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November 17th, 2019 
Kelly Healy
Sales Representative



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fax:416-236-7266
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INFORMATION REQUIRED BY A MORTGAGE LENDER:


i)                Completed and signed application


ii)               Copy of the Offer of Purchase and Sale
                  and all schedules      


iii)              Copy of the MLS listing and a picture of the property


iv)               Verification of the downpayment


v)                Verification of income and employment


vi)               Cheque for the CMHC application - $235.00

 

INCOME VERIFICATION:

TYPE OF INCOME

USUAL METHOD OF VERIFICATION

Salary or Hourly Employment

Letter from employer and a current pay stub

Alimony or Child Support

Copy of Legal Separation / Divorce document

Bank statements showing consistent and regular deposit of same

Pensions / Annuities

T-4

Commission

3 years T-4 and/or Notice of Assessment

Self Employed

3 years T-4 and/or Notice of Assessment and Financial Statement for the Company

Rental Income

Letter of Verification of Rent

Mortgage Payment Privileges:

1.    Privilege Payment: 10/10, 15/15 etc.= 10% on monthly payment and 10% lump sum annually on principal

2.    Postponement: renew, increase, or replace

3.    Renewal: it is up to the lender to renew; it is not automatic

4.    Portability: take mortgage to a new property

5.    Transferability: I) non-assumable; ii) assumed with approval; iii) assumed without approval (original mortgagor still liable for debt even when assumed)


CMHC MORTGAGE INSURANCE PROGRAM:

Maximum Gross Debt Service Ratio

The borrower must not use more than 30% of gross family income for the payment of :

Principal + Interest + Property Taxes + Heat + 50% of the condominium maintenance fee (if applicable)

Maximum Total Debt Service Ratio

 

The borrower must not use more than 40% of gross family income for the payment of:

Principal + Interest + Property Taxes + Heat + 50% of condominium fees (if applicable) + payment on all other consumer debt               

COST OF CMHC INSURANCE:

Loan to Lending Value Ratio

Single Advances

Multiple Advances

Up to and including 65%

0.50%

1.00%

Up to and including 75%

0.75%

1.25%

Up to and including 80%

1.25%

1.75%

Up to and including 85%

2.00%

2.50%

Up to and including 90%

2.50%

3.00%

Up to and including 95%

3.75%

4.25%

*8% PST is paid on the amount of the insurance premium and CANNOT be added to the mortgage loan and must be paid at the time the loan is advanced.  

 

 

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