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Business for Self Mortgage

Loan Purpose
  • Purchase, Refinance
  • 1st Mortgage
  • 2nd Mortgage
Debt ServicesMaximum 45 GDS / 50 TDS
AmortizationUp to 30 years
Term1, 2, 3, 5 year fixed terms available
Borrower QualificationsQualifying at the greater of the benchmark rate OR the contract interest rate +2%
Title InsuranceTitle Insurance is required
FICO and IncomeMinimum 550 FICO
Lender Fee1% (can be capitalized into the mortgage if not >80% LTV)
LTV / Loan Amount
  • Up to 80% LTV owner occupied
  • Up to 75% LTV rentals (Unlocked at Silver Level)
  • Minimum loan $75,000
  • SFD maximum loan $1.5M (subject to sliding scale)
  • High-rise condos (6 stories or greater) maximum loan $750,000
Appraisal
  • Appraisals to be requested from our Approved Appraisers Listing (Broker Portal)
  • AVM options available when applicable ($350 +tax)
  • Alternatively, appraisals can be requested via Solidifi ($299 +tax in Ontario and $399 +tax in all other Provinces)
Property Type
  • 1-4 unit residential properties located in suburban areas
  • Owner Occupied (includes second homes/recreational property)
  • Rentals (Unlocked at Silver Level)
  • SFD minimum 800 sq ft (750 sq ft in Winnipeg)
  • Low-rise condos in buildings less than 6 storeys
    Minimum 800 sq ft (750 sq ft in Winnipeg).
  • High-rise condos in buildings 6 storeys or greater
    Minimum 650 sq ft (500 sq feet in Toronto ‘M’ Postal codes and in Vancouver proper)

Refer to our Rental Property Mortgage Product for more details on Rentals

Income & Expenses

Pre-commitment:

  • Client completed “Tell us about your Business” Form
  • Bank statement verification using our Instant Verification process or client provided bank statements
  • Confirmation of 2+ years BFS. If business is incorporated, Articles of Incorporation with share ownership
Qualifying Income

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Business Deposits

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Business Expenses

Providing these details prior to commitment will help us issue you a commitment with no income conditions!

Rate Guarantee
  • Commitment can be issued 120 days prior to funding
  • 90 day rate hold
Early Payout
  • No bona fide sale clause
  • Greater of 3 months interest or IRD (penalty calculator)
  • Portable
  • Blend and extend available
Pre-Payment Options
  • 20% prepayment available on mortgage anniversary date
  • 20% increase in payment on anniversary date

Mortgage approval is subject to our policies and guidelines. Product subject to change without notice.

At $1M a sliding scale applies*. Click below to access our Sliding Scale Calculator

*The sliding scale establishes a lending value. Once that is established we will lend up to 80% of that value on Owner Occupied, and to 75% on Rentals.