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     CONTACT US

Karen Loehndorf
Calgary Mortgage Broker

Cell: 403.861.6969
Direct: 403.242.4392
Toll Free: 877.342.4392

karen@canquestmortgage.com

 

get a mortgage today, apply online

CURRENT MORTGAGE RATES
Last updated:  Jan 18, 2012
Term
Bank Rate
Our Rate
6 month
4.55%
4.55%
1 year
4.30%
2.75%
2 years
3.89%
2.99%
3 years
3.99%
3.19%
4 years QC
4.79%
2.89%
5 years
5.29%
3.29%
7 years
6.29%
3.99%
10 years
6.69%
3.89%
1 year open
6.30%
6.30%
Prime:
3.0%
* rates subject to change without notice
  
.
   HIGH RATIO MORTGAGE INSURANCE


Mortgage Insurance Premiums and their products:  CMHC

 

Loan Size

Single Advance

Loan Size

Single Advance Premium

(%of Lending Value) (% of Loan) (%of Lending Value) (% of Loan)
Up to and including 65% 0.50% Up to and including 90% 2.0%
Up to and including 75% 0.65% Up to and including 95% 2.75%
Up to and including 80% 1.00% Down Payment Flex down 2.90%
Up to and including 85% 1.75%    

 

Any Increase in Amortization, add .20 for every five year term   


Products with CMHC       
  • Purchase or Refinance with Improvement
  • Newcomers to Canada
  • Progress Advance
  • Refinances
  • Line of Credit
  • Interest Only Mortgage
  • Portability

  • Non-Permanent Residents
  • Second Home Program
  • Self-Employed Simplified Program
  • Self-Employed Borrowers
  • Two – Unit Homeowner Properties
  • Extended Amortizations

 


Mortgage Insurance Premiums and their products: GENWORTH Financial

 

Loan Size

Single Advance

Loan Size

Single Advance Premium

(%of Lending Value) (% of Loan) (%of Lending Value) (% of Loan)
Up to and including 65% 0.50% Up to and including 90% 2.0%
Up to and including 75% 0.65% Up to and including 95% 2.75%
Up to and including 80% 1.00% Down Payment Flex down 2.90%
Up to and including 85% 1.75%    

 

Any Increase in Amortization, add .20 for every five year term

 

Products with Genworth Handy Reference Guide
  • First Mortgage Family Plan Program
  • First Mortgage Owner-Occupancy Program
  • Cashback Equity Owner-Occupancy Program
  • New to Canada Mortgage Default Insurance Program
  • First Mortgage Owner-Occupancy 3 and 4 unit program
  • Purchase Plus Improvements
  • Home Equity Line of Credit Mortgage Default Insurance Program
  • Insured Progress Advance Program
  • Business for Self (Alt. A)
  • Credit Assist – Bruised Credit
  • Investment Property Program
  • Portability Feature
  • Variable Rate Mortgage Default Insurance Program
  • Cash –Out Refinance Mortgage Default Insurance Program
  • Variable Rate Mortgage Default Insurance Program
  • 35 year amortization mortgage insurance program
  • Default Management Program
  • RRSP Down Payment Mortgage Default Insurance Program
  • Self-Directed RRSp Mortgage Default Insurance Program

GENWORTH FINANCIAL CANADA:  HANDY REFERENCE GUIDE - FAST FACTS

GDS/TDS Guidelines

All products

  • Up to 679 credit score:
    35% GDS / 42% TDS
  • 680+ credit score: No GDS / 44% TDS


  • 680+ credit score: No GDS / 40% TDS

Alt. A (BFS)

  • Purchase: 95% LTV
  • Refinance: 85% LTV
  • Amortization: up to 30 years
  • # of Units: Max. 4
  • 2 years BFS tenure is recommended, however will consider less than 2 years BFS depending on length and type of previous employment
  • Recommended credit scores:
    • Up to 75% LTV: 600
    • 75.01-85% LTV: 620
    • 85.01-90% LTV: 650
    • 90.01-95% LTV: 700
  • Down payment from own funds
  • No prior bankruptcies
  • No 3rd party/guarantors

Cashback Equity

  • Amortization: up to 30 years
  • # of Units: Max. 2
  • Recommended credit score: 650
  • Recommended credit score for > 95% LTV: 680 
  • Eligible equity sources:
    • Lender cashback
    • Borrowed funds
    • Gifts (arms-length)
  • Non-occupying co-borrowers are permitted (must be on title)

