Toronto mortgage company Mortgage Direct2u

Why a Mortgage Broker?

100% Home Financing

Why Rent – When you can OWN?

You have excellent credit and a stable source of income yet have not accumulated the required down payment – MortgageDirect2u has the perfect mortgage solution for you!

Purchases Only:

Owner occupied (max 2 units)
Single family detached and semi-detached
Single family townhouses and row houses (freehold)
Duplexes
Registered condominium unit including: high-rise, townhouses and stacked townhouses located in urban centers
Properties on well water and septic tanks will be considered provided this is normal for the area
Dwellings situated on acreage, appraisal report to include a maximum of 10 acres and no out buildings
All residential properties must be of reasonable size. Minimal for all condominiums 700 – 750 square footage (70m2) of living space
For properties with no basement, the minimum square footage is 1,000 Sq. Ft.

Ineligible Properties:

Co-op, Student & Rooming Housing
Bed & Breakfast
Historical designations
Commercial Properties
Commercial Mix
Raw, Leased Land
Seasonal non-year round access
Island Properties
Mobile Homes
Prior Grow-Ops, Meth Labs
Life Lease
Fractional Interests, Rental Pools
Hotel Condo
Non Conventional Construction

Mortgage Types:

5 yr fixed rate closed
Standard Rate guarantee 90 days
(new construction 120 days)
120 Day Rate Guarantee is available with .25 bps increment.

100% Financing Available - The Perfect Mortgage Solution For You!

Amortization:

Insured mortgages up to 30 year amortization available*

Payments:

Weekly, bi-weekly and monthly payments
Prepayment privilege: up to 20% of the original principal amount + up to 20% increase in payment annually

Limits:

PURCHASES - 95% financing through Genworth, CMHC

This mortgage option is for homebuyers that have a minimum Beacon sore of 650 and an excellent credit history but have not yet saved the required down payment. It will not be approved for prior bankrupts or heavily indebted with no assets and no evidence that they can save. Non-residing co-borrowers must be an immediate family member and on Title.

Mandatory:

Mortgages must be title insured
Cash Back must be used for down payment
Employment and income verification required
Business for Self – 3yr avg. NOA (no stated income)
Property must be residential
All properties must have a minimum of 100 AMP service
Building must meet all applicable Fire Code Regulations

Loan-to-Value	Standard PremiumSelf-Employed without 3rd Party Income Validation		Standard PremiumSelf-Employed without 3rd Party Income Validation**
Loan-to-Value	Standard Premium	Self-Employed without 3rd Party Income Validation	Standard Premium	Self-Employed without 3rd Party Income Validation**

Up to and including 65%	0.50%	0.80%	0.50%	1.50%
Up to and including 75%	0.65%	1.00%	2.25%	2.60%
Up to and including 80%	1.00%	1.64%	2.75%	3.85%
Up to and including 85%	1.75%	2.90%	3.50%	5.50%
Up to and including 90%	2.00%	4.75%	4.25%*	7.00%*
Up to and including 95%	2.75%	N/A	4.25%*	*
90.01% to 95% — Non-Traditional Down Payment***	2.90%	N/A	*	N/A
Extended Amortization Surcharges Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period.†

For portability and refinance, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. In the case of portability, a premium credit may be available under certain conditions.

* Premiums shown with an “*” do not apply for refinance. For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV. For portability, the premium is higher for non-traditional down payments on Increase to Loan Amount.

** For conversion from Self-Employed with traditional 3rd party income validation to Self Employed without traditional 3rd party income validation, the premium is the lesser of: a) the Premium on Total Loan Amount or; b) the outstanding balance multiplied by a 1.5% premium plus the Premium on Increase to Loan Amount.

*** Down Payment Requirements – Traditional sources of down payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (‹50% of min.required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency). Non-traditional sources of down payment include: Any source that is arm’s length to and not tied to the purchase or sale of the property, such as borrowed funds, gifts, 100% sweat equity, lender cash back incentives.

† The amortization cannot exceed 30 years for mortgage loan-to-value ratios › 80%.

Premiums in Ontario and Quebec are subject to provincial sales tax. The provincial sales tax cannot be added to the loan amount.


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