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Refinance Mortgage Program

this program enables borrowers to take equity out of their homes for a variety of purposes, including asset enhancement, debt consolidation, combining a first and second mortgage, or renovations.

Acceptable loan purpose
Refinance transactions for repayment of existing financing, debt consolidation, renovation & asset enhancement (this product replaces all other refinance products)
Renovation loans with multiple advances are acceptable; up to four advances managed by lender.

Loan-to-value ratio limits
'Loan-to-value' (LTV) is the relationship between the principal balance of a mortgage and the property value. For example, if you have a house valued at $100,000 with a $90,000 loan, you have a 90% LTV ($90,000 divided by $100,000 = 90%).
1 вЂ“ 2 units: 95% LTV
3 вЂ“ 4 units: 90% LTV
Secondary Homes: 90% LTV
Investment Properties: 90% LTV

Eligible properties
Owner Occupied:
Maximum four units with at least one unit occupied as the principal residence
Existing properties (not for new construction)
Secondary Homes:
Maximum 2 units
Maximum 90% LTV
Investment Properties:
Maximum 4 units
Maximum 90% LTV

Amortization options
Available for extended amortizations up to 40 years
If a full premium is paid on the entire mortgage the amortization can be up to 40 years (i.e., currently uninsured conventional mortgages)
Home owner can keep the same amortization remaining on the existing mortgage
Blended amortization (based on a weighted average of the original mortgage amortization and up to 40 years for the increased mortgage amount). Use our Refinancing calculator to find out more about blended amortization.

Borrower qualification
A minimum credit bureau score of 600,
A minimum credit bureau score of 650 is required for 95% LTV
No prior bankruptcy or judgements
No R3's in the past 24 months
Mortgage is assumable
Non-residing guarantors are not permitted. Non-residing co-borrowers are acceptable (must be an immediate family member and on title).
All other existing requirements related to income and credit worthiness apply.