Cash-Out Refinance

  • 1-2 Units: 80% LTV
  • 3-4 Units: 80% LTV
  • Equity Take-out Limits:
    • 80% LTV: $150K
    • Up to 80% LTV: $200K
  • Amortization: up to 30 years
  • # of Units: Max. 4
  • Up to 4 advances (managed by lender)
  • Recommended credit scores:
    • Up to 90% LTV: 600
    • 90.01-95% LTV: 650
  • No prior bankruptcies/judgments
  • No R3’s in the past 24 months
  • Non-occupying co-borrowers are permitted (must be on title)

CreditAssist™

  • Purchase: 90% LTV
  • Refinance: 85% LTV
  • Max. Mortgage Amount:
    • $700K (GTA, GVA, Calgary)
    • $600K (Rest of Canada)
  • Amortization: up to 30 years
  • # of Units: Max. 2
  • Recommended credit scores:
    • Up to 85% LTV: 540
    • 85.01-90% LTV: 560
    • 90.01-95% LTV: 575
  • Minimum 5% down payment from own resources
  • Judgments/Collections: Up to max. 3 on record/max $5,000 in total
  • Refinance: max. $200K equity take-out
  • No 3rd party/guarantors

Family Plan

  • Purchase: 95% LTV
  • Amortization: up to 30 years
  •  # of Units: Max. 2
  • All applicants must be related (immediate family members)
  • All applicants must be on title

 

  • Suggested program applications:
    • A parent who wishes to help an adult entrepreneurial child buy a home
    • A parent helping to buy a home for an adult child at a post-secondary educational facility
    • An adult helping to buy a home for elderly parents who are on a fixed income

HELOC

  • Purchase: 80% LTV
  • Refinance: 80% LTV
  • Max. HELOC Amount:
    • $700K (GTA, GVA, Calgary)
    • $600K (Rest of Canada)
  • Amortization: 25 years
  • # of Units: Max. 4
  • 5- or 10-year ‘interest-only’ options
  • Recommended credit scores:
    < 90% LTV: 650; 95% LTV: 680
  • No prior bankruptcies/judgments
  • No R3’s in the past 24 months
  • Non-occupying co-borrowers are permitted (must be on title)

Homebuyer 100

  •  Amortization: up to 30 years
  • # of Units: Max. 2
  • Recommended credit score: 680
  • 2 trades with at least 2 yrs history is recommended
  • No prior bankruptcies
  • Non-occupying co-borrowers are permitted (must be on title)

Investment Property Program

  • Purchase: 90% LTV
  • Refinance: 85% LTV
  • Amortization: up to 40 years
  • # of Units: Max. 4
  • Equity take-out limit: $200K
  • TDS: max. 40% (using 80% rental offset calculation)
  • Recommended credit scores:
    • Purchase: 660
    • Refinance: 680
  • No prior bankruptcies
  • 2 trades with at least 2 yrs history is recommended
  • Down payment from own resources

New To Canada

  • 95% LTV (Purchase only)
  • Amortization: up to 30 years
  • # of Units: Max. 2
  • Applicants must have immigrated to Canada in the past 36 months
  • Must provide valid work permit or landed status

 

  • Depending on LTV, lender must provide the following:
    • 90.01 – 95% LTV: international credit report or 2 alternative sources of credit
    • Up to 90% LTV: bank reference letter or 6 months bank statements

Owner-Occupied Purchase Transactions

  • 1-2 Units: 95% LTV
  • 3-4 Units: 90% LTV
  • Amortization: up to 30 years
  • # of Units: Max. 4
  • Standard underwriting guidelines apply
  • Gifted down payments must come from an immediate family member

Progress Advance

  • 1-2 Units: 95% LTV
  • Secondary Home: 95% LTV
  • Amortization: up to 30 years
  • # of Units: Max. 2
  • Up to 4 advances
  • Builder and Contractor P/A: builder/contractor must be a member of a Genworth approved New Home Warranty Program 
  • Builder P/A: construction completed by home builder
  • Contractor P/A: more than 50% of the cost to complete is done by one contractor
  • Self-Built P/A: multiple contractors, no one contractor can complete more than 50% of the project

Portability

  • Purchase: 90% LTV, unless original insured mortgage was greater than 90% LTV
  • Amortization: up to 30 years
  • # of Units: Max. 4

