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Mortgage Refinance

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Being smart with your money just makes sense. Our Coast to Coast trusted Mortgage Brokers will help you decide whether it is the right time for mortgage refinancing. The decision to refinance should be carefully evaluated to avoid any complications at a later stage. By carefully studying the status of your current mortgage and comparing it to your income and other debts, we help you pick the refinance solution that best suits your current financial needs.

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There are many reasons why you might be thinking of refinancing your mortgage.

  • Purchase Plus Improvement Purpose and Maximum Limit of the loan
    Purchase transactions: 1 & 2 units: 95% LTV (includes both purchase & improvement amount) 3 & 4 units: 90% LTV ( includes both purchase & improvement amount) Multiple advances to a maximum of four (excluding initial purchase advance) are permitted. Advances managed by lender or by Genworth Canada if improvements exceed $40,000 or 20% of initial value. Lending value is based on the lesser of the improved property value or the sum of the purchase price plus direct costs of the improvements.
  • Eligible Properties
    Maximum 4 units where 1 unit must be owner occupied. New construction covered by a lender approved New Home Warranty Program. Existing resale properties. Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand. Estimated remaining economic life of the property should be a minimum of 25 years.
  • Terms / Qualify Interest Rate
    Fixed, standard variable, capped variable and adjustable rate mortgages are permitted For loans with fixed rate terms greater than or equal to 5 years, the contract rate is used For loans with fixed or variable rate terms less than 5 years, the qualifying interest rate is the greater of the contract rate or 5-yr benchmark rate
  • Borrower Qualification
    Existing requirements related to income, down payment and credit worthiness apply. Gifted down payments from immediate family member can be used, provided they are properly verified, non-repayable and all other characteristics of the borrower are acceptable. Government grants may be considered if pre-approved by Genworth. For specific qualifications related to 3 & 4 unit properties refer to Homebuyer 95 Product Overview.
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