Today's Prime Rate: 2.75%
3 Year VRM: Prime - .70%
5 Year VRM: Prime - .65%
Open Variable: Prime + .80%
Chartered Bench Rate: 5.39%
TermOur Rate
6 Month Closed4.65%
1 Year Closed2.54%
2 Year Closed3.30%
3 Year Closed3.50%
4 Year Closed3.89%
5 Year Closed3.64%
6 Year Closed4.85%
7 Year Closed5.15%
10 Year Closed5.49%





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"When the opportunity arose for us to buy our dream home, we had no idea where to start. Calling Dan was the best thing we could have done. He was professional, knowledgeable and diligent in helping us through the process of financing. With our family being in another city than Dan I was fearful that distance would create challenges, but Dan made everything seamless and easy using email for scanned documents. There is no way that we would ever deal directly with a bank again - Dan will be our broker for years to come. We will highly recommend Dan to all our friends and associates - he truly has the passion, experience and expertise that far exceeds most in his field, a rarity in today's business world. Thank you, Dan, for helping us achieve our dream."

Kelly and Stephen H.
Sherwood Park, AB
Income Property

Open the Door to a Range of Financing Options for Investors


CMHC's mortgage loan insurance for 1-4 unit rental (non-owner occupied) properties provides investors with more housing finance choice when purchasing or refinancing a rental property.


Features


  • Purchase and Refinance - Loan - to Value ratios up to 80%
  • No application fee or lender appraisal required
  • Streamlined automated processing through emili
  • Flexible financing options - Single advance, progress advances and extended amortization periods are available
  • Flexibilities available for energy-efficient homes

Loan Purpose


  • Purchase and Refinance (including Purchase and Refinance with improvements)
  • Single and Progress Advances
  • Portability (previous rental applications approved through emili only)

Number of Units


  • 1-4 units (no commercial component)

Loan to Value (LTV) Ratio


  • Purchase and Refinance - Up to 80% for 1-2 units / 80% for 3-4 units
  • Standard variable rate loans - Up to 80%

Borrower Eligibility


  • Permanent Residents including newcomers to Canada, Self-employed borrowers )provided that income is verified through a third party source), Corporate borrowers (must provide a personal guarantee of 100% of the mortgage loan).

 

General Guideline for History of Managing Credit (Beacon score or equivilent)

 

  • Purchase LTV 80% (non-traditional sources). Recommended minimum score of 650
  • Purchase LTV 80% (traditional sources). Recommended minimum score of 600
  • Refinance LTV 80%: Recommended minimum score of 650
  • Refinance LTV 80%: Recommended minimum score of 600
  • Purchase and Refinance LTV 60.01-80%: Minimum score of 580
  • Purchase and Refinance LTV < 60%: No minimum score required

 

Debt Servicing Guidelines

 

  • Total Debt Service Ratio Calculation: PITH (all properties) + All Other Debt Obligations - 80% of Gross Rental Income (all properties) / (divided into) Gross Annual Household Income <42%
  • Flexibility provided for borrowers who have a strong history of managing credit. Total Debt Service 42.01-44%: Recommended minimum score of 680
  • PITH = Annual Principal, Interest, Tax and Heat payment (where borrower required to pay heat costs). Rental Income must be verified for all rental properties.

Loan Security

 

  • First or Second Mortgage

Max. Amortization

 

  • LTV < 80%: 40 years

Interest Rate Types

 

  • Fixed, standard variable, capped variable, and adjustable

 

Energy-Efficiency

 

  • Flexibilities include a 10% premium refund and extended amortization periods without surcharge

Application Premiums (non-owner occupied)Surcharges
Loan to value Ratio Premium on Total Loan Amount Premium on Increase to Loan Amount for Portability Extended Amortization = Add 0.20% for every 5 years of amortization beyond the 25 year amortization period.

Blended Amortization = For portability and refinance 0.50%

CMHC Line of Credit/Interest Only Mortgages = Repayment Option:

5 Years (5/20) 0.25%
10 Years (10/15) 0.50%
Conversion from 5/20 to 10/15 0.35%
Up to and Including 65% 1.25% 2.75%
Up to and Including 75% 1.75% 3.00%
Up to and Including 80% 2.50% 3.75%