Why should you choose a second mortgage in 2023?
In the current economic environment of low-interest rates, a second mortgage may seem like a great option for those looking to access equity and use it for home renovations or
PRODUCTS | RATE | COMMITEMENT FEE |
---|---|---|
MONEY 65 | ||
1 Year | 5.24% | 3.00% |
2 Year | 5.14% | 3.00% |
65% LTV, MIN 600 BEACON
MONEY 75 | ||
---|---|---|
1 Year | 5.99% | 3.00% |
2 Year | 5.89% | 3.00% |
MONEY 80 | ||
---|---|---|
1 Year | 6.99% | 3.00% |
2 Year | 6.89% | 3.00% |
Income Verification | Reasonability |
---|---|
Occupancy Type | Owner occupied (Rental up to 4plex under 1 title with 1 unit owner occupied) |
Max Amortization | P&I payments up to 35 years or interest only payments |
Valuation | From approved appraisal list |
Inspection | Not required |
Prepayment Penalty | 1 year – Open on 3 months interest 2 years – Open on 4 months interest |
A (ON, BC, & AB)
(See our Lending Areas page for definition)
LTV | 65% | 75% | 80% |
---|---|---|---|
Single Family | |||
Duplex | |||
4plex | [one unit must be O/O] | ||
Townhouse | |||
Strata Townhouse | 2 | 2 | 2 |
Apartment Condo1 | 2 | 2 |
Flexible solutions when turned away from traditional lenders. Matrix Money Interest Only Product is an extension of our CAPL mortgage product line. Ideal for clients with a proven repayment history and are looking for a lower rate.
PRODUCTS | RATE | COMMITEMENT FEE |
---|---|---|
MONEY 50 (I&O) | ||
50% or Less LTV | 3.99% | 3.00% |
MONEY 65 (I&O) | ||
---|---|---|
51%-65% LTV | 4.99% | 3.00% |
MONEY 75 (I&O) | ||
---|---|---|
66%-75% LTV | 6.99% | 3.00% |
Income Verification | Reasonability |
---|---|
TDS | N/A |
Maximum Mortgage | $750,000 (With $1,000,000 in GTA) |
Occupancy Type | Owner occupied (Rental up to 4plex under 1 title with 1 unit owner occupied) |
Max Amortization | N/A |
Valuation | From approved appraisal list |
Inspection | Not required |
Prepayment Penalty | 1 year – Open on 3 months interest |
A (ON)
(See our Lending Areas page for definition)
LTV | 50% | 65% | 75% |
---|---|---|---|
Single Family | |||
Duplex | |||
4plex | [one unit must be O/O] | ||
Townhouse | |||
Strata Townhouse | 2 | 2 | 2 |
Apartment Condo1 | 2 | 2 |