COTTAGE PURCHASE FINANCING
Today's busy lifestyle requires more home ownership options - whether it's a second home in the city to reduce that weekly commute, or a cottage at the lake for weekend getaways.
You can now purchase a second home with an affordable monthly payment and with little or no money down and cottage with 10% down.
Acceptable loan purpose
• Secondary homes (Type A)
• Secondary homes (Type A) available for Home Equity Line of Credit (HELOC)
• Vacation homes (Type B) available for purchase only
• Program does not provide for the purchase of investment, rental pool or timeshare properties; therefore, incidental rental income will not be used for qualification purposes.
Eligible properties
Type A Properties (Secondary Homes):
• Property characteristics must comply with the GENWORTH First Mortgage Owner Occupancy Program
• Maximum loan amount: - Metro Toronto, Metro Vancouver and Metro Calgary - $700,000; rest of Canada - $600,000
• Up to two units Maximum
Type B Properties (Vacation Homes):
• Property characteristics same as Type A properties except for the following;
• Property need not be winterized
• May have seasonal access (road not plowed during winter)
• Maximum loan amount: $350,000 (exceptions will be considered on a case by case basis)
• One unit maximum
Loan-to-value ratio limits
• Type A properties: 100% LTV
• Type B properties: 90% LTV
Mortgage Insurance Premium rates
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LTV ratio
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Type A Properties*
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Type B Properties
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Up to 65%
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0.50%
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1.25%
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65.01% - 75%
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0.65%
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1.40%
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75.01% - 80%
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1.00%
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1.75%
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80.01% - 85%
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1.75%
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2.50%
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85.01% - 90%
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2.00%
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2.75%
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90.01% - 95%
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2.75%
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N/A
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95.01% - 97%
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2.90%
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N/A
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97.01% - 100%
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3.10%
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N/A
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* a .20% premium surcharge will be applied for every 5 years of amortization beyond the traditional 25 - year mortgage amortization period.
Borrower Qualification For Type B Properties
• No prior bankruptcy or judgements
• No R3's in the last 24 months
• No 3rd party guarantors for qualification purposes. Spousal guarantors OK.
• No gifted down payments under this program
SELECT A PROFESSIONAL...
Get Approved Using My Proven Services...
... in Less Than a Day!
APPLY ONLINE IN LESS THAN 10 MINUTES
If you answered "YES" and you want to take advantage of my proven mortgage services -- HERE ARE THREE EASY WAYS FOR YOU TO GET STARTED:
- CLICK HERE TO APPLY ON-LINE ON MY SECURE SERVER
Remember... there are NO upfront costs and NO obligations. If you are not satisfied with my work then you can cancel at anytime!
- CLICK HERE TO PRINT & FAX APPLICATION
The online application is securer but if you prefer faxing it then print my 'printable' application form and fax it to me toll free to 1-888-416-4096
- MAIL YOUR APPLICATION
If you prefer using "SNAIL MAIL" then mail the 'printable' application to the following address: VERICO Mortgage Network London Inc. Attn: Joe Malek, AMP... 321 Springbank Drive, London, Ontario, N6J 1G6
For faster service please use online application. Your request will get a top priority and you could receive your approval in less than a day!
Sincerely,
Joe Malek, AMP
Your Mortgage Agent (Lic.# M08004649)
Accredited Mortgage Professional and Debt Consolidation Expert!
P.S. That's all it's to it... no running around... no time consuming appointments... no office visits... and the lowest rates around!
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VERICO Network is the fastest growing mortgage organization in Canada. Since 2005 the network has grown to over 150 locations throughout Canada that employ over 1,000 agents who collectively originate in excess of $7 Billion in mortgage loan volume.
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