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Variable Rate Products Versus Fixed Term Rate Products

What is the difference between Variable Rate Products and Fixed Term Rate Products?
The major difference between Variable Rate and Fixed Term Rate is “ Rate Not Guaranteed” versus “ Rate Guaranteed”.

Which mortgage product is better ?
Every one of us are different and we have different needs and expectations, it is not possible to determine which product is most suitable to the applicant not until a complete financial evaluation is conducted.

What is a “ Financial Evaluation” ?
A “ Financial Evaluation” is based on an application for credit, which stated all the applicant’s assets, liabilities, income and mortgage needs, so that I can do a complete evaluation of the applicant’s mortgage needs and provide he/she with an honest recommendation.

What is “ Prime Rate” ?
“ Prime Rate” is the prime lending rate set up by the Bank of Canada.

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New Immigrant Programs

What is “ New Immigrant Program” ?
“ New Immigrant Program” is designed to help new immigrants to get mortgage financing to purchase their first home in Canada.

What are the requirements with banks / mortgage lenders?
Most of the banks / mortgage lenders require 35% down payment, the down payment must be from the applicant’s own savings, no gift or loan from relatives and friends and he/she must have legal proof of his/her new landed immigrant status.  Most lenders do not consider applicant as new immigrant if he/she has been landed for more than 3 years in Canada.

If an applicant has only 25% down payment, can he/she gets a mortgage under the new immigrant program ?
Yes, but it will be more like be a non-bank lender or trust company.

What other requirements of “ New Immigrant Program” ?
Some banks/ mortgage lenders require a credit reference letter from the applicant’s country of origin or an international credit bureau report, as the new immigrant do not have any credit rating in Canada.

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Self Employed Mortgage Program

What is the purpose of this Program ?
This Program is to help self-employed or commissioned sales applicants to get their mortgage financing without any standard budget requirement.

What is the maximum mortgage financing that a self-employed applicant can get ?
Uninsured financing: Up to 65% to 80% loan to value ratio for eligible borrowers (subject to different lender’s requirements and guidelines). High Ratio Insurance financing: Up to 90% loan to value ratio for purchases and up to 80% Loan to value ratio for refinancing

What is loan to value ratio?
Loan to value ratio is the ratio for the amount of mortgage over the value of the real estate property.

What are the requirements from the banks/  mortgage lenders?
Down payment must be from the self-employed applicant’s own savings and the source of down payment must be confirmed to the satisfaction of the banks and other mortgage lenders.  The other conditions are subject to different lender’s requirements and guidelines.

What are the costs of this Self-Employed Mortgage Program ?
For conventional mortgage, the costs are subject to different lender’s requirements and guidelines and for high ratio mortgage, the costs are subject to the high ratio insurers’ requirements and guidelines.

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Should you have any other questions and concerns about these Programs, please feel free to call:

Angela Wong-Liao AMP
Invis Inc#10801
Mortgage Agent#M08001179
Cell 416-529-2888
angela@moneylady.ca or angelawongliao@invis.ca

Angela Wong-Liao Tel 416-529-2888 angela@moneylady.ca angelawongliao@invis.ca
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