Qualifying Rate:
- Fixed Rate Mortgages of terms less than 5 years and all Variable Interest Rate Mortgages: Applications will be adjudicated based on the greater of the 5 Year Bank of Canada Benchmark Rate**, OR the actual customer rate (inclusive of any customer discretion).
- Fixed Rate Mortgages of terms 5 years or greater: Applications will be adjudicated based on the actual customer rate (inclusive of any customer discretion).
- This change applies to both conventional and insured mortgages.
Maximum Loan to Value when Refinancing on Owner Occupied Residential Property:
- The maximum loan to value ratio for the refinance of an owner-occupied property has moved down to 90%.
Maximum Loan to Value for Non-Owner Occupied (Rental) Residential Properties:
- The maximum loan to value ratio for the purchase, porting or refinance of 1 to 4 unit non owner occupied investment properties will be 80%.
ADDITIONAL INFORMATION:
- **The Bank of Canada Benchmark Rate is defined as the Chartered Bank – Conventional Mortgage 5-year Mortgage rate, published by the Bank of Canada each Monday, and can be found at http://www.bankofcanada.ca/en/
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