CURRENT MORTGAGE RATES Last updated:  April 28, 2008 Term Bank Rate Our Rate 6 month 6.20% 6.20% 1 year 6.95% 5.00% 2 years 7.00% 5.85% 3 years 7.00% 5.85% 4 years 6.85% 5.69% 5 years 6.99% 5.35% 7 years 7.40% 6.15% 10 years 7.75% 6.40% Variable Prime - 0.6% 4.15% Prime: 4.75% * rates subject to change without notice    .

There are two types of line of credit secured by your mortgage.  The Insured product through Genworth and a conventional mortgage line of credit through a lender.  Some lenders even have where you can registered the full amount of the mortgage and use a portion on a fixed term and with a principal and interest repayment and the remainder as a revolving line of credit.  I will explain this product in detailed further down on this page. 

Genworth Offers insurance for a Home Equity Line of Credit (Heloc) up to 95% LTV, so homeowners can enjoy access to additional funds with more flexibility and convenience.  By taking advantage of the lower interest rates available on secured lines of credit, home-owners can consolidate higher interest rate loans into one convenient product and reduce their overall borrowing costs.  Ideal for homeowners with fluctuating income streams, HELOC offers an interest only option with the ability to make lump-sum payments with no penalty. 

Highlights

• Up to 95% LTV for A 1-2 Unit property
• Up to 90% LTV for A 3-4 Unit property
• HELOC terms of 5 – 10 years
• Amortization up to 40 years
• Credit limits up to $700,000

Program Guidelines

• Maximum $700,000 – Toronto, Vancouver, Calgary
• Maximum $600,000 – Rest of Canada
• 680 Beacon Score – 90.01%-95% LTV
• 700 Beacon Score – Alt A – Business for self
• 650 Beacon Score - Up to 90% LTV
• No prior bankruptcy or judgments
• Qualifying terms – based on the greater of the three – year posted rate or contract rate
• Down payment – must be from own resources
• Types of Eligible products – owner – occupancy 1- 2 Units, or 3- 4 units, Business for self (Alt. A), Investment property, and Secondary Home (Type A)

Non – Insured HELOC

Highlights

• Up to 80% LTV
• Minimum Score is 650
• Rate hold for 60 days- both purchase or refinance
• GDS/TDS : if beacon score is 680+, max TDS is 44%, no GDS requirements
• GDS/TDS: if beacon score is <680, GDS max 35% and TDS max 42%
• Credit bureau can not have any delinquencies on the credit bureau in the past 12 months
• No reported defaults on residential mortgages for the past 7 years
• No previous bankruptcy
• No gifted down payment
• No Tax arrears ( recent NOA will suffice)