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Lending Guidelines

Loan PurposePurchase, Refinance
Debt ServicesMaximum 45 GDS / 50 TDS
IncomeBFS – Refer to Business for Self specific product sheet
AmortizationUp to 30 years
Term1, 2, 3, 5 year fixed terms available
Borrower QualificationsQualifying at the contract interest rate +2%
Lender Fee1 - 2% (can be capitalized into the mortgage if not >80% LTV)
LTV / Loan Amount
  • Up to 80% LTV owner occupied (75% on condos)
  • Up to 75% LTV rentals (Status Accounts only)
  • SFD Maximum loan $1.5M (subject to sliding scale)
  • High-rise condos (6 stories or greater) maximum loan $750,000
  • Minimum loan $50,000
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 (Status Accounts only)
  • 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

FICO and Credit History
  • BFS – minimum 550 FICO
  • Confirmable income – no minimum FICO
  • Prior bankruptcy considered
  • Current and prior consumer proposal considered
Income Types
  • 85% Rental income offset (subject and non-subject properties)
  • Salaried/Hourly
  • 100% Commissioned Income
  • Seasonal Employment
  • Contract Employment
  • Canada Child Benefit (CCB)
  • CPP, OAS
  • Employer Pension
  • Foster care
  • Workers’ Compensation
  • Disability Support Programs
  • 100% Maternity/Paternity Leave
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.