Maria Dominelli - Mortgage Broker

The following changes apply to mortgage loan insurance applications submitted to CMHC /Genworth on or after April 9, 2010:

• CMHC/Genworth will no longer be accepting stated income for those who have been self employed longer than 3 years or are commissioned sales. 
• Reduced the maximum loan to value  from 95% to 90% on the stated  income  product for self employed on purchases and 85% for refiannces.
• Reduced refinances from 95% to 90% for owner-occupied properties
• Reduced maximum loan to value ratio for purchase/refinance on non owner-occupied investment properties to 80%.
• Maximum 50% of eligible rental income can be added to gross income for qualification purposes
• Qualifying interest rate for loan to value ratios greater than 80% for mortgages with a fixed rate term of less than 5 years and for all variable rate mortgages is the greater of the benchmark* rate and the contract interest rate.

*The benchmark rate on the Bank of Canada website will be used for the qualifying rate.  The benchmark rate is typically the 5 year fixed posted rate.  Qualifying rate will be for high ratio mortgages only.

The team at Maria Dominelli is delighted to welcome you to our new website. Our dynamic new look and enhanced functionality reflect our ongoing commitment and uncompromising standards of service to our clients. We look forward to working with you!