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Seconds+ Mortgage

Loan PurposeRefinance or Equity Take Out
Rate/Lender Fee
  • 1% Lender Fee on Closed term
  • 2% Lender Fee on Open Term (Can be capitalized into mortgage if not > 80% CLTV)
CLTV / Loan Amount
  • Up to 80% CLTV owner occupied
  • Minimum loan amount $50,000 (owner occupied)
  • SFD maximum loan $2M (subject to sliding scale)
Debt ServicesMaximum 50 GDS / 50 TDS (stressed)
AmortizationUp to 35 years
Term
  • Closed – 1,2,3,5 year or co-terminus with existing 1st mortgage
  • Open – no minimum term
First Mortgage
  • Any major Financial Institution (no MICs, Reverse mortgages or Private Lenders)
  • Can go behind 1st Mortgage HELOC or Collateral Charge (using registered amount)
Borrower Qualifications
  • Qualifying at the greater of the benchmark rate OR the contract interest rate +2%
  • B-20 Stress Test on 2nd Mortgage only (existing first mortgage does not require B-20 Stress Test)
Appraisal
  • Appraisals to be requested from our Approved Appraisers Listing (Broker Portal)
  • AVM options available when applicable
  • Alternatively, appraisals can be requested via Solidifi
Property Type
  • 1-4 unit residential properties located in suburban areas
  • Owner Occupied (includes second homes)
  • Apartment condos
    Minimum 650 sq ft (500 sq ft in the Greater Montreal, the Greater Toronto and the Greater Vancouver areas)
FICO and Credit History
  • BFS – minimum 550 FICO
  • Confirmable income – no minimum FICO
  • Prior consumer proposal and bankruptcy discharged considered
Rate Guarantee
  • Commitment can be issued 120 days prior to funding
  • 90 day rate hold
Title InsuranceTitle Insurance is required
Early Payout
  • No bona fide sale clause
  • Open – no penalty
  • Closed – Greater of 3 months interest or IRD (penalty calculator)
Pre-Payment Options
  • 20% prepayment available on mortgage anniversary date
  • 20% increase in payment on anniversary date
Commission
  • Open Term – 50 bps
  • Closed Term
    6 – 17 months50 bps
    18 – 29 months65 bps
    30 – 41 months80 bps
    42 + months110 bps

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

At $1.5M a sliding scale applies*. Click below to access our Maximum Mortgage Calculator

*The Maximum Mortgage Calculator establishes a mortgage amount for properties over $1.5M. Subject to regional and program LTV up to a maximum mortgage amount of $2M.