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After The Credit Crunch
Information
Contact Us
Spectrum - Canada Mortgages Services Inc.
#115 - 4400 Dominion Street
Burnaby BC, V5G 4G3
Toll-Free Phone
1 866 676-2054
Toll-Free Fax
1 866 678-8206
Email Underwriting
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Spectrum's 'Smart top-up' Mortgage
Cheaper for your customer – More commission for you!
- Why pay CMHC fees on 85% LTV purchases?
- Get Spectrum’s new ‘SMART TOP-UP’ mortgage behind an institutional first and save your client money!
Compare for yourself.
Prop. Value
$400,000 |
Amount |
Rate |
Term |
LTV |
Payment |
Fee |
| Institutional 1st |
$300,000 |
6.00% |
2 Yrs |
75% |
$1,919.42 |
0.00 |
| Spectrum 2nd |
$ 40,000 |
9.50% |
2 Yrs |
85% |
$ 318.35 |
$3,400 |
| Blended |
$340,000 |
6.43% |
2 Yrs |
85% |
$2,237.75 |
$3,400 |
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Prop. Value $400,000
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Amount
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CHMC Fee
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Genworth Alt A Fee
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Institutional 1st
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$340,000
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$5,950
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$9,860
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Spectrum ‘SMART TOP-UP’ 2nd:
- Rate 9.50% (Beacon 700+)
- Beacon from 500 acceptable
- Spectrum will add a fee of 1% of the total mortgage
- Purchase & Refinance to 85% LTV
- Weak credit acceptable based on explanation (including R9’s)
- Income proof – Full / BFS & NIV
- Term 2 Years
- Amortization – Up to 35 years
- Broker Fee – 75 bps
Kind regards,
Derek J. Matthews
Senior Vice President, Marketing & Sales
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