 6.25%, Placement Fee: 1.50%
Open Term, Current Rate as Low as 7.50%, Placement Fee: 2.00%

Note: Rates are subject to change without notice. Updated Rates to be shown on our website. Minimum Placement Fee $3,000.00

Loan Parameters

Maximum LTV: 70-75%
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

Location Guidelines

Urban: Minimum population of 20,000
Rural (House and 5 Acres): Within 15 km of an approved Urban Location (further locations or larger acreage 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
MLS Listing for Purchase
Firm Purchase & Sale Agreement
Confirmation of Down Payment for FINTRAC compliance