CURRENT MORTGAGE RATES |
Last updated:
March 10, 2010
Term |
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6 month
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4.60%
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4.60%
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1 year
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3.60%
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2.49%
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2 years
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3.75%
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2.90%
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3 years
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4.15%
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3.40%
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4 years
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5.04%
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3.69%
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5 years
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5.38%
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3.69%
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7 years
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6.60%
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4.95%
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10 years
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6.70%
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5.20%
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1 year open
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6.70%
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5.20%
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Prime:
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2.25%
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* rates subject to change without notice
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Cash Back Equity Mortgage Insurance Program
This program recognizes that sometime saving the required down payment for a new home can be challenging. The Genworth Cash back Equity Mortgage Insurance Program helps make it possible for you to start building equity in your own home without having to save for years. The program can be used to purchase and new home, purchase plus improvements, insured progress advance (building mortgage), and Secondary homes
Program Guidelines
- LTV 95%
- Beacon score 680+ - No limit GDS/TDS 44%
- Beacon score 650-679 – GDS 35%/TDS 42%
- Primary applicants used to qualify must occupy the property
- Non-residing guarantors are not permitted
- Non-residing co-borrowers are acceptable (must be an immediate family member and be on title)
Down payment source – Lender cashback incentives, Equity borrowed from any source that is arm’s length to the purchase or sale transaction, including personal loans, lines of credit or credit cards. Loan repayments must be included in the TDS Calculation. Gifts or grans from any party that is arm’s length to the property purchase transaction, rent to own payments that exceed a reasonable current market rent.
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CashBack Down Payment Mortgage vs. Standard CashBack Mortgage
|
CashBack Down Payment Mortgage - 5 yr term |
Standard CashBack
Mortgage - 5 yr term |
| Purchase Price |
$100,000 |
$100,000 |
| 5% Down Payment |
$5,000 |
$5,000 |
| Source of down payment |
CashBack from TDCT |
Cash from own resources |
| Insurance Premium (2.75%) |
$2,755 |
$2,612.50 |
| Total Mortgage |
$97,755 |
$97,612.50 |
| Rate Discretion |
None |
None |
| Closing Costs (1.5%) |
Customer resources |
Customer resources |
TDCT Cash Back
(owed to customer) |
$5,000 (5% of Purchase Price) |
$3,904.50 (4% of Total Mortgage) |
| CashBack |
Paid to solicitor upon funding |
Paid to customer after funding |
(Reminder: 40-year amortizations and 100% Financing programs have been discontinued.)
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