Residential - Unbeatable Mortgages Website

High Ratio Mortgages

5% to 20% down
Insured through CMHC, GE or AIG
Can be gifted down payment
Minimum credit requirement of 650

Conventional Mortgages

21%+ down
No insurance premium
Can be gifted down payment
Minimum credit requirement of 620
Rates will be higher due to no insurance premium

Grossing Up Non-Taxable Income

Borrowers income can be grossed up by 25-35% based on income ex: senior pension

Progress Advance

Building new construction
Advances are either individual, self build or home builder (pre-sold)

Self-Employed

Available for self employed or business owners
If using income from NOA’s gross up by 15%
Do not have to provide Notice of Assessments or personal tax returns
Must be able to prove two years business for self
10% down if client has been self employed for over 3 years (Genworth Program)

Stated Income Mortgage

Program

This program is offered to clients who are self-employed but may not be able to prove all of their income. An example would be someone who takes out the basic amount of dividends or wage from their company so their personal income is minimal. It allows up to 95% financing for those whose taxable income may not be their real income.

Qualifications

Business for self – includes commissioned employees or farming ect
Limited Companies
Clients must be able to prove 2 years Business for Self in similar industry
Credit rating minimum of 650
No outstanding personal taxes
No previous bankruptcies
Must be able to provide a down payment from their own resources

Documentation

For proof of two years business:

➢ Business License
➢ GST/HST Returns
➢ Audited Financial statements
➢ Articles of incorporation

For commissioned employees they can show employment letter, T1 Generals or T4’s. Must be able to show a 2 year average in like industry
Proof of down payment from own resources
Other documentation may be required specific to each individual deal

Other Information

This program is charged 0.35%+ higher interest rate than posted
Mortgage Insurance Premium is higher depending on the amount of down payment provided
Client may need to show 1.5% for closing costs

Cash Back Mortgages (Available on first mortgages only)

2,3,4& 5% cash back mortgage available
Client originally comes up with down payment and is then reimbursed a percentage at the lawyers
Depending on program for interest rate and credit requirements

Program

This program allows a client to get up to 5% cash back at the lawyers following the completion of their transaction. This program can be combined with the flex down program (borrowed down payment) as long as the debt ratios work for the deal. It is also available in 1, 2, 3 & 4% cash back.

Qualifications

Credit rating minimum of 650
Able to initially show a 5% down payment
No outstanding personal taxes
Provable income

Documentation

Notice of Assessment
Employment letter
Recent pay stub
Source of down payment
Other documents may be required specific to each individual deal

Other Information

Must be a 5-year term for 5% cash back
Premiums are added to interest rates depending on amount of cash back
Mortgage Insurance Premium may be higher depending on extended term
Client may be asked to show 1.5% for closing costs (or cash back amount can be used for closing costs)
Payout penalty may be higher on this mortgage program if term is left early

Flex Down (Available on first mortgages only)

Able to borrow their down payment from non-traditional sources
Line of credit, loan ect
Good credit history sufficient income to support borrowed payment

Program

This program is available for clients who are looking to purchase a home and have great credit, but are unable to save the minimum 5% down required. Clients are allowed to borrow between 5% and 10% down from non-traditional sources such as line of credit or bank loan.

*This program can be combined with the cash-back mortgage*

Qualifications

Clients who are able to prove their income with Notice of Assessments
Example of borrowed down payment source is credit card, line of credit or personal loans.
Clients must be able to debt service the down payment source
Credit rating minimum of 680
No outstanding personal taxes

Documentation

Notice of Assessment
Employment letter if T4 employee
Recent pay stub if T4 employee
Proof of source of down payment
Other documents may be required specific to each individual deal

Other Information

Clients may need to show 1.5% for closing costs
Mortgage Insurance Premium will depend on amount of down payment provided
Rates on flex down are standard to qualifying unless combined with the cash back offers, then rates are at an increased premium.

