Condos In Mississauga

Mississauga offers more condo opportunities than any other city comparatively. Most condo rental payments range from $900 to $1600 per month. Over several years, this amounts to a substantial sum which the renter pays away with no lasting benefit. There is no equity in renting a condo or home. It's like a mortgage only with no benefits and no asset value to take away. So why don't more condo renters consider a rent to buy home ownership program? Various builders and vendors offer such agreements and although there is no central service to help renters escape the endless tyranny of condo rentals, a realtor may be aware of rent to own opportunities.

HomeOpeners® 30 & 35-YEAR AMORTIZATION MORTGAGE INSURANCE PROGRAM

A suite of innovative products that makes home ownership more accessible than ever before by extending their mortgage amortization up to 35 years.

Overview

The Genworth 30 & 35-Year Amortization Mortgage Insurance Program brings the dream of home ownership much closer for thousands of Canadians. It is a direct response to the significant rise in real estate prices and interest rates, and enables buyers to reduce their monthly payments.

30 & 35-Year Amortization Mortgage
Insurance Program features:
• Opportunity: provide your customers the ability to
get into home ownership sooner
• High-ratio: up to 100% financing for purchase and up to 95% for refinancing
• Affordable: reduce your monthly mortgage payment
• Flexible: amortization options from 25 to 35 years
• Portable: insurance can be applied to a new loan
• Premium surcharge:
     20 bps for 25.01 – 30 years
     40 bps for 30.01 – 35 years

Eligible Products
• Purchase
• Purchase Plus

Improvements

• Progress Advance
• Cashback Equity
• Refinance
• New to CanadaTM
• Family Plan
• Homebuyer 100
• Alt. A Business for Self
• CreditAssistTM
• HELOC
• Secondary Home (Type A)
• Investment Properties

30 & 35-Year Amortization Product Features

Genworth Premium

Loan-to-Value     30-Year Amortization   35-Year Amortization

97.01% - 100%    3.30%                       3.50%
90.01% - 95%      2.95%                       3.15%
85.01% - 90%      2.20%                       2.40%
80.01% - 85%      1.95%                       2.15%
75.01% - 80%      1.20%                       1.40%
65.01% - 75%      0.85%                       1.05%
<65%                  0.70%                       0.90%

Loan Characteristic Program Guidelines

Amortization 25.01 to 35 Years available

Loan Purpose Purchase or refinance

Maximum LTV     1 & 2 Units Purchase ~ 100% LTV
                          1 & 2 Units Refinance ~ 95% LTV
                          3 & 4 Units Purchase & Refinance ~ 90% LTV

Eligible Property Type New or Existing
Maximum 4 units, where at least one unit is owner occupied

GDS / TDS 680+ Bureau Score - GDS: no limit / TDS: 44%
Up to 679 Bureau Score - GDS: 35% / TDS: 42%

Rate Types Fixed, Capped Variable, Variable & Adjustable
Rate Mortgages permitted

Borrower Qualifi cations Existing requirements related to income, down payment,
& credit worthiness apply
No minimum credit bureau score required

Portability Standard portability rules apply

Ineligible Loan Types • Second Mortgages • Vacation Homes (Type B)

Refinance Criteria

• Refinance without increasing monthly payment
• Help take the worry out of rising interest rates

Maximum LTV: 95%

Equity Takeout Limit Up to 90% LTV: $200,000
90.01 - 95% LTV: $150,000

Refinance Purpose:

• Debt consolidation
• Asset enhancement
• Renovation
• Repayment of existing mortgage financing

This article was developed by and courtesy of Genworth Financial Canada.

Nick Dimulkas, AMP
BMO Mortgage Specialist
BMO Bank of Montreal
Phone: (416) 590-7933
Cell: (416) 258-0156
Fax: (416) 590-8940
Email: nick.dimulkas@bmo.com
We have access to the widest variety of lenders — to find the right solution for you. We are experts at helping you achieve your homeownership dreams. Access your best options!