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| Products: |
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Purchase, Refinance, Switch, Equity Take Out, Pre-approvals |
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Available on first mortgages only |
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| Terms: |
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Closed, Fixed Rate: 1, 2, 3, 4, 5, 7 or 10 years |
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Convertible, Variable Rate: 5 years |
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| Rates: |
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Highly competitive |
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Clients will receive ING DIRECT’s already low rate for the term selected - no need for negotiating |
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Current rates are available on the website
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| Rate Guarantees: |
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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
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| Payment Frequencies: |
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Monthly, Semi-Monthly, Weekly, Bi-Weekly, Accelerated Weekly, Accelerated Bi-Weekly available on all terms |
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| Prepayment Options: |
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25/25 prepayment privileges |
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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.)
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Once per 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
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| Property Taxes |
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All Borrowers are responsible for payment of their own property taxes, unless an arrangement is made for ING DIRECT to do
so. Proof of property taxes paid must be provided annually to ING DIRECT Broker Team by clients that pay their taxes directly
to the municipality
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| Assumable: |
Upon application and qualification |
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| Portable: |
Borrower and new property to be re-qualified and approved. Not more than 30 days between the date of sale and the date of
purchase. Mortgages are not portable in the province of Quebec
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| Blend and increase: |
The rate of the existing mortgage balance is blended with the rate of the remaining or new term and mortgage increase amount.
Available on fixed rate mortgages only
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| Bankruptcies: |
Discharged with a minimum Beacon score of 620 and satisfactory payment history on re-established credit |
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| Applications: |
To be submitted via Filogix |
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| Finder's Fees: |
Current Finder's Fees are available in the rates section of our website, at www.ingdirectbrokerteam.ca/en/rescurrentrates.html |
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| Borrower Qualifications: |
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Salaried employees must be employed for a minimum for one year and not on probation |
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Self-employed, seasonal and commissioned individuals - two years Notice of Assessment (NOA) line 150 required (Does not apply
for EIQ)
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Good credit rating-minimum Beacon-score of 620 |
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Satisfactory net worth |
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Qualified down payment with 3 months/90 day bank history required |
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| Bankruptcies: |
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Will be reviewed on an excepted basis, discharged with a minimum Beacon-score of 600 and satisfactory payment history on re-established
credit
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| Lending Area: |
All provinces and territories in Canada |
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| Appraisals: |
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Appraisals must be order from either Centract or Nationwide Appraisal Services (NAS). |
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Full appraisals required on mortgages over $250,000 with greater than 65% loan-to-value ratio |
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Drive-by appraisals with pictures on mortgage amount with less than 65% loan-to-value ratio and less than $250,000 |
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| Property Types: |
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Single family dwellings, up to and including fourplexes |
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Owner-occupied or rental properties |
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Rentals to a maximum of 90% LTV |
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| Loan Amounts*: |
Minimum |
$50,000 |
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$2,000,000 (Excluding EIQ) |
| *Amounts over $750,000 will be considered on an exception basis |
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| Loan-to-Value: |
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Up to 80% of property value for conventional |
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Up to 95% of property value for high-ratio |
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Up to 95% of property value for refinances |
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Up to 90% of property value for rentals |
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| GDS & TDS Ratio: |
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High Ratio – 32% GDS/42% TDS |
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Conventional - 32% GDS/42% TDS |
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Pre-approvals not to exceed 32% GDS/42% TDS |
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All deals are underwritten based on a minimum 3-year rate |
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| Salaried Borrowers: |
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A pay stub (less than 30 days old) plus a letter of employment will be verified by ING DIRECT |
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Salaried employees must be employed for a minimum of one year and not be on probation |
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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.
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| This site is intended for use by Mortgage Brokers. Visitors should be aware that all information regarding fees, policies
& guidelines contained herein is positioned towards Brokers. Rates are subject to change without notice.
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