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YOUR CANADIAN MORTGAGE BROKER
EXCITING NEWS from First Line Mortgages
If you have an existing mortgage with CIBC, First Line, PCF, Sutton you are now potentially able to apply for the NEW Brand to Brand Refinance and possible Equity Take Out using self declared income!
The following conditions apply.
INCOME:
- Self declared (is reasonable in light of income used to qualify the existing mortgage)
Eligible Properties:
- Owner occupied residential (up to and including 4 plex and condominium/townhouse units)
Existing Mortgage:
- With CIBC (e.g. CIBC, FirstLine, PCF, Sutton) for a minimum of 1 year
- No late payments or arrears in the past 12 months
- Not eligible for Access or Option Mortgages
Credit:
- Satisfactory credit history (no current R3’s)
- No bankruptcy, no OPD, no consumer proposal, no voluntary repossessions, no foreclosures
- Collection under $1000 may be considered provided a ‘make sense’ explanation is given
BEACON SCORE:
| Mortgage Amount | Up to $750K | Between $750K - $1.0MM |
| Min Beacon (Primary Applicant) | 600 | 640 |
| Min Beacon (Secondary Applicant) | N / A | 600 |
| Equity Take Out | Up to $500K | Up to $500K |
Other Conditions:
- Conventional mortgages only (maximum 80% LTV)
- Maximum GDSR 32% and TDSR 40%, based on self-declared income
- Borrowers and Guarantors must remain the same
- Appraisal only required if property does not pass GVS
BREAKING NEWS
CALGARY - It's taking Calgarians longer now to sell their homes on the MLS market.
According to preliminary unofficial data on the website of realtor Mike Fotiou, of First Place Realty, so far this month up until Sunday the average days on the market for a single-family home to sell was 52 while it was 53 days for condominiums.
www.mymortgage.ca
PHONE: 1.866.509.1090
FAX: 1.866.392.3672
Head Office
Unit 207, 4603 Varsity Drive NW
Calgary, AB. T3A 2V7
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