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| RESIDENTIAL
MORTGAGE LENDING GUIDELINES: |
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| Conventional mortgages up to 75% loan to value. |
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| Please note that
high-rise condos and townhouses are subject to lower
loan to values. |
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| For purchases
we require a minimum 10% cash down payment. |
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| We only lend
on the security of first mortgages on residential
real estate. |
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| We do not finance
land loans. |
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| We primarily
lend within the vicinity of Metro Toronto and surrounding
areas. |
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| We provide mortgage
financing for condominiums and co-ownerships, however
we do not finance co-ops. |
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| We will consider
providing mortgage financing for discharged bankrupts,
as recent as three months discharged. |
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| We provide mortgage
financing for large properties and luxury homes.
Applications for large properties must be accompanied
by detailed information packages. |
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All mortgage
funding must have the following pre-closing requirements:
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A signed
mortgage application and mortgage commitment |
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An appraisal
completed by one of our pre-approved appraisers |
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A satisfactory
credit report |
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Satisfactory evidence that the borrower has the financial ability to service the debt (we will accept accountant or bookkeeper's letters, salary letters or self-declared letters from applicants) |
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| (These are our
basic requirements, for which exceptions are never
provided. In addition, there may be further requirements
that will be based on the particular circumstances
surrounding a particular mortgage application.) |
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| We provide open
and closed terms for our mortgages. In addition,
for a one year term we do provide for our mortgages
to be open upon 30 day's written notice and a one
month interest penalty. The cost for this privilege
is a 1/2% premium on the rate of the mortgage. |
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| Our minimum loan
size is $100,000. (lower amounts are acceptable
for co-ownerships) |
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