The New To CanadaTM Mortgage Insurance Program makes it possible for individuals relocating
to Canada to purchase a home sooner with as little as 5% down. Through this program,
Genworth helps new Canadians purchase their first home, build equity, and become economically
established in Canada.
Highlights
• Up to 95% LTV for qualified
borrowers
• No minimum income requirements
• Increased qualification options
• Available up to 36 months after
arrival
• Standard Premiums apply
• Extended amortizations available
up to 40 years
New To CanadaTM Mortgage Insurance
Program features:
• Opportunity: helping new Canadians own their
home sooner and become economically established
in Canada
• Low down payment: as little as 5% down
• Flexible: fixed, variable, or adjustable rate
mortgages permitted
• Common-sense evaluation: review all files
by individual circumstance
• Portable: insurance can be applied to a
new loan
Call Claire regarding your new immigrant mortgage in Ontario Canada.
| LTV |
Documentation |
| All Loan to Values |
• Valid work permit or verification of landed immigrant status
• Income confirmation
• Down payment confirmation
• Purchase and Sale agreement |
| Up to 90% |
• Letter of reference from a recognized financial institution, OR
• Six (6) months of bank statements from primary account |
| 90.01 - 95% |
• International credit report demonstrating a strong credit profile, OR
• Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past
12 months. The two alternative sources required are:
• Rental payment history confirmed via letter from landlord and bank statements
• One other alternative source (hydro/utilities, telephone, cable) to be confirmed via letter
from the service provider or 12 months billing statements |
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If you are unsure of what is best for you, please give me a call and we can find out if you qualify for this program right away!
|
TERM |
BANK |
OURS |
| Variable |
2.25%
Prime |
1.85% Prime - 0.40% |
| 1 Year |
3.90% |
2.35% |
| 2 Year |
4.05% |
2.95% |
| 3 Year |
4.55% |
3.35% |
| 4 Year |
5.24% |
3.69% |
| 5 Year |
5.85% |
3.79% |
| 7 Year |
6.80% |
5.25% |
| 10 Year |
6.90% |
5.25% |
5 YEAR QUICK CLOSE AT 3.69%
Must Fund in 30 days
5 Yr No Frills @ 3.59%
Must Fund in 30 Days PLUS 5% Pre-Payment Privileges
Secured Line of Credit at Prime plus 0.60% |
Prime = 2.25%
*rates subject to change without notice, OAC
As of February 23, 2010 |
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