Home Trust is offering a 3.99% special on its 3- and 5-year “Ace” mortgages, with no lender fee.
The Ace mortgage is designed for borrowers with non-traditional income sources. If you have 20% down for a purchase or 25% equity for a refinance, you can get an Ace mortgage by providing a self-declaration of your income. No NOA’s, tax returns, pay stubs, or T4’s are required.
If you’re refinancing and need more than 75% loan-to-value (LTV), Home Trust allows for:
- An EquityLine Visa in 2nd position up to 85% LTV (640+ credit score minimum).
- A private Lender in 2nd position up to 90% LTV.
The Ace mortgage is well suited to BFS applicants because there is no NOA required. It’s also suitable for Canadians on commission-only income, borrowers who want to include part-time income and/or rental income, and those who need TDS/GDS flexibility.
To qualify for an Ace mortgage you’ll need the following, among other things:
- Good credit (600+ credit score, two years clean active trade lines, and no derogatory items)
- A business that has been registered and active for at least two years (if you’re self-employed)
Prepayments up to 20% can be made once a year on the anniversary date.
Amortizations up to 35 years are available.
The following require slight rate premiums: mortgage amounts over $750,000; rental properties (must be an owner-occupied rental); and equity take-outs over $25,000.
One thing to keep in mind is that the Ace mortgage is fully closed for 36 months unless you sell your property. After 36 months, or upon sale, the pre-payment charge is the industry standard 3-months interest or IRD.
The Ace mortgage special runs until June 30, 2009 and the mortgage must close by then. Other conditions apply. Please contact a mortgage planner for complete details.
