Canada Guaranty

Transaction Types

• Refinance, including asset enhancement, debt consolidation, combining first and second mortgages, and home improvements.
• May not be used for default management purposes.
• Portable eligible.

Amortization

• 25 years standard.
• Eligible for up to 30 years amortization.
• 20 bps incremental premium surcharge for each additional 5 years beyond the standard 25 years.
• For blended amortization calculations only, no premium surcharge applies.
• For top-up refinance transactions, with an increased loan amount or LTV, the maximum amortization will be the greater of the blended versus lapsed-time amortization calculations.

Top-up refinance amortization options:

1. Same amortization as existing: Top-up premium applies.
2. Blended Amortization Calculation:
   
3. Lapsed-time Amortization Calculation:
   

Credit Score Requirements

• Minimum 620 credit score.

Loan-to-Value Criteria

• 85% maximum LTV for 1–4 units.

Equity Take-out

• $200,000 maximum equity take-out.

Property Types

• 1–4 units, with 1 unit owner-occupied.

Borrower Qualifications

• No prior bankruptcy or judgements.
• Up to 679 credit score: GDS 35%; TDS 42%
• 680+ credit score: TDS 44%

Documentation Requirements

• Standard documentation.
• Lender to document the purpose of the refinance.

Applicable Premiums