HomeOpeners®
OWNER-OCCUPIED REFINANCE PROGRAM - 1-4 UNITS
A suite of innovative products that makes home ownership more accessible than ever before.
Overview
Introduced to Canadians by Genworth Financial, borrowers can now take equity out of their
homes for a variety of purposes, including asset enhancement, debt consolidation, combining a
first and second mortgage, or renovations.
By using their home equity, borrowers can reduce overall carrying costs by taking advantage of the
low interest rates that mortgages can provide.
Highlights
• Up To 95% LTV
• Extended Amortizations
Available Up To 35 Years
• Fixed, Variable and
Adjustable Rate
Mortgages are Permitted
• Up To $200,000 Equity
Take-Out
With the Owner-Occupied Refinance
Program, borrowers can…
• Benefit from consolidating existing debt
into one manageable payment
• Enjoy the payment flexibility that comes
with an extended amortization
• Enjoy the convenience of one mortgage
with one monthly payment
• Take advantage of home equity to build
their investment portfolio, renovate their
existing home or consolidate existing debt
Owner-Occupied Refinance Product Features
A consumer
friendly
product
designed to
enhance
affordability& access to
home ownership
with minimal
down payment
* a .20% premium surcharge will be applied to the above premium rates for every 5 years
of amortization beyond the traditional 25-year mortgage amortization period
90.01 - 95% 2.75% 4.25%
85.01 - 90% 2.00% 4.25%
80.01 - 85% 1.75% 3.50%
75.01 - 80% 1.00% 2.75%
65.01 - 75% 0.65% 2.25%
up to 65% 0.50% 0.50%
Genworth Premium
Refinances are permitted on the following specialty products, please refer to the product HomeOpener for specific qualifying
criteria: Business For Self (Alt. A), Home Equity Line of Credit (HELOC), Investment Property Program, Secondary Homes (Type A),
CreditAssist
Loan Characteristic Program Guidelines
1 -2 Units
Loan Purpose • Refinance
Maximum LTV • 95% LTV
Equity Take-Out Limits • Up to 90% LTV: $200,000
• 90.01-95% LTV: $150,000
Amortization • Up to 35 Years
Rate Types • Fixed, Variable and Adjustable Rate Mortgages
Eligible Property Type • Maximum 2 units, where at least one unit is owner occupied
• Existing properties
Recommended Credit Profile • Up to 90% LTV: Recommended credit score of 600
• 90.01-95% LTV: Recommended credit score of 650
• No prior bankruptcy or judgments
GDS/TDS • < 679 Credit Score: 35% / 42% TDS
• 680+ Credit Score: No GDS / 44% TDS
Occupancy • Primary applicant(s) must occupy the property. Non-residing
applicants are permitted for qualification purposes provided they
are immediate family and on title to the property.
3-4 Units
Loan Purpose • Refinance
Maximum LTV • 90% LTV
Equity Take-Out Limits • Up to 90% LTV: $200,000
Amortization • Up to 35 Years
Rate Types • Fixed, Variable and Adjustable Rate Mortgages
Eligible Property Type • Maximum 4 units, where at least one unit is owner occupied
• Fully self-contained units
• Meets municipal zoning requirements
• Existing properties
Recommended Credit Profile • Up to 90% LTV: Recommended credit score of 600
• Borrowers must have clean credit, stable employment, positive
net worth and liquid assets to covers 3 months payments
• No prior bankruptcy or judgments
GDS/TDS • < 679 Credit Score: No GDS / 42% TDS
• 680+ Credit Score: No GDS / 44% TDS
Occupancy • Primary applicant(s) must occupy the property. Non-residing
applicants are permitted for qualification purposes provided they
are immediate family and on title to the property.
This article was developed by and courtesy of Genworth Financial Canada.
Port Credit Houses for Sale
Beautiful Port Credit houses for sale is a rare commodity and you should be aware of the opportunity to buy in Port Credit. Its exclusive location on the shores of Lake Ontario and its excellent quality housing stock make it prime real estate for living and for investment. If you're interested in Port Credit houses, send an email to Damir. When opportunities come available, he can contact you. |
