Sean Syed, AMP

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Sean Syed AMP

Sean Syed, AMP

Todays mortgage market certainly presents a myriad of options to choose from. As a professional mortgage advisor with over 10 years of experience, I have the knowledge and expertise to get you the best product to suit your specific need.Not only do I look forward to helping you save thousands over the lifetime of your loan, but I hope to go much further by giving you the understanding to take control of your money and make it work for you. I look forward to assisting you in making sensible investment solutions.Sincerely,Sean Syed, AMP (License # M08010390)Team Leader & Senior Mortgage Advisor TMACCFormer MDM, ScotiabankTel: 1 877 366 3487Cell: 1 416 786 7848BBM: 285BFB6FFax: 1 866 229 3159sean_seansyed.comssyed_tmacc.comwww.seansyed.com
ABOUT ME

About Me

What does it mean to be an Accredited Mortgage Professional?The Accredited Mortgage Professional (AMP) is the only national proficiency standard for Canada's mortgage industry. Launched in 2004, the AMP designation was developed as part of CAAMPs ongoing commitment to increasing the level of professionalism in Canada's mortgage industry. Raising public awareness and increasing the value of the designation is a high priority for CAAMP.Sean Syed has been an accredited member of AMP since 2006.Sean Syed, AMPTeam Leader & Senior Mortgage Advisor TMACCFormer MDM, ScotiabankTel: 1 877 366 3487Cell: 1 416 786 7848BBM: 285BFB6FFax: 1 866 229 3159sean_seansyed.comssyed_tmacc.comwww.seansyed.comLicense # M08010390
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Call. 416 786 7848

OUR SERVICES No Frame

Mortgages / Financing

O U R S E R V I C E S: We are available when you are (evenings and weekends included)We offer services for:First Time BuyersSelf employed Landed Immigrants Equity take-outs / refinancingMortgage Renewals Renovations loans Lines of creditRevenue propertiesAdvice on purchasing procedures Referrals to qualified professionals2nd MortgagesCommercial MortgagesMortgage Investments

Real Estate

We help you from the moment you think of buying a house, till it becomes your home. We Help you BUY & SELL WITH CONFIDENCEA team of professional realtors, led by me (Sean Syed, AMP) is there for you to find the best property that suits your needs and requirements.Very compatative commision structureOur team speaks your language so you can be as comfortable as you are at home. Our agents speak;- English- Urdu- Hindi- Manderin- Cantonese- Persian- Punjabi

Fax: 1 866 229 3159

OUR RATES

TERM POSTED RATES*

6 Month 4.45% 4.45%

1 Year 3.50% 2.75%

2 Year 3.55% 2.89%

3 Year 4.05% 2.99%

4 Year 4.79% 3.19%

5 Year 5.29% 3.24%

7 Year 6.35% 3.99%

10 Year 6.75% 4.49%

Variable Rate 2.85%

BenchMark Rate 5.29%

Prime Rate 3.00%

Cost per $1000 $4.86

* Cost per $1000 based on 5yr fixed term rate

compounded semi-annually.

Rates may vary provincially

and are subject to change without notice OAC.

