If you’re hunting for a mortgage and you’re able to put down 20%, you’ve now got one more option.  Street Capital has just launched a new line of conventional fixed and variable-rate mortgages.

As most in the industry are aware, Street Capital Financial Corporation is a Canadian wholesale lending company.  It’s worked hard to build a name for itself with nicely discounted rates and broker-friendly policies.

Street is especially competitive with 1-4-year terms, where it is currently offering among the lowest rates in the industry (e.g., near 3% on a 3-year fixed!).

Street’s new conventional mortgages are very similar to it’s high-ratio lineup. Key benefits include:

• Excellent rates
• Solid prepayment privileges
• Portability
• A maximum mortgage amount of $1.5 million (with no annoying “sliding scales” to reduce allowable loan-to-value)
• 80% rental offset on rental property income

One minor difference compared to its high-ratio products is that rental and BFS applicants incur a slight (0.15%) rate premium on Street’s conventional mortgages.

Other Product details:

• Minimum Borrower Equity:  20% (Including a minimum of 10% from borrower’s own resources [i.e., not gifted or borrowed]).
• Mortgage Types:  Purchases, refinances, and transfers
• Lending area:  Nationwide except QC and SK
• Terms:  1-5-year fixed or 5-year variable
• Maximum Amortization:  35 years
• Minimum. Amortization:  16 years
• Rate Hold:  120 days for fixed rate mortgages; 60 days for variables; 30 days for quick closes
• Maximum Debt Ratios:  35% GDS and 42% TDS (or 44%/44% for credit scores of 680+)
• Prepayment Options:  Up to 20% of the original principal amount and up to a 20% increase in payments each year
• Accelerated payment options:  Yes (Weekly and Bi-weekly)
• Portability:  Yes, upon approval

Street’s new conventional offerings are portfolio insured at CMHC. That means applicants need to meet CMHC’s general lending criteria.  (The client pays no CMHC insurance premium.  Street covers it.)

In addition, there’s usually no human appraisal required unless CMHC explicitly requests one.  That can sometimes save a bit of money as well.

As with any mortgage, other conditions apply.  For more information:

• Prospective customers can speak with any Street Capital approved mortgage planner
• Brokers should contact their local Street Capital BDM

Last modified: April 29, 2014