Mortgage Insurance Insights Newsletter
Products + Solutions
June 4, 2014 | Mortgage Insurance Insights Newsletter
Products + Solutions
Lifestyle Advantage™ and Low Doc Advantage™ Products Supported
Canada Guaranty continues to offer the Lifestyle Advantage (Second Home) and Low Doc Advantage (Self-Employed) products for qualified applicants with a strong credit profile. Please click on the above links to view the individual product features and guidelines.
1. On May 30, 2014, the following updates were made to the property guidelines of the Lifestyle Advantage product:
- Only properties with a maximum of one unit are eligible under the Lifestyle Advantage. Previously, two-unit properties were allowed.
- The property must be owner-occupied or occupied by a member of the owner’s immediate family as defined as a person related to the borrower by marriage, common-law partnership or any legal parent-child relationship.
2. The Low Doc Advantage guidelines remain unchanged.
PRODUCT TIP | Submitting a Low Doc Advantage™ Application
To help self-employed borrowers, with a strong credit profile, improve their chances of qualifying under the Low Doc Advantage program, please keep the following documentation tips in mind when submitting an application to Canada Guaranty:
- Ensure all current and complete financial and tax documentation is available. This documentation may be requested for review by Canada Guaranty.
- When submitting an application, ensure detailed application notes, including business history and financial details, are provided. It may be necessary to discuss your client’s income, expenses, business milestones, etc. The more information gathered about the applicant’s employment status and stability, the better.
Should you have any questions or wish to discuss your client’s unique circumstances, please do not hesitate to contact your dedicated Account Executive or speak directly with a member of our National Underwriting Team at 1.877.244.8422.
NOTE: The Lender’s internal guidelines always take precedence and must be adhered to prior to review by Canada Guaranty.