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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:

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

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