1-10 Year Closed Program Details

Purpose

PURCHASES

• Client must be enrolled in a monthly municipal tax plan (i.e. TIPPS). If no such plan is available, we will pay the property taxes.
• Maximum LTV of 90%.
• Owner-occupied properties only.

REFINANCES

• Client must be enrolled in a monthly municipal tax plan (i.e. TIPPS). If no such plan is available, client must provide proof of independent payment of their property taxes for at least one year.
• Maximum LTV of 90%
• Owner-occupied properties only.

Property Type

Must be intended for occupancy at some point during the year by:

• A borrower; OR
• A relative of the borrower on a rent-free basis.
• An individual can be a borrower/co-borrower on a maximum of 2 CMHC insured mortgages.

Term

1 year open

3, 5 year fixed rate

Rate Hold

90 day rate hold period

Loan Amount

$50,000 to $950,000 (Max $500,000 - 7 year and 10 year) MCAP - approved appraisal must be sent with application for loans with property values over $1 Million (refer to BDM for exceptions)

Maximum (LTV)**

• 95% maximum LTV for purchases.
• 85% maximum LTV for refinances.

Amortization**

• 30 year maximum amortization (subject to product limitations)

Payment Options

Monthly, semi-monthly, bi-weekly, weekly (accelerated)

20% + 20% Prepayment Privilege

• Privilege payment option – 20% per year.
• Payment increase – 20% per year.

Early Payout

• Prepayment penalty – Greater of 3 Months Interest or IRD.
• 3 months interest; ONLY after the 3rd year anniversary.

Other

• Mortgage life insurance available
• Portable and assumable upon approval