95 LTV Second Mortgage Etobicoke, ON

95% LTV Second Mortgage

Mortgage Broker in Etobicoke, ON

Refinance to 95% LTV

Premium Plus
2nd mortgage product
Up to 95% LTV for refinances!

Premium Plus allows a homeowner to access an additional 15% of the value of their home.

No auto-declines, all deals considered on own merit.

Example: $300,000 Value 1st mortgage $240,000 with "A" Lender. 2nd mortgage $45,000. Premium of $11,400. Total borrowings: $296,400

Appraisals ordered by Solidity. Cost is borrowers responsibility

Purpose Assist your clients with their refinance. Access up to 15% of the homes value, to a maximum 95% LTV
Loan Amount Maximum $200,000
No Minimum
Number of Units 1 & 2 Units up to 95% LTV
3 & 4 Units up to 90% LTV
Amortization LTV > 80% up to 30 year 0.20% premium on rate
LTV > 80% up to 35 year 0.40% premium on rate
Interest Only 0.60% premium on rate
Eligibility* Canadian Citizens, Permanent Residents, & Newcomers. Self Employed with 2 year NOA grossed by 15% or Eligible add backs.
Terms Fully open 2 year term. Fixed rate only
Lender Fee Matching recently funded 1st mortgage rate. Premium applied to full (1st & 2nd) amount borrowed as follows:
Appraised Value Premium Charged
Up to 5% 2.80%
Up to 10% 3.10%
Up to 15% 4.00%

 To a max of 95% of appraised value

Debt Service Beacon <680 GDS 35% TDS 42%
Beacon >680 GDS N/A TDS 44%
Fees $750 + HST Mortgage set-up fee, and closing costs paid by the borrower

* For borrowers without Canadian credit history where the LTV is < 80% will consider alternative sources and willingness to pay the loan.