CMLS Financial | Canada's Mortgage Company

Enhanced Underwriting Requirements.

  • Beacon Score Requirements
    • High Ratio minimum – 660 for all applicants
    • Insurable minimum – 720 for 1 applicant, minimum 660 for other applicants
  • Debt Servicing Maximums
    • Maximum GDS 39%
    • Maximum TDS 42%
  • LOC Payment for Qualification based on “LOC Limits”
    • Secured PLC calculated at BOC rate repaid over 25 years
    • Unsecured PLC calculated at 3%
  • Owner Occupied Primary and Secondary Properties Only
  • Verified Income Only (No Stated Income)
    • Income documents must be dated within 30 days of submission
  • Business for Self
    • Proven income only
    • Proof of self-employment for 3 Years
    • 3 years minimum credit with 3 tradelines for all applicants
    • No income gross up available
  • No Specialty Underwriting Programs (Flex Down, New to Canada)
  • No Usage of Rental Income
  • Minimum 12 Year Amortization
  • Maximum Buydown 20 BPS
  • Rate Advantage
    • Full payout prior to maturity only upon bona-fide arm’s length sale
  • Upfront or Renewal Compensation Available on Request
  • 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


For full product details and to discuss specific file scenarios, please reach out to your regional manager.

CONTACT
Vancouver
Calgary
Winnipeg
London
Toronto
Ottawa
Montreal
Halifax

Subscribe.

Subscribe now to automatically receive both our Commercial Mortgage Commentary and Looking Forward Newsletter.

Select and submit below to automatically receive our Looking Forward Newsletter.

Select and submit below to automatically receive our Commercial Mortgage Commentary.


Thank you for your interest. We look forward to getting in touch.