Purchase or Refinance with Improvements

Mortgages the purchase or refinance of the property as well as provides extra advancements for improvements on the property. The amount borrowed for improvements is considered for each individual deal.

Program

This program is available for clients who are looking to purchase a property and do upgrades at the same time. The amount of money available for improvements depends on the amount of the mortgage and usually tops out at a percentage. The improvements done on these types of loans require to be done by a contractor and must be paid by the client upfront then is reimbursed after an inspection by the lawyer.

Qualifications

Credit rating minimum of 650
The minimum 5% down must include the amount of the improvement quotes, as this is the total mortgage in the end.
No outstanding personal taxes

Documentation

Employment letter for provable income
Pay stub for provable income
Notice of Assessment
Source of down payment
Other documentation may be required to each specific deal

Other Information

Client may be asked to show 1.5% of closing costs
Improvements quotes must be sent in with deal and acceptable to lender

Refinancing a Property

Program

This program allows clients to take out the equity in their home of up to 80% of the value. As long as the income allows, the equity can be used for whatever the client wishes such as debt consolidation or investing in a business or rental property.

Qualifications

Credit score minimum of 650 for 80% loan to value, however this requirement decreases depending on the amount borrowed against the home.
No outstanding personal taxes
Income to support the new mortgage amount

Documentation

Notice of Assessment
Employment letter for employees
Pay stub for employees
Business for self proof on stated income

Other Information

Depending on the amount of equity taken against the home, an appraisal may be required by the lender at the cost of the borrower
Mortgage Insurance Premiums are topped up from only the new balance of the mortgage. These premiums are higher than the standard premiums charged

Line of Credit

A home equity line of credit is sort of like a credit card. Your lender allows you to borrow small amounts against the equity of your home as you need them, rather than giving you one lump sum like you would get with a home equity loan or home improvement loan. The ability to draw these small sums a little at a time benefits you in a few ways:

You don’t borrow more than you need. It’s usually hard to estimate the cost of a remodel up-front, and with this strategy, you don’t have to; you can charge as you buy materials and pay individual contractors.
You don’t have to worry about accidentally spending a lump sum sitting in a bank account.
You can take your time making the improvements rather than trying to scramble and fit everything in before prices increase
Must have a minimum of 35% down
Able to take mortgage that resembles a line of credit

Home Equity Line of Credit
This program operates like a Line of Credit and uses the home as equity for security. To be able to qualify for a HELOC a minimum of 35% down is required in initial down payment or equity. The aspects of this program are:

Since it operates like a line of credit the principal amount does not decrease, so as it is paid down the available amount can be used for other purchases at often a lower interest rate
The minimum monthly payment on this mortgage is usually “interest only”. However, there is no penalty for paying down the principal amount as there can be with locked in mortgages.
The interest rate is variable which means that it is a prime + loan. This rate fluctuates alongside prime so the interest payments are not always the same set amount.
No mortgage insurance premium is usually required since it is a conventional loan with the large down payment.

Qualifications
• Requires 35% in down payment or equity in the property
• Minimum credit score of 600 to 620 depending on lender
• No outstanding personal taxes
• Appraisal may be required by lender

Documentation
• Notice of Assessment
• Employment letter if employee
• Recent pay stub if employee
• Proof of Business if self employed
• Other documentation may be required specific to each individual deal

Other Information
• A HELOC can be locked into a term at any time, however it cannot be reversed again without a payout penalty. When paying out a HELOC for what ever reason if you sell, remortgage there is no payout penalty.
• The payment fluctuates over the term of the mortgage and prime adjusts.
• The interest rate on a HELOC is typically Prime + .5-4% depending on he credit and lender qualifications.

Second Home

As little as 5% down
Available for property that will be occupied by owner or related family member rent free
Clients need to debt service

Program

This program is available for those who are looking to purchase a second home or a vacation property with only 5% down. The purpose of the property must be for owner occupancy or a family member. It cannot provide a rental income. Some examples would be purchasing a home for a child going away to school, or a weekend getaway for the family.

