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 |
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| Number of Units | 1 & 2 Units up to 95% LTV 3 & 4 Units up to 90% LTV |
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| 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 |
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| 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:
To a max of 95% of appraised value |
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| Debt Service | Beacon <680 GDS 35% TDS 42% Beacon >680 GDS N/A TDS 44% |
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| 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.