Equity

With the Equity Program, the borrower must have stable to moderate confirmable income.1 This solution is ideal for borrowers who are salaried or self-employed and seeking to purchase or refinance a marketable property, where there is a large equity or down payment position. Borrowers may have debt service ratios that may not necessarily fit standard requirements and may be elevated.

Overview

Terms

  • 1 – 5 year closed
  • 3 & 5 year VRM

Eligible properties

  • 1 – 4 units, owner occupied principal residence
  • The collateral must comply with the neighbourhood and be well maintained (to be assessed on a case by case basis)
  • No deferred maintenance
  • Property to be in an urban area with municipal services (to be assessed on a case by case basis)

Payment frequencies

  • Monthly, weekly, bi-weekly, accelerated weekly, accelerated bi-weekly

Maximum amortization2

  • 30 years

Lending areas and loan amounts2

CREDIT GUIDELINES3

  • Standard income validation applies3
  • Owner-occupied
  • Primary residence
  • Full appraisal
  • No gifted down payment
  • No POA
  • No previous bankruptcy, consumer proposal, orderly payment of debt and credit counseling
  • No income tax arrears
  • No delinquencies

Min. credit score:2

  • 680

LTV, Beacon and TDS limits2, 3

  • Equity 50 – 50% LTV max., credit score 680+, max. TDS 65%
  • Equity 65 – 65% LTV max., credit score 720+, max. TDS 60%

1 As determined by the terms and conditions of the Equity Program.

2 Debt service flexibilities, LTVs offered and amortization options are based on the assessment of the strength of the application. Satisfying the minimum credit score requirement alone does not automatically entitle the borrower to maximum LTV and amortization options or debt service flexibilities. Some parameters, such as LTV, may differ for AB, SK and NL.

3 B2B Bank reserves the right to request additional information or documentation at its sole discretion for the approval of the loan.

All mortgages are funded by, registered in the name of, administered and serviced by B2B Bank. Debt service flexibilities are based on the overall assessment of the strength of the overall application. B2B Bank is a wholly-owned subsidiary of Laurentian Bank of Canada. B2B Bank acts solely in the capacity of lender and/or account administrator, and does not provide investment advice. Dealers, advisors and brokers, not B2B Bank, are responsible for determining the suitability of products and services for their clients and for informing them of any related risks. Any loan approval by B2B Bank should not be construed as an endorsement of any investment choice, program, or strategy. All loans are subject to credit approval and borrowed monies are due and payable regardless of the performance of the investments. B2B Bank products and services are only available through financial intermediaries. Satisfying the minimum credit score requirement alone does not automatically entitle the borrower to debt service flexibilities. All mortgages, loans and lines of credit are subject to credit approval. Any illustration or example provided are for illustrative purposes only.