CMLS Financial | Canada's Mortgage Company

*Home Line* requirements are in addition to our Standard Requirements:

  • HOME LINE COMBO must be requested in notes
  • Transactions: Purchase, Refinance, Transfer, Collateral Transfer
  • First Position Home Line – Is Currently Unavailible
  • Min Beacon High Ratio Insured and Uninsured: 680 for all applicants
  • Min Beacon Low Ratio Insurable:
    • Up to 65% LTV: min 680 Beacon for all applicants
    • 65.01 to 80% LTV: min 720 for one applicant for best rate, or (680 to 719 add 10bps to rate). All other applicants, min 680.
  • Max GDS/TDS Insured/Insurable Mortgage only: Beacon 680: 32/40 | Beacon 700: 34/42 | Beacon 750: 39/ 44
  • Max GDS/TDS: Uninsured Mortgage and HELOC Combo: Beacon 680: 32/40 | Beacon 700: 34/42
  • Min 20% down payment 5% must be from own resources
  • Min 10-year amortization
  • LOC payments for qualifying based on “LOC Balance”, HELOC payment calculated at BOC rate and 25-year am, Unsecured LOC payment calculated at 3% of balance
  • Occupancy: Owner Occupied, Owner Occupied with Rental Suite, Second Home
  • Sliding Scale – please contact your regional manager
  • Verified Income Only, No Stated Income
  • No Fee Transfer & No Fee Collateral Transfer: Min $150,000 loan (no fee collateral transfer subject to a 10- bps reduction in compensation). Additional registration cost for HELOC portion of the CMLS Home Line product is the client’s responsibility
  • Rental Income – Basement Suite Income 50% added to gross, Rental Spreadsheet for non-subject rental properties, rental income confirmed with T1 General (including statement of rental activities and Notice of Assessment), rentals must be owned for minimum of 1 year
  • Rate Buydown & Compensation Model: The maximum rate buydown is 20bps.You may buydown rates in exchange for reduced commission, determined by the rate buydown calculator. You must indicate instructions for buydown & compensation model in the deal notes. Rate Drops are not automatic, you must email the underwriter to request a rate drop. If rate drops after submitting, we will still apply the buydown unless you advise the underwriter in writing to remove it
  • Home Line LOC - Insured/Insurable - Qualified on combined limit of mortgage & HELOC at the greater of contract rate + 2% or benchmark amortized over 25 years.
  • Home Line LOC - Un-Insured – Mortgage portion qualified at up to 30 year amortization, and HELOC portion at up to 25 years amortization at the greater of contract rate + 2% or benchmark.
  • Minimum Home Line Limit - $10,000
  • Maximum Home Line Limit
    Stand Alone HELOC – Is Currently Unavailible
    Combination Mortgage and HELOC combined up to 80% LTV with maximum 50% LTV for HELOC portion
  • CMLS Home Line – Separate applications must be submitted for both the mortgage and HELOC. Two separate charges will be registered
  • CMLS Home Line – not available in NB (Alberta Restrictions Apply)
  • Alberta Restrictions – Combo Home Line - City Limits or within 50km of Calgary, Edmonton, Lethbridge, and Red Deer, First Position Home Line – Calgary and Edmonton
  • First Position HELOC – Is Currently Unavailible

Standard Rate Requirements, Rate Adjustments, and Important Notes:

  • Min Beacon:

    HR Insured: 660 all applicants. (640 to 659 contact your RM or UWr )
    Low Ratio Insurable Up to 65% LTV: 680 for one applicant. All others 660. (640 to 659 contact your RM or UWr )
    Low Ratio Insurable 65.01 to 80% LTV: 720 for one applicant for best rate, or (680 to 719 add 10bps to rate). All other applicants 660. (640 to 659 contact your RM or UWr )
    Uninsured: 680 all applicants
  • GDS/TDS: Owner Occupied Max 39/44
  • LOC payments for qualifying based on “LOC Balance”, HELOC payment calculated at 0.65% of balance, Unsecured LOC payment calculated at 3% of balance
  • BFS Alt A or 2 to 4-unit Rentals allowed via Insured/ Insurable CMLS Standard Rates. LTV over 65% requires client paid insurance. BFS Alt A add 5bps to rate.
  • 3y, 4y & 5y No Fee Transfer & No Fee Collateral Transfer: Min $150,000 Loan (No Fee Collateral Transfer subject to a 10 bp reduction in compensation
  • Rate Advantage: Pay-out of entire outstanding balance of the Mortgage prior to the Maturity Date is only permitted on the closing of a bona fide arm’s length sale
  • Rate Buydown & Compensation Model: The max rate buydown is 20bps.You may buydown rates in exchange for reduced commission, determined by the rate buydown calculator. You must indicate instructions for buydown & compensation model in the deal notes. Rate Drops are not automatic, you must email the underwriter to request a rate drop. If rate drops after submitting, we will still apply the buydown unless you advise the underwriter in writing to remove it.
  • Borrowers are entitled to one (1) time rate drop up to five (5) business days prior to funding date. Request must be in writing
  • Insured Rental Transfer, please contact RM or UWr prior to submission for rate pricing
  • Uninsured Rental Properties - Maximum 70% LTV
  • Smart Cash available in AB, BC, ON, SK and MB

**Preferred Customer Program Requirements and Important Notes** are in addition to our Standard Requirements

  • New Business Only
  • Preferred Customer Program must be requested in notes, along with the term, rate and any buydown you want to apply
  • Min Beacon: HR Insured: 660 all applicants Low Ratio Insurable: 720 for one applicant & min 660 any other applicant
  • Un-Insurable 680 all applicants
  • Max GDS/TDS 39%/42%
  • Min 12-year amortization
  • LOC Payments for qualifying based, HELOC payment calculated at approved limit and BOC rate amortized over 25 years, Unsecured LOC payment calculated at 3% of outstanding balance
  • Occupancy: Owner Occupied, Second Home, and Vacation Property (Type A four season with all year access)
  • Verified Income Only: Income Documents must be dated within 30 days of submission. No Stated Income, min 3 years in business if BFS, No Gross up of BFS income
  • No use of rental addbacks or spreadsheet
  • No Specialty Programs: No New to Canada program, No Flex Down
  • Maximum rate buydown: is 20bps
  • No Fee Transfer & No Fee Collateral Transfer: Min $150,000 loan (No Fee Collateral Transfer subject to a 10 bp reduction in compensation Important Notes
  • Rate Advantage: Pay-out of entire outstanding balance of the Mortgage prior to the Maturity Date is only permitted on the closing of a bona fide arm’s length sale
  • Rate Buydown & Compensation Model: The maximum rate buydown is 20bps.You may buydown rates in exchange for reduced commission, determined by the rate buydown calculator. You must indicate instructions for buydown & compensation model in the deal notes. Rate Drops are not automatic, you must email the underwriter to request a rate drop. If rate drops after submitting, we will still apply the buydown unless you advise the underwriter in writing to remove it
  • Alberta / Saskatchewan Restrictions – Refinance maximum LTV 75%, Locations limited to Calgary, Edmonton, and Lethbridge, Saskatoon, and Regina and surrounding areas
  • Rate Guarantee: Borrowers are entitled to one (1) time rate drop up to five (5) business days prior to funding date. Request must be in writing

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