| PRODUCT OFFERING |
| |
| FEATURES | HOME EQUITY
LOANS | MORTGAGES |
| Type | First and Second | First and Second
Conventional and insured (CMHC) |
| Purpose | Debt consolidation
Equity take-out | Pre-approval
Purchase
Refinance/Debt consolidation
Equity take-out
Transfer |
| Property Type | Residential | Residential
Commercial |
| Amortization | Interest-only (up to a loan to value of 75%) | Maximum 25 years |
| Application fees | $0 | $0 (Residential) |
| Creditor Insurance | Available | Available |
| Interest Rate Options | Variable | Convertible
Variable
Fixed - One through Five years |
| Minimum Amount | $35,000 | $50,000 (First)
$35,000 (Second) |
| Payment Options | Interest-only option available
Blended P&I | Blended P&I |
| Payment Frequency | Weekly
Bi-Weekly
Monthly
Semi-Monthly | Weekly
Bi-Weekly
Monthly
Semi-Monthly |
| Pre-payment Privileges | Fully open to pre-payment | 20% and 20% |
Pre-payment Penalty
(without privileges - for sale or transfer of title situations only) | Fully open to pre-payment | Three months or interest rate differential, whichever is greater |
| Rate Guarantee | 60 days | 60 days |
| Security Type - Residential | Owner-occupied (Max. four units)
Urban/rural/vacation properties | Owner-occupied (Max. four units)
Urban/rural/vacation properties |
| Security Type - Commercial** | Not applicable | Apartment buildings
Industrial condos, retail units and plazas |
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