2nd Mortgage Product up to 90% LTV
Self Employed Non-Traditional Income Validation
Stand out from the competition! Solidity is only partnering with select Dominion Lending Brokerages!
Premium Plus allows a homeowner to access an additional 15% of the value of their home.
No auto-declines, all deals considered on own merit. Speak with BDM to see if this product is right for your client.
Introductory Rate! Paying 0.5% on the total borrowings!
Appraisals ordered by lender. Cost is borrowers responsibility
|Purpose||Assist your self employed clients with their purchase or refinance.|
|Loan Amount||Refinance maximum $200,000
No maximum on purchase
|Number of Units||1 & 2 Units, 1 must be owner occupied|
|Amortization||LTV > 80% up to 30 year 0.20% premium on rate
LTV < 80% up to 35 year 0.20% premium on rate
LTV < 80% Interest Only 0.60% premium on rate
|Loan to value||Purchase: Up to 90%
Refinance: Up to 85%
|Eligibility*||Canadian Citizens, Permanent Residents 3+ years business operation. Must have a Canadian credit history, can not be commission based.|
|Terms||Fully open 2 year term.|
|Lender Fee||Matching recently funded 1st mortgage rate. Premium applied to full (1st & 2nd) amount borrowed as follows:
To a max of 90% of apparaised value.
|Debt Service||Beacon <680 GDS 35% TDS 42%
Beacon >680 GDS N/A TDS 44%
|Fees||$750+HST Mortgage set-up fee, closing costs paid by the borrower|