 

  • Blended amortizations/lapsed time calculation are acceptable
  • Premium will be the lesser of:
    • Full premium on total loan amount less premium credit (if applicable)
    • Top-up premium on new funds

Purchase Plus Improvements

  • 1-2 Units: 95% LTV
  • 3-4 Units: 90% LTV
  • Amortization: up to 30 years
  • # of Units: Max. 4
  • Up to 4 advances (managed by lender)
  •  Lender to provide cost estimates / contracts when improvements exceed 20% of the initial purchase price or $40K

Secondary Homes (Type A)

  • Purchase: 95% LTV
  • Refinance: 90% LTV
  • Max. Mortgage Amount:
    • $700K (GTA, GVA, Calgary)
    • $600K (Rest of Canada)
  • Amortization: up to 30 years
  • # of Units: Max. 2
  • No prior bankruptcies/judgments
  • No R3’s in the past 24 months
  • No 3rd party/guarantors
  • Refer to Product Overview for property requirements

Vacation Homes (Type B)

  • Purchase: 90% LTV
  • Max. Mortgage Amount: $350K
  • Amortization: up to 25 years
  • # of Units: 1
  • Recommended credit score: 650
  • Down payment from own funds
  • No prior bankruptcies/judgments
  • No R3’s in the past 24 months
  • No 3rd party/guarantors
  • Refer to Product Overview for property requirements

30-, 35- Year Amortization

All products are eligible except for the following:

  • Vacation Homes (Type B)
  • Second Mortgages

 

  • Premium surcharge:
    • 25.01-30 years: 0.20%
    • 30.01-35 years: 0.40%

Energy Efficient Housing Program

  • 10% Genworth premium refund for consumers purchasing or refinancing energy efficient homes
  • Standard premiums apply
  • Maximum 2 units
  • Refunds are processed and mailed directly to consumers within 7 business days
  • Refer to Energy Efficient Housing Program product overview on how to obtain and submit a refund form
  • Up to 30 year amortization available at standard premium rates
  • Purchasing a home:
    1) home must be Energuide rated 77+ or R2000
    2) home must have a Genworth insured mortgage purchased on or after January 1, 2005
  • Renovated existing homes:
    1) home must have improvements made to increase the Energuide rating by at least 5 points to a minimum of 40
    2) improvements must have been wholly or partially funded by a Genworth insured refinance that funded on or after January 1, 2005

Homebuyer Privileges™

  • Genworth Financial’s Homebuyer Privileges offers savings and discounts to Genworth-insured clients of participating lenders. These online savings and discounts are accessed through our website at: www.genworth.ca

1) Clients simply select the Homebuyer Privileges Icon from the Homebuyers section

2) Register by selecting their lender from the drop-down box and entering their HPB ID (given to them by their lender) and click “go”

3) Clients click on the offerings of their choice


Mortgage Insurance Premiums and their products:
AIG United Guaranty

 

Loan Size Single Advance Loan Size Single Advance Premium
(%of Lending Value) (% of Loan) (%of Lending Value) (% of Loan)
Up to and including 65% 0.50% Up to and including 95% 2.75%
Up to and including 75% 0.65% Flex 95 2.90%
Up to and including 80% 1.00%    
Up to and including 85% 1.75%    
Up to and including 90% 2.0%    

 

Add on Premium Amounts

 

Premium Charges Premium Add-Ons
30 year amortization extension Add 20 BPs
Blended amortization Add 50 Bps

Low-Down-Payment Options
Flex 95 Advantagesm
Equity Assistsm
Down Payment Advantagesm
(95% LTV and Less)
New Construction / Home Improvement
Progress Draw Advantagesm
Purchase Advantage Plussm
Self-Employed Borrowers
Low Doc Advantagesm
New Immigrant or Foreign Relocation Borrowers
Maple Leaf Advantagesm
Products Summary
Products at a Glancesm
Refinance
Refinance Advantagesm
Investors
Rental Advantagesm
Lifestyle Advantagesm
Portability
Portable Advantagesm

Product Quick Tips

  • All products are portable-eligible.
  • All products are eligible for 40 year amortizations.

MI Advantage Product Application Fees

 

Loan to Value Application Fee
Equity Assist $250
Rental Advantage 1-2 units $300
Rental Advantage 3-4 units $600

 

     
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