PRODUCTS AND RATES
GENERAL LENDING CRITERIA
FORMS
FAQ
 
 
General Lending Criteria

Products:

  • Purchase, Refinances, Switch, Equity Take Out, and Preapprovals.
  • Available on first mortgages only.
  • HELOC Only or HELOC combined with ING DIRECT mortgage
  • Preapprovals are not available for refinance, switch, equity take outs, or HELOC applications.

Rates:

  • Highly competitive
  • Clients will receive ING DIRECT's already low rate for the selected term.
  • Current Rates are available on our website.

Rate Guarantees:

  • Rates are guaranteed from the date of submission of the original application up to the closing date, to a maximum of 120 days. The lowest ING DIRECT rate within that period will automatically apply.
  • For HELOC and VRM, the spread on Prime is guaranteed for 120 days.

Prepayment Options:

  • 25/25 prepayment privileges for Mortgage Products.
  • Lump sum payments of up to 25% of the original principal amount may be made in each year of the term. The minimum acceptable lump sum payment is $100. (If such prepayment privilege is not used in any 12-month period, it cannot be carried forward to the next or any future 12-month period.)
  • Each year the regular payment amount may also be increased, providing the maximum amount of the increase is no more than 25% of the original regular principal and interest payment.

HELOC Prepayment Options:

  • Fully Open - no prepayment penalties if paid in full.

Online Rate Hold Tool

  • Online Rate Hold certificates are valid for 30 days. The Real Deal must be submitted within 30 days of the Rate Hold Starting Date or the Rate Hold certificate is not valid. Your Client's deal must fund within 120 days of the Rate Hold Starting Date.
  • Any Rate Hold submitted after the 30 day period will receive the posted rate as per the day of the Real Deal submission.

    NOT available on the ING DIRECT Home Equity Line of Credit.

Portable:

  • Borrower and new property to be re-qualified and approved. Not more than 120 days between the date of sale and the date of purchase.

Salaried Borrowers:

  • A paystub (less than 30 days old) plus a letter of employment to be verified by ING DIRECT.
  • Must be employed for a minimum of one year and not on probation.

Bankruptcies

  • Will be reviewed on an exception basis.
  • Must be discharged for a minimum of two years.
  • Minimum Beacon Score of 620 with satisfactory re-established credit and repayment history.

Mortgage Amounts

  • Minimum $50,000.00
  • Maximum $3,000,000.00

HELOC Amounts

  • Minimum $50,000.00 ($15,000.00 when combined with an ING DIRECT mortgage).
  • Maximum $1,500,000.00 - for HELOC limits greater than $850,000.00, Maximum LTV is 75% (No Sliding Scale)

Mortgage Loan-to-Value

  • Up to 80% of property value for conventional (up to 75% for Windsor Properties and all Condominium Properties)
  • Up to 95% of property value for high-ratio purchases
  • Up to 85% of property value for refinances

HELOC Loan-to-Value

  • Up to 80% of property value up to $850,000.00
  • Up to 75% of property value for HELOC above $850,000.00

GDS & TDS Ratio:

  • Pre-approvals are 32% / 42%.
  • Conventional mortgages are 35%/45%
  • High Ratio mortgages with a Beacon Score of less than 680 are 32%/42%
  • High Ratio mortgages with a Beacon Score of at least 680 and fully qualified credit history are No limit GDS/44%
  • HELOC - 35%/42% (qualification based on the greater of ING DIRECT's 5 year fixed rate or HELOC rate/ 25 year amortization).

Home Equity Line of Credit (HELOC)

  • HELOC Only or HELOC combined with ING DIRECT mortgage

HELOC Loan Amounts

  • Minimum: $50,000.00 ($15,000 when combined with ING DIRECT Mortgage)
  • Maximum: $1,500,000 (Maximum LTV is 75% above $850,000)

HELOC Loan-To-Value

  • Up to 80% of property value for HELOC $850,000.00 or less
  • Up to 75% of property value for HELOC above $850,000

HELOC GDS & TDS Ratio

  • HELOC- 35%/ 42% (Maximum amortization 25 years)

HELOC - Other Features

  • Fully Open
  • Portable
  • Owner Occupied only
  • 120 days Rate Guarantee (Rate guarantee is based on Spread from ING DIRECT Prime Rate)
  • Online Rate Holds are NOT available on HELOC products
  • Standard Income confirmation Rules for HELOC apply. NO STATED INCOME available.
  • Guarantors not permitted
  • Not available to "New to Canada" clients

 

As a member of the ING DIRECT Broker Team we want to ensure that you understand our general lending guidelines. It's important to note that from time to time these guidelines may be applied at the discretion of the underwriter.