New Immigrant Specialist
I immigrated to Canada myself with my family in 1998 (originally from England) and so have had first hand experiencewith not only the transition but being able to explain the Canadian mortgage system and how it works. I enjoy walking my cilents thru the process, one Step at a Time.
The New To CanadaTM Mortgage Insurance Program makes it possible for individuals relocating
to Canada to purchase a home sooner with as little as 5% down. Through this program,
Genworth helps new Canadians purchase their first home, build equity, and become economically
established in Canada.
Highlights
• Up to 95% LTV for qualified
borrowers
• No minimum income requirements
• Increased qualification options
• Available up to 36 months after
arrival
• Standard Premiums apply
• Extended amortizations available
up to 40 years
New To CanadaTM Mortgage Insurance
Program features:
• Opportunity: helping new Canadians own their
home sooner and become economically established
in Canada
• Low down payment: as little as 5% down
• Flexible: fixed, variable, or adjustable rate
mortgages permitted
• Common-sense evaluation: review all files
by individual circumstance
• Portable: insurance can be applied to a
new loan
| LTV |
Documentation |
| All Loan to Values |
• Valid work permit or verification of landed immigrant status
• Income confirmation
• Down payment confirmation
• Purchase and Sale agreement |
| Up to 90% |
• Letter of reference from a recognized financial institution, OR
• Six (6) months of bank statements from primary account |
| 90.01 - 95% |
• International credit report demonstrating a strong credit profile, OR
• Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past
12 months. The two alternative sources required are:
• Rental payment history confirmed via letter from landlord and bank statements
• One other alternative source (hydro/utilities, telephone, cable) to be confirmed via letter
from the service provider or 12 months billing statements |
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If you are unsure of what is best for you, please give me a call and we can find out if you qualify for this program right away!
|
TERM |
BANK |
OURS |
Variable |
|
|
1 Year |
3.90% |
|
2 Year |
4.40% |
2.99% |
3 Year |
4.95% |
3.44% |
4 Year |
5.64% |
3.79% |
5 Year |
5.99% |
3.79% |
7 Year |
6.59% |
4.90% |
10 Year |
6.90% |
5.25% |
5 YEAR QUICK CLOSE AT 3.69%
Must Close before October 31, 2010
5 Yr No Frills @ 3.65%
Must Fund in 30 Days PLUS 5% Pre-Payment Privileges
Secured Line of Credit at Prime plus 0.50% |
Prime = 2.75%
*rates subject to change without notice, OAC
As of August 25th, 2010 |
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