Rates Last Updated: Monday, December 11, 2011

CALCULATORS Striped Tab Striped Tab

Striped Tab Striped Tab MORTGAGE BASICS

G L O S S A R YAMORTIZATION The gradual reduction of a debt by means of a regular payment. Repayments of principal and interest in "blended" amounts. The normal amortization period for a mortgage in Canada is 25 years, but can be as short as 5 years or as long as 25 years.APPRAISAL Lenders require an independent assessment of the value of the home you are buying before agreeing to finance the purchase.ASSESSED VALUEThe value placed on land and buildings by a government agency for tax purposes.ASSESSMENTA tax or charge levied on property by a taxing authority to pay for improvements such as sidewalks, streets, and sewers.ASSETSWhat the borrower owns. This could include real estate, savings, vehicles, RRSPs, GICs, stocks, bonds, household goods, etc.ASSUMPTION (of mortgage)Buyer assuming responsibility of seller's existing mortgage at the interest rate and terms as laid out in the original mortgage documents.BLENDED MORTGAGEA mortgage that combines the amount owing on an existing mortgage with additional funds being advanced. The interest rate would be a combination of the rate on the old loan and the rate in effect at the time of the new financing.BRIDGE FINANCINGInterim financing to bridge the time gap between the closing date on the purchase of a new home and the closing date on the sale of the current home.BUILDING CODESProvincial or locally adopted regulations that control the design, construction, repair, quality of building materials, use, and occupancy of any structure under its jurisdiction.CHATTELArticles of personal property such as household goods, furnishings, and fixtures that are not permanently affixed to the house.CLOSED MORTGAGEThe restriction or denial of repayment rights until the end of the mortgage term.CLOSINGThe meeting (usually in a lawyer's office) at which the transfer of title of property passes from the seller to the buyer.CLOSING COSTSAll the charges that are attached to the closing ceremony. These one-time fees include charges for title search and insurance, attorney's fee, lender and/or broker fee(s).C.M.H.C.Canada Mortgage and Housing Corporation, a Crown Corporation which administers the National Housing Act.C.M.H.C. INSURANCE If your down payment is less than 25% , you must have mortgage insurance. It insures the lender against the possibility of you defaulting on your mortgage. Canada Mortgage and Housing Corporation is the principal source of mortgage insurance. G.E. Capital also provides mortgage insurance to many of Canada's financial institutions.COMMISSIONThe payment given by the seller of a property to a Real Estate agent for his/her services.The amount is usually a percentage of the sale price and is usually paid at closing.COMMITMENT LETTER A letter outlining the amount, terms and conditions under which a lender is willing to offer a mortgage.COMMON AREASLands or improvements on land that are designated for common use and enjoyment by all occupants, tenants or owners. The lobby, a pool, tennis court or common hallways would all be Common Areas in a condominium or townhouse complex.COMMON TENANCYThe ownership of property by two or more persons, where on the death of one, his share does not automatically go to the other(s) but is credited to his estate.COMPOUND INTEREST Interest charged on both the principal amount of a loan as well as on the interest charged in a preceeding period.CONTRACT OF PURCHASE AND SALEA written statement by which a buyer agrees to purchase, and a seller agrees to sell a particular piece of property according to the terms set forth in that agreement.CONVENTIONAL MORTGAGEA first mortgage granted by an institutional lender such as a bank or trust company, where the amount of the loan does not exceed 75% of the lending value of the property.CONVERTIBLE MORTGAGEA short term mortgage, usually 6 months or 1 year, that allows a borrower to lock in to a longer term at any time without penalty.CONVEYANCETransfer of ownership of real estate property from one individual to another.CREDIT BUREAU REPORTA report by a credit reporting agency that maintains a history of timely, or untimely, repayment of debt. The lender's primary source of information regarding the credit history of a borrowerDEFAULTFailure to meet certain contractual obligations, such as mortgage payments. Default can lead to foreclosure.DEPOSIT A sum of money that is required to be paid with an offer to purchase as a symbol of the purchaser's commitment.DOUBLE-UPThe option to make twice the normal regular payment at a regular payment due date.DOWNPAYMENTThe amount of cash put forward by the buyer toward the purchase price of real estate.EQUITY The difference between the value of a property and the amount of financing on that property. FIXED RATE MORTGAGE The interest rate remains the same for the term of the mortgage.FORECLOSURECourt action taken by a mortgagee when a borrower has defaulted.GROSS DEBT SERVICE RATIO (GDS)The percentage of annual gross income of the mortgagor that is required to maintain annual mortgage payments, property taxes and hydro.HIGH RATIO MORTGAGE A mortgage loan that exceeds the normal