This program allows you to offer your client refinancing of owner occupied property up to 85% Loan-to-Value without restrictions
on the use of funds.
Requirements
Refinances will be considered as a new first mortgage only, up to 85% to loan value.
Borrowers may use the funds for any purpose as long as the insured loan is a mortgage on the borrower's owner-occupied property.
Maximum increased additional funds are $200,000.00 as stipulated by CMHC/Genworth Financial Canada.
If original mortgage is already CMHC/Genworth Financial Canada insured:
A new first mortgage will be drawn to discharge the original mortgage.
A premium will be charged on the increased amount based on the schedule (see below).
Loan-to-Value (LTV)
Refinance Existing High Ratio Mortgage
Refinance Conventional to High Ratio Mortgage
Up to and including 65% LTV
0.50%
0.50%
Up to and including 75% LTV
2.25%
0.65%
Up to and including 80% LTV
2.75%
1.00%
Up to and including 85% LTV
3.50%
1.75%
For CMHC insured mortgages only:
If the amortization period is the blended average of the remaining amortization period on the original mortgage and an amortization
of more than 25 years, a premium surcharge to CHMC of 0.5% is required.
If the amortization period requested is more than the blended average, a premium on the full amount will be applied.
The above terms, rates and conditions are subject to change without notice. All residential mortgage features apply.
This site is intended for use by Mortgage Brokers. Visitors should be aware that all information regarding fees, policies
& guidelines contained herein is positioned towards Brokers. Rates are subject to change without notice.
