Seconds+ Mortgage

Loan Purpose Refinance or Equity Take Out
Rate/Lender Fee
  • Rates starting at 6.99%
  • 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 $100K
  • Maximum $750K (subject to sliding scale)
Debt Services Maximum 45 GDS / 50 TDS (stressed)
Amortization Up to 30 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 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 ($299 + tax)
Property Type
  • 1-4 unit residential properties located in suburban areas
  • Owner Occupied (includes second homes)
  • 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).
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 Insurance Title 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 months 50 bps
    18 – 29 months 65 bps
    30 – 41 months 80 bps
    42 + months 110 bps

Mortgate 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.

Other Products & Guidelines:

So many families are trying to make ends meet – sometimes with sudden depleted incomes. Our Seconds+ Mortgage offers a fully open second mortgage to allow home owners to consolidate high-interest debt and improve household cashflow.

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