limit of 75% LTV (loan to value) of a conventional mortgage. Typically made possible by a mortgage insurance plan, e.g. CMHC or GE Capital.INTER ALIA MORTGAGE"Inter Alia" is Latin for "Amongst other things". An Inter Alia Mortgage is a mortgage that is secured by more than one property. A single mortgage document is executed and registered against each property that is used as security.INTERESTThe price paid to rent money. The rate of interest over a period of time for a specific amount of money, usually expressed as a percentage.INTEREST ADJUSTMENT DATE The date on which the mortgage really begins, usually the first of the month. The interest owed for the number of days between the closing date and the last day of the month is paid on the closing date by cheque or by deduction from the mortgage advance and coversJOINT TENANCYProperty held by two or more persons with an undivided interest. If one owner dies, the property passes automatically to the other(s).LEASE TO PURCHASE OPTIONBuying a piece of property by renting for a specified period, usually one year, with the provision that you will purchase the property at the end of that period for a predetermined sale price.LIABILITIESOutstanding debts of an individual. Mortgages, loans, credit card balances.LIEN A charge registered against a property.LTV (Loan to value)The ratio between the mortgage loan amount and the value of the property usually expressed as a percentage, i.e. 75% LTV. The value of the property for lending purposes is the purchase price or appraised value, whichever is lower.MARKET VALUE The value of a property based on what the market will bear. Determined by a comparison of the subject property to others in a similar area that have sold recently.MORTGAGE A conveyance of property to a creditor, as security for payment of a debt, redeemable on the payment or discharge of the debt at a specified date.MORTGAGE BROKER Trained professionals with a wealth of knowledge and experience to find the mortgage that best suits your needs, at the best rate available, from a large selection of lenders that include most major banks, trust companies, credit unions. A mortgage broker works for you, not for the lender. Many financial institutions pay finders fees to mortgage brokers who refer business to them making it possible for you to get the best mortgage product at no cost to you.MORTGAGEE The lender of mortgage funds.MORTGAGOR The borrower of mortgage funds.NET WORTHThe value of ones assets minus their liabilities.OPEN MORTGAGE A mortgage which allows for extra payments, principal reductions or full payment at anytime without penalty.PORTABILITY The ability to transfer your mortgage including rate and terms, from your existing property to a new property.PREPAYMENT CLAUSE A clause in a mortgage agreement that allows you to pay off all or a percentage of the mortgage before the maturity date.PREPAYMENT PENALTYA fee charged by a lender when the borrower prepays all or a part of a mortgage in excess of the regular payments allowed by the mortgage terms.PRINCIPALThe money borrowed, not including any accrued interest.RATE COMMITMENT A lenders commitment to offer to hold a specific rate for a certain length of time. Rate commitments can vary from 30 to 180 days.REFINANCETo pay in full and discharge a mortgage with the proceeds of a new mortgage.SECOND MORTGAGEA mortgage registered against real property which is already encumbered with one mortgage. Date and time of registration determines which is first and which is second.STRATA FEEA charge (usually monthly) by a Strata Corporation to cover the costs of maintenance, repair, cleaning etc. of common areas. This fee will usually include a reserve to cover major repairs such as reroofing and heating system replacement.TAX HOLD BACK When your property taxes are included with your mortgage payments, your lender will withhold funds from your disbursement to cover interim or final taxes payable to the municipality. The amount depends on the month that the mortgage was funded and the dates when interim and final taxes are due. Tax hold backs are used to pay for the current year's taxes while your monthly tax installments are accumulated in an account to pay the tax bills for the following year.TERM The length of time a mortgage has been committed for. The interest rate usually remains constant during this term unless the commitment states otherwise.TOTAL DEBT SERVICE RATIO (TDS)Percentage of gross annual income of a borrower required to maintain annual payments of mortgage, property taxes, hydro and other debts such as loans, credit card payments, child support and leases.UNDERWRITINGThe assessment of loan applications based on: the value of real property, a borrowers credit worthiness and ability to pay and the lending guidelines of the lender.VARIABLE RATE MORTGAGEA mortgage where the interest rate varies during the term of the mortgage, usually based on the prime bank rate or the GIC rate of the lender.WEEKLY AND BI-WEEKLY PAYMENTS You can usually choose to make your mortgage payments once a week or once every two weeks. This accelerates the reduction of your mortgage because you are making the equivalent of one extra monthly payment per year.
INSURERS

