New Mortgage Guidelines that are effective as of April 19, 2010

Summary:
High Ratio Mortgages (80% LTV and UP)
1. Qualify variable rate (all terms) on 5 year Bank of Canada rate 6.25% (today)
2. Qualify the 1 to 4 year fixed rate on 5 year Bank of Canada rate 6.25%
3. Qualify for a 5 year fixed rate by using the Lenders discounted rate (eg. 4.54% street capital rate)
(only on 5 year fixed rate you do not have to use the Bank of Canada rate).

Full Story:

High Ratio Mortgages (80% LTV and UP)
1. Qualify variable rate (all terms) on 5 year Bank of Canada rate 6.25% (today)
2. Qualify the 1 to 4 year fixed rate on 5 year Bank of Canada rate 6.25%
3. Qualify for a 5 year fixed rate by using the Lenders discounted rate (eg. 4.54% street capital rate)
(only on 5 year fixed rate you do not have to use the Bank of Canada rate).
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Conventional Mortgages (80% LTV and DOWN)
1. Qualify all variable rate terms on 3 year discounted rate (eg. 3.85% street captial rate)
2. Qualify 1, 2, 3 fixed rate on the 3 year discounted rate (eg. 3.85% street capital rate)
3. Qualify 4 and 5 year terms on the discounted 4 and 5 year terms (eg. 4.54% street capital rate)
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Rental Properties:
1. 80% LTV is max on all rental properties
2. Rental offser is determined by the lenders policy (if still insured then use 50% rental offset) (if lender does not insure then use lenders offset).