ASSURED MORTGAGE MENU

Open Mortgages

6 month and open Variable are discounted by .25% - .50% off the Banks Posted Rates. These are not closed and could be paid out with no penalty.

Closed Mortgages

1 year to 25 year closed rates and are regularly discounted by 1.25% - 1.50% off the Banks Posted Rates. These rates are fixed for the duration of the mortgage that you select.

Honey Moon Mortgage

5 year closed Mortgage with or without cash back up to 3%.
1) Without Cash back - 1st year is discounted by up to 2.9% off the banks Posted Rates and remainder of the 5 year term discounted by .90% - A.P.R = 1.30% discount
2) With 3% Cash back - 1st year is discounted by up to 3% off the banks Posted 5 year rate with 3% cash back and remainder at the posted rate - A.P.R. = .60% discount
Call for Details on Rates

Self Employed Mortgages

1) 5% Down Payment: You can know purchase a home with as little as 5% down even if self employed for 1 day with Business Licence. This products is based on Credit Score and the higher your score, the better rate you can receive. The 5% can also be borrowed or gifted and the only documentation required is Business Registration.

2) 25% Down Payment: Must be self employed not commissioned for minimum 2 years, beacon score 670 or higher and have credit for 5 years or longer. S/E
must be stated on credit bureau or will require Business license. Need only NOA to confirm no taxes owing. Stated income used to qualify deal.

3) 25% Down Payment Commissioned Employment: 3 years commissioned
employment. Stated income used to qualify deal. Beacon score 740 or higher
and need NOA to confirm no taxes owing.

0% DOWN PAYMENT

1) 0% Down Payment: Deal is qualified as a regular mortgage with discounted rates. Ratios are still 32% GDS and 40% TDS. Must have an individual Credit Score of min 680 or average min 680 based on 2 applicants as well, meaning if applicant 1 beacon score is 655 and applicant 2 beacon score is 705, the avg of the two is 680. You must also be on the Credit Report of minimum 2 years.

2) 0% Down Payment: Client can borrower 5% from: Gift, Line of Credit, Visa, Loan and can use it for d/p. All other conditions apply.

Welcome to Canada Mortgage

1) New Immigrants can purchase with 35% down payment and have no job and no credit. Must be in Canada for less than 2 years. Must have applied to become a Canadian Citizen.
2) New immigrants can also buy a home with minimum 10% down payment Main applicant must have a professional job offer with minimum income of $70,000.00. Must have applied to become a Canadian Citizen.

Variable Rate Mortgage

We have a variable rate mortgage to suit any type of buyer:
1) Prime minus 2% for 6 months and then minus .40% for the remainder of the term.
2) Prime minus 1% for 1 year and then prime .40% for the remainder of the term.
3) Prime minus 1.9% for 6 months and then prime minus .50% for the term.
4) Prime minus .80% for the term of the mortgage.
5) .01% for 3 months and then prime minus .375% for the term. minimum 10% d/p.

First Time Home Buyers

Only First Time Home Buyers can use up to $20,000 per person of their RRSP to buy a home but there are special situations if they want to use RRSP again and have owned home in the past and they are:

1) They had gone bankrupt due to business or marriage split up and have reestablished credit.
2) If they are moving due to job relocation
3) If they haven¹t owed a home or had a mortgage for more than 4 years.

Bankruptcy

If clients have gone BANKRUPT in the past 7 years it must be disclosed. They must be DISCHARGED and have REESTABLISHED credit for more than year with no missed payments to purchase with 5% d/p. If They are going to purchase with 15% or more down then the reestablished credit is not important. Note: they will get qualified with a 1st and 2nd mortgage and rates will be higher.