CMHC

CMHC Guidelines

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To obtain CMHC Mortgage Loan Insurance, lenders pay an insurance premium. Typically, your lender will pass these costs on to you. Your lender will give you the exact price when you apply for a mortgage.The CMHC Mortgage Loan Insurance premium is calculated as a percentage of the loan and is based on the size of your down payment. The higher the percentage of the total house price/value that you borrow, the higher percentage you will pay in insurance premiums.Remember: without mortgage insurance you may avoid the insurance premium but you’ll typically pay much higher interest rates and additional administrative fees. At the end of the day, for the vast majority of borrowers, the cost of CMHC Mortgage Loan Insurance is more than fully offset by the savings achieved.A 10% premium refund and extended amortization period without surcharge may be available when CMHC Mortgage Loan Insurance is used to finance an Energy-Efficient Homes.For portability and refinance, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. In the case of portability, a premium credit may be available under certain conditions.* Premiums shown with an * do not apply for refinance. For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV. For portability, the premium is higher for non-traditional down payments on Increase to Loan Amount.** For conversion from Self-Employed with traditional 3rd party income validation to Self Employed without traditional 3rd party income validation, the premium is the lesser of: a) the Premium on Total Loan Amount or; b) the outstanding balance multiplied by a 1.5% premium plus the Premium on Increase to Loan Amount.*** Down Payment Requirements Traditional sources of down payment include: Applicants savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (<50% of min.required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency). Non-traditional sources of down payment include: Any source that is arms length to and not tied to the purchase or sale of the property, such as borrowed funds, gifts, 100% sweat equity, lender cash back incentives.† The amortization cannot exceed 30 years for mortgage loan-to-value ratios > 80%.Premiums in Ontario and Quebec are subject to provincial sales tax. The provincial sales tax cannot be added to the loan amount.

