broker info kit. aspire to own

Transcription

1 broker info kit. aspire to own

2 PRODUCT FEATURES Aveo makes home ownership accessible to more Canadians. Purpose Property Type Term Rate Purchase and Refinance Owner occupied Located in select urban markets in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario refer to lending location guidelines or your Regional Manager for more details Prime marketable residential real estate with demonstrated ongoing re-sale demand. Property must have a remaining economic life > requested amortization + 5 years 1, 2 and 3 year closed Fixed Rate hold is 10 days from date of approval (60 days from date of approval with signed commitment) Loan Amount $100,000 to $750, Up to $1,000,000 in major metropolitan centers Loans greater than $1M in major metropolitan centres may be available on case-by-case basis. Geographic and credit restrictions apply Down Payment Equity Take Out 10% minimum from own resources, non-borrowed. Confirmable on deposit with a recognized Canadian financial institution Maximum cash out of $200, Credit History Minimum Beacon 550 Bankruptcy must be discharged Consumer proposal must be paid out in full : o prior to advance (for purchases) o from proceeds (for refinances) Maximum LTV Second Mortgages (Behind AVEO 1 st mortgage ) Up to maximum 80% LTV LTV includes application fee Independent second mortgages allowed up to 80% combined LTV Amortization Minimum: 10 years Maximum: 30 years. Up to 35 years on exception considered on case by case basis. GDS/TDS 50% / 50% : LTV < 65% 48% / 48% : LTV to 80% (British Columbia, Manitoba, Ontario) 44% / 44% : LTV to 80% (Alberta and Saskatchewan) 39% / 44% : 35 year amortization Payment Options Monthly, bi-weekly, weekly (accelerated) 20% Prepayment Privilege Annual lump sum up to 20% of the original principal amount (min $500). Unused portion cannot be carried forward. Not available on 1 year term. Prepayment Penalty Appraisal Property Taxes Application and Finder s Fees Early payout amounts are based on which year of the mortgage the customer is in. Year 1 = 3% x principal amount being prepaid Year 2 = 2% x principal amount being prepaid Year 3 = 1% x principal amount being prepaid Subject to CMLS Financial Approved Appraiser List through SOLIDIFI Taxes are collected by CMLS Financial and paid on borrower s behalf. For all terms standard 1% application fee and 50bps finders fee Upon request, application fees may be increased up to maximum 2% with half the fee payable as finders fee *Lending restrictions apply for properties located in Alberta and Saskatchewan, please contact your Regional Manager for details. V

3 AVEO LENDING QTEN QTEN How viable is your deal? We developed Aveo to be accessible to a wide range of clients. If you have a deal you would like us to finance, but are not sure whether your client qualifies, please call your Regional Manager or Underwriter to help you assess the viability of the deal. Lending Areas* Financing is available in the following : British Columbia Vancouver CMA Alberta Calgary CMA Edmonton CMA Saskatchewan Regina Saskatoon Manitoba Winnipeg CMA QTEN pricing criteria Here is what we will need to know in order to set pricing: 1 What is the property address? 2 What is the property type? 3 What is the LTV? 4 What is the property being used for? 5 What is the loan purpose? Purchase or refinance? 6 What is the loan amount? 7 What is the client s credit score? 8 Has the client filed for Bankruptcy or Consumer Proposal? 9 Does the client have significant unpaid collections? 10 What type of income verification can the client provide? Ontario Toronto GTA/CMA Ottawa CMA Hamilton CMA Kitchener Waterloo CMA Barrie *Lending areas are listed for only; for additional information on our lending areas please see lending guidelines or contact your Regional Manager. Once we have the answers to the QTEN, we ll be able to rapidly assess viability.

4 CONTACT INFORMATION Ken Lee Director T TF x 718 E Ken.lee@cmls.ca Shamfa Pitters Manager T TF x 720 E Shamfa.pitters@cmls.ca Adele Iozzo Regional Manager, Business Development T TF E Adele.iozzo@cmls.ca Martina East Regional Manager, Business Development T TF F E Martina.east@cmls.ca Ann Fieldsend Underwriter T TF x 218 E Ann.fieldsend@cmls.ca Georgia Kowalenko Underwriter T TF x 468 E Georgia.kowalenko@cmls.ca Shanon Fernandes Underwriter T TF x 490 E Shanon.fernandes@cmls.ca Valérie Levac Underwriter T TF x 481 E Valerie.levac@cmls.ca

5 RENTAL PROPERTY / SECOND HOMES Product Details Purpose Purchase and Refinance Loan Amount $100,000 to $750, Geographic and credit restrictions apply Term Rate Down Payment Property Type 1, 2 and 3 year closed Fixed Rate hold is 10 days from date of approval (60 days from date of approval with signed commitment) 10% minimum from own resources, non-borrowed Confirmable on deposit with a recognized Canadian financial institution Single family, duplex, fourplex, townhouse, apartment condo Property must be registered in personal name Maximum LTV Fully Qualified Income max 75% LTV (up to 80% if beacon > 680) LTV includes application fee Geographic restrictions apply Credit Minimum beacon 550 Amortization Minimum: 10 years Maximum: 30 years. Up to 35 years on exception considered on case by case basis. GDS/TDS 50% / 50% : LTV < 65% 48% / 48% : LTV to 80% (British Columbia, Manitoba, Ontario) 44% / 44% : LTV to 80% (Alberta and Saskatchewan) 39% / 44% : 35 year amortization Payment Options Monthly, bi-weekly, weekly (accelerated) 20% Prepayment Privilege Annual lump sum up to 20% of the original principal amount (min $500). Unused portion cannot be carried forward. Not available on 1 year term. Prepayment Penalty Early payout amounts are based on which year of the mortgage the customer is in. Year 1 = 3% x principal amount being prepaid Year 2 = 2% x principal amount being prepaid Year 3 = 1% x principal amount being prepaid Rental Income Confirmation Appraisal Property Taxes Finders Fees Acceptable Documentation (one of the following): Lease Agreement(s) Economic rent established by accredited appraiser T1 Generals supported by Notice of Assessment Qualification: Subject 80% Rental Offset Non Subject use AVEO Rental Worksheet Subject to CMLS Financial Approved Appraiser List through SOLIDIFI Taxes are collected by CMLS Financial and paid on borrower s behalf. For all terms standard 1% application fee and 50bps finders fee Upon request, application fees may be increased up to maximum 2% with half the fee payable as finders fee *Not available for properties located in Alberta and Saskatchewan.