Qualifications

Minimum credit requirement of 650
Minimum 5% down for the property
Property must be suitable for year around access
No outstanding personal taxes
Provable Income

Documentation

Notice of Assessment to show no outstanding taxes
Proof of down payment or gift letter from family member
Recent pay stub for employee
Employment letter for employee
T5’s or other documents for self-employed borrowers
Other documents may be required specific to each individual deal

Other Information

Mortgage Insurance Premium will depend on the amount of down payment provided or length of amortization
Client will need to show 1.5% closing costs from their own funds

Rental Property

Able to use up to 80% of rental to offset income
20% down payment required
Client must debt service

Program
This program is available for anyone looking to purchase or refinance a rental property with as little as 20% down. It provides investors with more financing choices by allowing a lower down payment and up to 80% rental income offset used to qualify.

Qualifications

Minimum credit score of 680 with non traditional down payment
Minimum credit score of 650 with traditional down payment
No outstanding personal taxes
Allows up to 80% rental income offset
Allows corporate borrowers if they can personally guarantee the mortgage
Provable income

Documentation

Notice of Assessment
Employment letter
Recent pay stub
T5’s or other documents for self-employed borrowers
May require rental agreement on the property

Other documents may be required specific to each individual deal

Other Information

Mortgage Insurance Premium will depend on amount of down payment provided or length of amortization
Clients will be asked to show 1.5% closing costs from their own funds
No commercial components to the property purchased. Up to a maximum of 4 units

New to Canada

Various programs available with down payment

Program

This program is available for newcomers to Canada with permanent and non-permanent status. It allows flexibility in being able to prove a credit history with no additional fees or premiums added to the mortgage.

Qualifications

Permanent resident must have minimum down payment of 5%
Non-permanent resident must have minimum down payment of 10%
Qualifications are specific to each individual deal

Documentation

Individual documentation can be discussed with your agent that will be required for each specific deal
Examples of verification are international credit report, lender verification of borrowers credit worthiness, 12 months of utility bills, landlord reference letters ect.

Other Information

Please discuss all information with one of our agents and we can help to recommend the best program available for your situation

Standard Provable Income Mortgage

Program

This is the basic mortgage program is offered to clients who have a down payment and are able to prove their income through Notice of Assessments. This program requires a minimum of 5% down and a credit rating of 650 or higher. Our standard posted rates applies to this type of mortgage.

Qualifications

Salaried Employees
Hourly Employees
Part-time or Seasonal Income Employees (must be able to show 2 year average)
Self-employed clients who can show their income through Notice of Assessments
Minimum credit score of 620
Must have at least 5% down payment from own sources or a gift
No outstanding personal taxes owing

Documentation

Notice of Assessment
Employment letter if employee
Recent pay stub if employee
Proof of Business is self employed
Proof of down payment or gift letter from immediate family member
Other documentation may be required specific to each individual deal

Other Information

Mortgage insurance premium depends on the amount of down payment provided
Client may be required to show 1.5% funds for closing costs
Excludes mobile home and other specialty properties
Clients who are self-employed and can prove their income can top up by 15%

Green Home Program

Program

This program is available for the construction or purchase of an energy efficient home. Also allows for the purchase or refinance of an existing home where energy efficient improvements are being made. The advantage to this program is that it offers a 10% refund on the mortgage insurance premium and extended amortization periods without surcharge.

Qualifications

Minimum credit of 620
Property must be:

➢ R-2000 compliant
➢ Be constructed under eligible energy efficient building program
➢ Rate 77 or higher on a NRCan energy evaluation
➢ For improvement homes property must increase on NRCan’s assessment by at least 5 points and once completed must meet a minimum rating of 40

Must have at least 5% down payment

Documentation

Documentation on this type of program is specific to each individual deal depending on the level of energy efficiency that the home obtains. Please speak with one of our agents to determine what will all be required

Other Information

The debt service calculation will be calculated with the estimated reduced heating costs indicated by the energy assessment