Genworth

Genworth Guidelines

As a mortgage insurance innovator, Genworth promotes underwriting flexibility to help our lender partners grow their business. Genworth underwriting offers:•No automated declines•Timely callbacks and underwriting availability•Escalation process•Exceptions and stretches are available for considerationAAdjustable Rate Mortgage (ARM)Both the interest rate and payment vary concurrently during the term subject to two options:•Option A) The mortgage payment is adjusted to cover both principal and interest to maintain the amortization schedule when the interest rate increases; or•Option B) The mortgage payment is adjusted to ensure the interest is paid when the interestpoint the payment is adjusted to maintain the amortization schedule.Alimony Child SupportWhen accepting child support or alimony, the applicant must meet the following criteria;•Court ordered or an executed separation agreement (lender must obtain)•No more than 50% should be used for qualification purposes•100% may be used provided income represents < 30% of gross income and borrower has demonstrated receipt - through T1General - for a minimum of 1 year.BBankruptcyAn applicant with a prior bankruptcy will be considered for mortgage insurance, up to a maximum LTV ratio of 95%, provided that the bankruptcy has been discharged for at least 2 years and they have at least 2 years of re-established good credit. Applicants having had a foreclosure or power of sale are not eligible for mortgage insurance.CCar AllowanceCar allowance may be used to offset car loan/lease payments provided:• Car allowance is a taxable benefit• Applicant has been receiving car allowance for at least one year and it is likely to continueChild Tax Credit/ Family AllowanceChild Tax Benefit/Family allowance income may be used for qualification purposes provided applicants meeting the following criteria:• 100% may be used for the applicant's children who are 18 years old and underThe lender will be required to have verification of the child's age and income stream in the file. Age and income stream can be verified with the following documentation:• Personal income tax returns• Copy of birth certificate• Allowance cheque slip• Bank statement showing automatic deposit Child Care Benefit (UCCB)Genworth will accept the Universal Child Care Benefit (UCCB) as a form of income for qualification purposes. This benefit provides $100 per month per child for all children less than 6 years of age.No confirmation of the child's/children's age is required, but lenders must verify the UCCB income through one of the following:• UCCB Statement• Bank Statement showing automatic deposit of UCCB• GRC62 Form (this is a statement provided by Revenue Canada) FFoster Care IncomeIncome will be considered subject to the following requirements:• The caregivers must have at least 2 years experience as foster parents• Income letter or contract from the ministry and pay stub are the only acceptable forms of proof of income• Letter from Social Services confirming tenure and current status• Maximum number of children should not exceed 6 (including any of their own children)• The applicants must live on site• If foster care income accounts for more than 50% of applicants' total income, we will require a minimum of 10% down payment• Maximum LTV is 95% GGifted Down PaymentsGifted down payments from immediate family members can be used provided they are properly verified, are non-repayable and all other characteristics of the borrower are acceptable. Gifted down payments are not required to be on deposit until time of closing. Under the Cashback Equity/Borrowed Down Payment product, gifts are permitted from sources other than immediate family.Guarantor incomeIf the guarantor occupies the property, the income will be considered for qualification purposes provided the guarantor is a direct family member (mother, father, brother, sister, grandparent, child or legal guardian). If the guarantor does not reside in the property, Genworth will consider income for the GDS/TDS calculation provided the guarantor is a direct family member and resides in the region where the property is located. IImmigrants to CanadaQualified homebuyers who have immigrated to Canada, or have been transferred to Canada by an employer can qualify for a mortgage with as little as 5% down payment using Genworth's New To Canada program. Applicants must have immigrated and/or relocated to Canada in the past 36 months, be employed for a minimum of 3 months in Canada, have a valid work visa or obtained landed immigrant status as minimum qualifications for the program. Please refer to the New To Canada Program Overview at www.genworth.ca for complete details.Investment Income100% can be used if the last two years T5's confirm receipt. If some or all of the funds are liquidated for down payment, the income must be reduced accordingly.OOvertime100% may be used provided income represents less than 25% of total income and borrower has demonstrated receipt for a 2 year period.PParental LeaveFull return to work salary is acceptable for qualification purposes. A letter from the employer is required indicating the position the person is returning to, the return date, and the salary/income upon return. Part-time100% of permanent part-time income will be considered based on guaranteed number of hours.Up to 100% of income from a second job will be considered if borrower can demonstrate a minimum 2-year history supported by income tax assessments or T4's.QQualifying ratesThe qualifying interest rate used to calculate the gross debt service ratio (GDSR) and total debt service ratio (TDSR) will be determined as follows:• For loans with a fixed rate term of five years or more, the qualifying interest rate will be:- the contract rate • For loans with a fixed rate term of less than five years and for all variable rate mortgages, the qualifying interest rate is the greater of:- the contract rate, or- the benchmark rate* • For multi-component mortgages, each component must be qualified using the applicable criteria above.