ASSURED MORTGAGE MENU
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.
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
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
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
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
2) If they are moving due to job relocation
3) If they haven¹t owed a home or had a mortgage for more than 4
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.