6 INCOME SOURCES Income Documentation Requirements (additional documents may be requested) Fully Qualified - Salary / Minimum Guaranteed Hours Fully Qualified - Non Guaranteed Business for Self - Fully Qualified (Minimum 2 years BFS) Business for Self (Contract) Fully Qualified 100% Commission Sales Fully Qualified Rental Income Letter of Employment Current Paystub Letter of Employment Current Paystub 2 most recent years Notice of Assessments and/or T4/T4A *lower of most current year or 2 year average to be used for qualification 2 most recent years Notice of Assessments o Must confirm no taxes outstanding or paid Proof of BFS (one of the following): o Valid Master Business License o Current GST and HST Registration o T1 Generals with Statement of Business Activities prepared by CPA (sole proprietor / partnership) o Articles of Incorporation (corporation / limited) Confirmed NOA income (line 135) may be grossed up by 15%. Copy of most recent valid contract Paystub with current year to date earnings 2 most recent years Notice of Assessments Confirmed NOA income (line 135) may be grossed up by 15%. Letter of employment Recent paystub 2 most recent years T4A s 2 most recent years Notice of Assessments Acceptable Documentation: Lease Agreement(s) Economic rent established by accredited appraiser T1 Generals supported by Notice of Assessment Qualification: Subject 80% Rental offset Non Subject use AVEO Rental Worksheet

7 INCOME SOURCES Income Sources Acceptable Sources Full Income Salary Hourly Business for Self Commission Contract Seasonal Maternity / Paternity Leave CPP / OAS Pension Disability (Short Term / Long Term) Supplementary Income Overtime Bonus Support Spousal / Child Part Time Guaranteed Vehicle Allowance Rental Income* (subject / non subject)

8 Medium Minor LENDING AREAS FULL INCOME QUALIFICATION The following is a list of Aveo lending areas. BRITISH COLUMBIA Vancouver CMA Burnaby Coquitlam Delta Langley Maple Ridge New Westminster North Vancouver Pitt Meadows Port Coquitlam Richmond Surrey Vancouver West Vancouver White Rock Abbotsford Aldergrove Central Saanich Chilliwack Comox Courtenay Esquimalt Kamloops Kelowna Mission Nanaimo Port Moody Saanich Vernon Victoria Minor Urban Centres Cumberland Ladysmith North Cowichan Parksville Prince George Qualicum Beach ALBERTA Medium Urban Centres Minor Urban Centres Calgary CMA Airdrie Calgary Chestermere Cochrane Okotoks Edmonton CMA Beaumont Edmonton Fort Saskatchewan Leduc Morinville Sherwood Park Spruce Grove St. Albert Canmore Grande Prairie Lethbridge Medicine Hat Red Deer Brooks Sylvain Lake MANITOBA Medium Urban Centres Minor Urban Centres Winnipeg CMA Headingley West St Paul Winnipeg Brandon N/A

9 SASKATCHEWAN Medium Urban Centres Minor Urban Centres Regina Saskatoon N/A N/A ONTARIO Acton Alliston Amherstview Angus Barrie Bolton Bowmanville Bradford Brantford Burlington Cobourg Collingwood Courtice Erin Flamborough Georgetown Ingersoll Innisfil Keswick King King City Kingston Lincoln Lindsay London Manotick Maple Midland Napanee Niagara Falls Niagara On The Lake Orangeville Orillia Paris Parry Sound Peterborough Port Colborne Port Hope Sarnia Shelburne St. Catharines St. Thomas Stratford Strathroy Sudbury Sutton West Thornhill Thorold Trenton Uxbridge Wasaga Beach Waterloo Welland Woodbridge Woodstock ONTARIO CMAs Hamilton CMA Ancaster Dundas Grimsby Hamilton Stoney Creek Waterdown Kitchener Waterloo CMA Cambridge Guelph Kitchener Waterloo Ottawa CMA Carleton Place Greely Kanata Nepean Ottawa Stittsville ONTARIO Toronto CMA Ajax Aurora Brampton Brooklin Etobicoke Kleinburg Markham Milton Mississauga Newmarket North York Oakville Oshawa Pickering Richmond Hill Scarborough Stouffville Toronto Vaughan Whitby

10 ONTARIO Medium Urban Centres Amherstburg Aylmer Azilda Baden Batawa Belle River/Lakeshore Belleville Brechin Brights Grove Caledonia Chatham/Kent Coldstream Coldwater Cornwall Elmira Elora Essex Fergus Gananoque Garson Gravenhurst Haliburton Hanmer Hanover LaSalle Lively New Hamburg Newcastle Odessa Petrolia Port Dover Russell St. Marys Thunder Bay Tillsonburg Val Caron Val Therese Vars Wallaceburg Windsor ONTARIO Minor Urban Centres Minor Urban Centres Morriston