Insured Second Home Borrowing available

TD will continue to offer: Insured Second home and Insured Business for self however approval will be done through Genworth.  If you recall, effective May 30, CMHC has discontinued their Second Home and Self-Employed without Standard Income Confirmation products. In addition, changes limit customers to one CMHC insured mortgage on an owner-occupied residential property at a time.  (for additional info  http://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/rean/rean_047.cfm)

I'm so proud !!!J  For the second time in a row TD has been named the #1 brand in Canada by Interbrand, the world’s leading brand consultancy. We proudly beat out our competition among the Canadian financial institutions as well as iconic brands such as Tim Hortons, Canadian Tire and Lululemon. 

Contact Romy Alegria today at 416 278 2540
Toronto GTA and the Surrounding 905.

Business for Self Mortgage Guidelines

Here’s a refresher when dealing with “buyers” that are business for self:

ü  Maximum LTV (loan to value) 90%

ü  Self employed for more than 2 years but less than 3 years

ü  No previous bankruptcy

ü  No tax arrears as per most recent Notice of Assessment (NOA)

ü  Minimum 3 years on Credit Bureau with 3 trade lines.

ü  Beacon Score Requirements (defined by the lowest score from all borrowers average score):   LTV </= 90% - minimum beacon score of 650

ü  Maximum TDS 42% - based on stated income.

** Latest statistics from Bank of Canada indicates that the total mortgage amount is $879 billion in the year to July.

** In its interest rate announcement, the Bank of Canada held the overnight at 1.00% and reiterated its forward looking language. The Bank acknowledged that the rotation in economic growth drivers has not been as quick as many had hoped – a theme that was reinforced by data releases this week (From Td Economics)

Romy Alegria is a Mobile Mortgage Specialist with TD Bank who specializes in Residential and Commercial Real Property Mortgages in the Greater Toronto Area.

Romy Alegria | Manager, MMS | TD Canada Trust
P: 416.278.2540 | F: 1-866.222.5708
E: Romy.Alegria@td.com
W: http://mms.tdcanadatrust.com/romy.alegria