CURRENT MORTGAGE RATES |
Last updated:
April 28, 2008
Term |
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6 month
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6.20%
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6.20%
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1 year
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6.95%
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5.00%
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2 years
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7.00%
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5.85%
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3 years
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7.00%
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5.85%
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4 years
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6.85%
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5.69%
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5 years
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6.99%
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5.35%
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7 years
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7.40%
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6.15%
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10 years
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7.75%
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6.40%
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Variable
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Prime - 0.6%
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4.15%
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Prime:
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4.75%
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* rates subject to change without notice
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No Money Down - Homebuyer 100 Mortgage Insurance Program
The Genworth Homebuyer 100 program makes it possible for your professionals, newly married couples, recent graduates and other Canadian homebuyers, who do not have the required savings for a down payment, achieve their dream of homeownership sooner.
Designed for individuals who have a stable source of income and a proven history of managing their credit and fiancés responsibly, the Genworth Homebuyer 100 program provides the flexibility to purchase the right home at the right time.
Highlights
- Up to 100% LTV for borrowers with a proven credit history
- Extended amortizations available up to 40 years
- Competitive premium rates
- Flexible mortgage terms and rates
Program Guidelines
- GDS: no limit
- TDS 40%
- 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)
- Closing costs – Should be from borrowers own savings
- Credit score 680 +, Genworth will average the scores pulled from both credit bureaus for each borrower
- Minimum two trade lines with at least two years history
- Borrowers with a prior bankruptcy are ineligible
APPLY NOW
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.
APPLY NOW
Homebuyer 97 Mortgage Insurance Program
The Genworth Homebuyer 97 mortgage insurance program offers qualified Canadians an opportunity to own a home with as little as 3% down payment. This product is designed for your professionals, newly married couples, recent graduates and other Canadian homebuyers who display a stable income as well as a proven history of managing credit responsibly, the ability to purchase a home sooner with numerous low down payment options.
Highlights
- Up to 97% LTV for Purchase Transactions
- Extended Amortization up to 40 years
- Competitive Premium Rates
- Flexible Mortgage Terms and rates
Program Guidelines
- Credit score 650 +
- Purchase , Purchase plus improvements and progress advances
- New or existing properties, Secondary homes, Max 2 units
- Non-residing guarantors are not permitted
- Non-residing co-borrowers are acceptable (must be an immediate family member and be on title)
Comparing the two programs
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Homebuyer 97 |
Homebuyer 97 with cash back |
Down Payment |
- Own funds
- Gifted from immediate family
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- Lender Cashback incentives
- Equity borrowed from any source that is arm’s length (personal loans, line of credits, credit cards-loan repayment to be included in TDS)
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Recommended Credit |
- 650+ credit score
- 2 trades line with minimum 2 years history is recommended
- No previous bankruptcies
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- 680+ credit score
- 2 trades line with minimum 2 years history is recommended
- No previous bankruptcies
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GDS/TDS |
- 650- 679 credit score 35/42%
- 680+ credit score – No GDS/44%
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