* The benchmark rate (5-yr conventional mortgage rate) is published weekly by the Bank of Canada in series V121764 and can be found via the following link: http://www.bank-banque-canada.ca/en/rates/interest-look.html RRental income - Owner occupied duplex, triplex and fourplexFor owner-occupied 2-4 unit properties, 50%* of the gross rental income from the subject property may be included in the borrower’s gross annual income. TDSR: Principal + Interest + Other Obligations Gross Annual Income + 50% of Gross Rents* * For 2-unit properties in Victoria and Vancouver CMA's, 100% of the gross annual income may be included in the borrower's gross annual incomeRental income - Other rental propertiesFor borrowers with other rental properties, the rental income may be confirmed with T1 Generals from the most current year.• If there is a rental surplus – The surplus amount can be added to the borrower’s gross annual income.• If there is a shortfall – The shortfall amount must be added to "Other Monthly Obligations".Where rental income cannot be validated with T-1 Generals, one of the following guidelines may be applied: • Include the full principal and interest in "Other Monthly Obligations", and 50% of gross rental income may be added to the borrower’s gross annual income. OR • Calculate the net rental income (gross rents less operating expenses) in accordance with the lender’s internal guidelines. At a minimum, operating expenses should account for the following: mortgage interest, vacancy and maintenance. If there is a rental surplus, it can be added to the borrower’s gross annual income. If there is a shortfall, the shortfall amount must be added to “Other Monthly Obligations”.SSeasonal Workers100% of Employment Insurance income for seasonal workers will be considered provided the lender has verified that the applicant has been employed for at least 2 years, the income is regular, recurring and continuous and 70% of the income comes from the salary paid by the company and no more than 30% comes from the employment insurance. Income is calculated based on the lesser of the 2 year average income or the last year's income. The income must be validated with income tax returns or notice of assessments.Self-employmentAny individual who has ownership interest in a company and is paid based on company performance, or whose ownership interest is 25% or greater is considered to be self-employed. Commissioned borrowers and other owner/operator situations, such as taxi drivers and truck drivers are also considered self-employed.• Self-Employed Provable IncomeIncome must be verified by 2-year's financial statements or tax assessments. Genworth permits lenders to gross-up the total income (line 150 Revenue Canada Notice of Assessment) by up to 15%. Income gross-up is subject to lender guidelines. The lower of the average net income for the previous 2 years or the most recent year are to be used for qualification purposes.• Self-Employed Stated IncomeSelf employed borrowers that cannot provide traditional income verification may qualify for a low down payment mortgage for purchase or refinance through Genworth's Business For Self (Alt A.) Program. This program recommends a minimum documented self-employed tenure of 2 continuous years and minimum credit requirements apply. Please refer to our Genworth Business For Self (Alt A) Program Overview for complete guidelines.TTreatment of Pension and disability non-taxable Income/Gross IncomeFor borrowers whose income is not taxed at the source, income may now be grossed-up on a two- tiered approach:• Applicants with non-taxable income less than $30,000, are eligible to have their income grossed -up by 25%• Applicants with non-taxable income greater than $30,000, are eligible to have their income grossed-up by 35%In situations where there is disability income, the income may be temporary or permanent.Treatment of US IncomeU.S. income will be considered at the current conversion rate. This applies to borrowers living in Canada and paid in U.S. funds.Trust IncomeTrust agreement must be irrevocable and the statement must confirm the amount and frequency of payments.VVariable Rate Mortgages (VRM)Variable interest rates are generally tied to the bank's prime lending rate and typically will fluctuate with prime. Genworth allows the following variable rate products with no additional premium surcharge:1. Standard Variable Rate Mortgage (standard VRM)2. Capped Variable Rate Mortgage (capped VRM)o Fluctuating interest rate with a constant payment during the termo Standard VRM's may not be available on all Genworth Programs. Please refer to specific Genworth Product Overviews for eligibilityo For applicable standard VRM trigger points click here A constant payment during the term that is set at the capped rate, with an interest rate that fluctuates, but only up to the capped rate. Trigger points• For a non-capped VRM, the designated amount (trigger point) is 105% of the original gross principal amount. If the loan amount exceeds the designated amount as described above, we offer the mortgagor the following options:• Increase the amount of each regular payment under the mortgage in order to amortize the mortgage over the remaining amortization period• Reduce the total amount of the loan amount then owing by making a lump sum payment to reduce the total amount to a point below the designated amount• Convert the mortgage to a fixed rate mortgage with equal monthly payments • For a capped VRM, the principal and interest payments are either calculated at the capped rate or at the contract rate (with the principal and interest payments being recalculated whenever the interest rate changes). This ensures the loan will amortize over the agreed term.• If the event of default, the mortgage must be converted to a fixed rate mortgage. Once remedied, the VRM status can be re-instated.Conversion• Genworth allows conversion from a fixed rate mortgage to a variable rate mortgage at time of renewal, without an additional application fee or premium surcharge, provided that:• the loan is in good standing and presently insured by Genworth• the application is not a new application from a different lender • the lender has confirmed that the LTV of the original lending value does not exceed the maximum LTV ratio of their variable rate product arrangements• the lender has retained all underwriting documentation in their files
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Canada Guaranty

