CMLS Mortgage Program Details

Purpose

• Purchase up to 95% LTV (1-2 units max); up to 90% LTV (3-4 units)
• “No Fee” Transfer / Switch (will cover up to $3,000 in new funds to cover fees at the relinquishing lender)
• Rental Properties - major centres only, no condos, 2-4 unit dwellings (no single unit dwellings)

Property Type

• Properties must be owner-occupied, and detached homes only.
• Condos (both apartment and townhouse) are not allowed.
• Rental properties are not allowed.

Term

FIXED: 1, 2, 3, 4, 5, 7 and 10 years

ARM: 3 and 5 years (May convert into a fixed term equal to closest and greater than the time remaining in current term, i.e. 1.4 years remaining, must be converted into a 2 year term or greater)

Rate Hold

120 day rate hold period

Loan Amount

• Minimum mortgage amount $50,000 (minimum $75,000 for Switch/Transfer).
• Maximum mortgage amount:
• - High-Ratio: $924,999.10 + premium
• - Conventional: Maximum $750,000
• - Stated Income (Alt A): $750,000 in Greater Toronto, Calgary, and Vancouver; max $600,000for rest of Canada
• - Rentals: $750,000 in Greater Toronto, Calgary, Vancouver; max $600,000 for rest of Canada

Maximum (LTV)**

• LTV up to 65% (back-end insured, CMLS Financial to pay premium)
• LTV of 65.01 to 80% (insured, borrower to pay premium)
• Add 5 bps to standard rates for BFS Alt A stated income (Purchases Only):
• LTV up to 65% (back-end insured, CMLS Financial to pay premium)
• LTV of 65.01 to 90% (insured, borrower to pay premium)
• Bridge Financing available; contact your CMLS Financial Regional Manager for more information.

Amortization**

• Minimum 10 years
• Maximum 25 years

Payment Options

Monthly / Semi-Monthly / Bi-Weekly / Weekly

20% + 20% Prepayment Privilege

• Up to 20% of the original principal amount, per year, without penalty. Multiple payments allowed
• (minimum $100).

Early Payout

• Fixed: Greater of 3 months interest or Interest Rate Differential (based on CMLS Financialposted rate). For fixed rate terms > 5 years, if prepayment occurs after the first 5 years of theterm, only a prepayment charge of 3 months interest calculated on the outstanding loan amountis required.
• ARM: 3 months interest at current customer rate

Other

• Rate guarantee period 120 days.
• 0.10% rate premium added to all pre-approvals (for both Fixed and ARM).
• When the deal goes live you will get the lower of the pre-approved rate or the currentbest broker rate.