Equity based Mortgages Ontario

Equity based Mortgage in Ontario is ideal for your clients who are salaried, or self-employed and seeking to purchase or refinance a marketable property where there is a large equity or down payment position. Where clients prefer to keep proof of income paperwork to a minimum or may have elevated debt servicing ratios.

Options for Equity Based Mortgages in Ontario

  • Good Credit – For client’s with good credit but no income proof or minimum.
  • No/Bad Credit – For client’s with No/Bad credit and no income proof.

Read Below more info on both programs

Equity based Mortgages Ontario

Good Credit – Equity based Mortgages in Ontario

Overview – For client’s with good credit, to purchase or refinance.

Requirements

  • Min Credit Score 650+
  • No Previous bankruptcies
  • No Income tax arrears

Documentation & Other info

  • Income stated on the application
  • Most recent NOA to confirm no tax arrears
  • Maximum Mortgage of $400,000 (more on per deal basis)
  • 35-year amortization.

Mortgage Interest Rate & Other costs

  • Mortgage Interest rate higher than standard mortgages since it’s a stated income deal, Typically mid 3%.
  • No Mortgage Insurance
  • Minimal or No lender fees.

No/Bad Credit – Equity based Mortgages in Ontario

Overview – For client’s with no/bad credit, to purchase or refinance. Other than principal property can be used for rural cottage, acreage homes, vacant land, construction etc.

Requirements

  • No Credit Score required
  • No Income proof
  • Min down payment of 15%

Documentation & Other info

  • Income stated on the application
  • Most recent NOA to confirm no tax arrears
  • 40-year amortization.
  • Yes – Bankrupt, Consumer proposal, new immigrant, Non-citizen.

Mortgage Interest Rate & Other costs

  • Mortgage Interest rate higher than standard mortgages since it’s pure equity deal, call us for rates.
  • No Mortgage Insurance
  • Lender fees will apply (based on client risk)

Apply for an Equity Mortgage

It takes only a few minutes. No hassle, no obligations

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