Products at a glanceDownpayment Advantage™ (95% LTV and Less) Purchase: Max. 95% LTV for 1 to 2 units, 1 unit owner-occupied Purchase: Max. 90% LTV for 3 to 4 units, 1 unit owner-occupied Purchase, Purchase Advantage Plus™, Resale or New Construction (single advance) Up to and including 679 credit score: GDS 35%; TDS 42% 680+ credit score: TDS 44% Down payment from own resources or gifted from an immediate family memberFlex 95 Advantage™ Max. 95% LTV Purchase, Purchase Advantage Plus™, Resale or New Construction (single advance) 650679 credit score: GDS 35%; TDS 42% 680+ credit score: TDS 44% Max. 2 units, 1 unit owner-occupied Down payment options include: lender cash backs, borrowed down payment from arms length source, gifts or grants from arms length 3rd partyPurchase Advantage Plus™ Max. 95% LTV 1 to 2 units, 1 unit owner-occupied Max. 90% LTV 3 to 4 units, 1 unit owner-occupied Credit score and GDS/TDS requirements are based on LTV and product selected Gifted down payments from immediate family members are eligible Full appraisal required if value of improvements exceeds 20% of as is value or $40,000 Borrower to supply lender with written quotes Lender to manage holdbacks and confirm improvements are completedLifestyle Advantage™ (Second Homes) Purchase: Max. 95% LTV Refinance: Max. 85% LTV Min. 650 credit score for 95% LTV Purchase, Purchase Advantage Plus™, Refinance, Resale or New Construction (single advance) Up to and including 679 credit score: GDS 35%; TDS 42% 680+ credit score: TDS 44% Max. 2 units, for secondary occupancy, with 1 unit owner-occupiedRefinance Advantage™ Max. 85% LTV $200,000 maximum equity take-out Max. 4 units, 1 unit owner-occupied Up to and including 679 credit score: GDS 35%; TDS 42% 680+ credit score: TDS 44% Not for default management purposesProgress Draw Advantage™ (Lender Managed) Purchase: Max. 95% LTV 1 to 2 units, 1 unit owner-occupied Purchase: Max. 90% LTV 3 to 4 units, 1 unit owner-occupied Refinance: Max. 85% LTV 1 to 4 units, 1 unit owner-occupied Up to and including 679 credit score: GDS 35%; TDS 42% 680+ credit score: TDS 44% Down payment from own resources or gifted from an immediate family member Title to land in borrowers name on, or before, closing Lender to manage holdbacks and order appraisals and inspections Builder loans are not eligibleRental Advantage™ Purchase and Refinance: Max. 80% LTV Max. 4 units TDS 40% Rental income confirmed with recent T1 Generals Please refer to product sheet when rental income cannot be confirmed with recent T1 Generals Down payment from own resourcesLow Doc Advantage™ (Self-Employed) Purchase: Max. 90% LTV: 700+ credit score Purchase: Max. 85% LTV: 650-699 credit score Refinance: Max. 85% LTV: 650+ credit score Up to and including 679 credit score: GDS 35%; TDS 42% 680+ credit score: TDS 44% $150,000 equity removal for debt consolidation or $200,000 for asset enhancement Max. 2 units, 1 unit owner-occupied 2 yrs self-employed Stated income with attestation or a signed mortgage application Lender to confirm no tax arrears (please refer to product sheet for details) Commission sales income is not eligible Maximum Loan Amount for Greater Calgary, Vancouver and Toronto Areas is $750,000. For all other locations, a maximum loan amount of $600,000 is applicable. Exceptions to be reviewed on a case-by-case basisPortable Advantage™ Max. 95% LTV 1 to 2 units Max. 90% LTV 3 to 4 units Max. 4 units, 1 unit owner-occupied (please refer to product sheet for details) Purchase, Resale or New Construction (single advance) Straight Port: No changes (LTV/amort./$) no new premium Port with Increase: Increase LTV/amort./$ , premiums based on the lesser of single premium on the total loan amount or the top-up portion Port with Increase: Borrower eligible for the Borrower Loyalty Credit Original mortgage must be in good standing and insured by Canada GuarantyMaple Leaf Advantage™ Alternate forms of credit confirmation acceptable Max. 95% LTV: Two forms of alternate credit confirmation permitted Purchase, Purchase Advantage Plus™, Resale or New Construction (single advance) Must have immigrated to Canada within the past 3 years Landed immigrant status or valid permanent resident card required Up to and including 90% LTV: GDS 35%; TDS 42% 90.0195% LTV: GDS 35%; TDS 40% Max. 2 units, 1 unit owner-occupied Down payment from own resourcesProduct Features All products are eligible for portability All products are eligible for 30 year amortization
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