This week’s case study features the purchase of an owner-occupied apartment condo by an applicant with bruised credit.
MORTGAGE INSURANCE PREMIUM RATE CHANGES
EFFECTIVE MARCH 17, 2017Effective March 17, 2017 Genworth Canada and CMHC will implement increases to transactional mortgage loan insurance premiums for 1 – 4 unit owner-occupied properties.
Here’s what it means for insured mortgage applications
- Mortgage loan insurance applications for 1 – 4 unit owner-occupied properties submitted to XCEED on or after March 16, 2017 are subject to the revised premium schedule.
- To be eligible for the current premium rate table pricing, all broker applications for mortgage insurance must be submitted by 11:59 p.m. (ET) on March 15, 2017.
These changes were announced in January by CMHC and Genworth and widely reported by national media. We expect that broker partners will have explained the increased premiums to their clients who are affected.
This week’s case study features the refinance of an owner occupied property by an applicant with bruised credit and seasonal income. Boarding income was also used to qualify.
This week’s case study features the purchase of an owner-occupied townhouse in the GTA. The main applicant has bruised credit.
This week’s case study features the purchase of an owner-occupied home by an applicant with recent slow credit.
This week’s case study features the refinance of an owner-occupied home by applicants with some slow credit after bankruptcy.
Case Study: Refinance to pay-off derogatory credit using income from a non-family member to qualify.
This week’s uninsured case study features the refinance of an owner-occupied townhouse condo to pay-off derogatory credit. We used boarding income from a non-family member to qualify.
This week’s uninsured case study features the purchase of a stacked condominium by a buyer with a recently discharged consumer proposal.
- 80% LTV
- Purchase of owner-occupied property
- Main applicant: employed full-time in a clerical occupation for one year, industry tenure of over five years
- At current residence for over six years
- Stacked condo
- Clarington, ON
- Main Applicant: 711 Beacon, CP discharged in January 2016, credit re-established with one credit card
- APPROVED at 80% LTV with 30-year amortization.
- 1-year term at 3.69% with 1% administration fee deducted from the advance.
- Deal subject to appraisal and income verifications, per XCEED policy.
This week’s uninsured case study features the refinance of an owner-occupied townhouse condo to consolidate debt and work towards repairing damaged credit.
This week’s uninsured case study features the refinance of an owner-occupied property by homeowners with bruised credit. We consolidated 1st and 2nd mortgages plus some debt.