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| Products: |
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Purchase, Refinance, Switch, Equity Take Out, Pre-approvals |
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Available on first mortgages only |
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| Terms: |
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Closed, Fixed Rate: 1, 2, 3, 4, 5, 7 or 10 years |
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Convertible, Variable Rate: 5 years |
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| Rates: |
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Highly competitive |
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Clients will receive ING DIRECT’s already low rate for the term selected - no need for negotiating |
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Current rates are available on the website
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| Rate Hold: |
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Rates are guaranteed from either the date our Rate Hold was completed or the date of submission of the original application
up to the closing date, to a maximum of 120 days. The lowest ING DIRECT rate within that period will automatically apply.
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| Rate Guarantees: |
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Rates are guaranteed from the date of submission of the original application up to the closing date, to a maximum of 120 days.
The lowest ING DIRECT rate within that period will automatically apply
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| Payment Frequencies: |
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Monthly, Semi-Monthly, Weekly, Bi-Weekly, Accelerated Weekly, Accelerated Bi-Weekly available on all terms |
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| Prepayment Options: |
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25/25 prepayment privileges |
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1.
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Lump sum payments of up to 25% of the original principal amount may be made in each year of the term. The minimum acceptable
lump sum payment is $100. (If such prepayment privilege is not used in any 12-month period, it cannot be carried forward to
the next or any future 12-month period.)
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Each year the regular payment amount may also be increased, providing the maximum amount of the increase is no more than 25%
of the original regular principal and interest payment
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| Assumable: |
Upon application and qualification |
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| Portable: |
Borrower and new property to be re-qualified and approved. Not more than 120 days between the date of sale and the date of
purchase.
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| Blend and increase: |
The rate of the existing mortgage balance is blended with the rate of the remaining or new term and mortgage increase amount. |
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| Bankruptcies: |
Discharged with a minimum Beacon score of 620 and satisfactory payment history on re-established credit |
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| Applications: |
To be submitted via Filogix or MorWeb |
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| Finder's Fees: |
Current Finder's Fees are available in the rates section of our website, at www.ingdirectbrokerteam.ca/en/rescurrentrates.html |
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| Borrower Qualifications: |
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Salaried employees must be employed for a minimum for one year and not on probation |
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Self-employed, seasonal and commissioned individuals - two years Notice of Assessment (NOA) line 150 required (Does not apply
for EIQ)
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Good credit rating-minimum Beacon-score of 620 |
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Satisfactory net worth |
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Qualified down payment with 3 months/90 day bank history required |
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| Bankruptcies: |
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Will be reviewed on an excepted basis, discharged with a minimum Beacon-score of 620 and satisfactory payment history on re-established
credit
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| Lending Area: |
All provinces and territories in Canada |
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| Appraisals: |
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Drive-by appraisal required for conventional mortgages under $250,000 with an LTV ratio less than 65%. |
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Full appraisal required for conventional mortgages over $250,000 and/or with an LTV ratio of 65% or more. |
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A full appraisal is required regardless of loan-to-value or mortgage amount for all Rural, Rental, Construction properties,
Edmonton properties and EIQ deals.
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The appraisal is based on the property and up to a maximum of 5 acres. |
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Appraisals must be sent directly to ING DIRECT from Centract www.BrokerWorx.ca, NAS www.nationwideappraisals.com or Solidifi
www.solidifi.com
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| Property Types: |
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Single family dwellings, up to and including fourplexes |
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Owner-occupied or rental properties |
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| Loan Amounts*: |
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$50,000 |
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$3,000,000 (Excluding EIQ) |
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| Loan-to-Value: |
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Up to 80% of property value for conventional (up to 75% for Windsor Properties and all Condominium Properties) |
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Up to 95% of property value for high-ratio purchases |
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Up to 85% of property value for refinances |
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| GDS & TDS Ratio: |
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Pre-approvals are 32% / 42%.
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Conventional mortgages are 35% / 45%.
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High Ratio mortgages with a Credit Score of less than 680 are 32% / 42%.
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High Ratio mortgages with a Credit Score of at least 680 and fully qualified credit history are No limit GDS / 44%.
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| Salaried Borrowers: |
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A pay stub (less than 30 days old) plus a letter of employment will be verified by ING DIRECT |
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Salaried employees must be employed for a minimum of one year and not be on probation |
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As a member of the ING DIRECT Broker Team we want to ensure that you understand our general lending guidelines. It's important
to note that from time to time these guidelines may be applied at the discretion of the underwriter.
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