| PRE-QUALIFICATION: |
 |
A pre-approved mortgage shows you
exactly what price you
can afford in a new home. You'll be able to make an offer
without the delay and uncertainty of arranging financing! This
service is available free of charge and allows your rate to
be
held for 60 days.
|
| TERMS AVAILABLE: |
|
Fixed Options: 6 months, 1,2,3,5,7,
and 10 year terms
Open Options: 6 months, 1,2, and 3 year terms
Variable rate mortgages at PRIME
6 month "convertable" option available
Line-of-Credit Mortgages available
|
| AMORTIZATION: |
|
Up to 25 years
|
| MORTGAGE OPTIONS: |
|
A) Conventional Mortgage:
* Mortgages up to 80% of the purchase price are
available ( a 1% fee is applicable for 76% to 80%
down - less than CMHC ).
* Fee for over 75% financing can be added to the
mortgage amount.
* Mortgage can be "open" or "fixed" ( "open"
means
can be paid out at anytime without penalty )
* Application fee: can be waived.
B) High-Ratio Mortgage:
* Mortgage up to 95% of the purchase price.
* Mortgage provided through Canada Mortgage
and Housing Corporation (CMHC) subject to
an insurance premium can be added to the mortgage
amount.
* Mortgage can be "open" or "fixed".
* Fees to CMHC:
up to and including 80% = 1.25% of loan
up to and including 85% = 2.00% of loan
up to and including 90% = 2.50% of loan
up to and including 95% = 3.75% of loan
|
| QUALIFICATION: |
|
Gross Debt Service: a) Conventional
- approx. 30%
b) High Ratio - 32%
Total Debt Service: a) Conventional - approx. 40%
b) High Ratio - 40%
|
| PREPAYMENT: |
|
Fixed Mortgages: 20/20 prepayment
plan
You have the option of making a 20% lump sum payment each
year to reduce the principal amount, plus a further option of
increasing you monthly payments by 20%. You can take
advantage of either or both options at anytime during the
anniversary date of mortgage without penalty or fees.
|
| PAYMENT OPTIONS: |
|
* Biweekly payment options ( Can
reduce your amortization
up to 6 years ).
* Weekly payments options
* Monthly payments options
|
| OTHER SERVICES: |
|
* Mortgages are "portable"
upon qualification.
* Mortgages are "assumable" upon qualification.
* Refinancing is available.
* Mortgage insurance is available.
* Credit unions do not usually require a surveyor's
certificate ( savings of $250 approx. ) |
