broker info kit. · regional manager of business development residential mortgages, calgary,...

aspire to own

broker info kit.

PRODUCT FEATURES

Aveo makes home ownership accessible to more Canadians.

Purpose Purchase and Refinance Property Type • Owner occupied, second homes and rentals

• Located in select markets in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario.

• Prime marketable residential real estate with demonstrated ongoing re-sale demand. • Property must have a remaining economic life equal to or greater than the requested amortization

of the mortgage. Term 1, 2 and 3 year closed Rate • Fixed

• Rate hold is 120 days for purchases, 90 days for refinances • Commitment must be signed within 10 days from the date of approval

Loan Amount • $100,000 to $1,500,000 • Geographic and credit restrictions apply

Down Payment • Confirmable on deposit with a recognized Canadian financial institution Equity Take Out Maximum cash out of $200,000.00. Exceptions considered on case by case basis.

Credit History • Minimum Beacon 550 • Bankruptcy must be discharged • Consumer proposal must be paid out in full:

o prior to advance (for purchases) o from proceeds (for refinances)

Maximum LTV • Up to maximum 80% LTV • LTV includes application fee

Second Mortgages (Behind AVEO 1st mortgage )

• Independent second mortgages allowed up to 80% combined LTV • AVEO first mortgage max 65% LTV

Amortization • Minimum: 10 years • Maximum: 30 years. Up to 35 years on exception, considered on case by case basis with

restrictions. GDS/TDS 50% / 55% : LTV < 65%

45% / 50% : LTV up to 80%, (48% / 48% on exception) Payment Options Monthly, bi-weekly, weekly (accelerated) 20% Prepayment Privilege Annual lump sum up to 20% of the original principal amount (min $500). Unused portion cannot be

carried forward. Not available on 1 year term. Prepayment Penalty Early payout amounts are based on which year of the mortgage the customer is in.

• Year 1 = 3% x principal amount being prepaid • Year 2 = 2% x principal amount being prepaid • Year 3 = 1% x principal amount being prepaid

Appraisal Subject to CMLS Financial Approved Appraiser List through SOLIDIFI or RPS Property Taxes Taxes are collected by CMLS Financial and paid on borrower’s behalf. Application and Finder’s Fees • For all terms standard 1% application fee

• Upon request, application fees may be increased up to maximum 2% with half the fee payable as finders fee

V2.8.14.2020

V.12.03.19

RENTAL PROPERTY / SECOND HOMES

Product Details

Purpose Purchase and Refinance

Loan Amount • $100,000 to $750,000• Geographic and credit restrictions apply

Term 1, 2 and 3 year closed

Rate • Fixed• Rate hold is 10 days from date of approval (60 days from date of approval with signed commitment)

Down Payment • 10% minimum from own resources, non-borrowed• Confirmable on deposit with a recognized Canadian financial institution

Property Type • Single family, duplex, fourplex, townhouse, apartment condo• Property must be registered in personal name

Maximum LTV

Credit

Amortization • Minimum: 10 years• Maximum: 25 years (Exception up to 35 years on exception considered on case by case)

GDS/TDS 45% / 50%

Payment Options Monthly, bi-weekly, weekly (accelerated)

20% Prepayment Privilege Annual lump sum up to 20% of the original principal amount (min $500). Unused portion cannot be carried forward. Not available on 1 year term.

Prepayment Penalty Early payout amounts are based on which year of the mortgage the customer is in. • Year 1 = 3% x principal amount being prepaid• Year 2 = 2% x principal amount being prepaid• Year 3 = 1% x principal amount being prepaid

Rental Income Confirmation

Appraisal Subject to CMLS Financial Approved Appraiser List through SOLIDIFI or RPS

Property Taxes

Lending Area Major urban centres (Exception for Medium locations considered on case by case basis)

Finders Fees ••

For all terms standard 1% application fee and 50bps finders feeUpon request, application fees may be increased up to maximum 2% with half the fee payable as finders fee

• Maximum 75% LTV (Exception up to 80% if beacon > 680 considered case by case)• Full income confirmation• Major Urban Centres only

Minimum beacon 600 (Exception up to 575 beacon considered on case by case)

Acceptable Documentation (one of the following):• Lease Agreements(s) and 3 months bank statements• Economic rent established by accredited appraiser• T1 General supported by Notice of Assessment Qualification:• Subject – 80% of Gross Rents less 8% of Adjusted Rental Income for Vacancy/Maintenance

(Exception for 80% rental offset considered on case by case)• Non Subject – use AVEO Rental Worksheet

Taxes are collected by CMLS Financial and paid on borrower's behalf.

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LENDING AREAS – FULL INCOME QUALIFICATION

The following is a list of Aveo lending areas.

ONTARIO

Major Urban Centres

• Acton• Ajax• Alliston• Amherstview• Ancaster• Angus• Aurora• Barrie• Bolton• Bowmanville• Bradford • Brampton (excluded from Guelph)• Brantford• Breslau• Brooklin• Burlington• Caledon• Cambridge• Carleton Place• Central Elgin• Clarington• Cobourg• Collingwood• Courtice• Dundas• East Gwillimbury• East York• Erin• Etobicoke• Flamborough• Fonthill• Georgetown• Greely• Grimsby• Guelph• Hamilton• Ingersoll• Innisfil• Kanata• Keswick• King• King City• Kingston• Kitchener• Kleinburg• Lincoln• Lindsay• London• Manotick• Maple• Markham• Middlesex County• Midland• Milton• Mississauga• Napanee• Nepean• Newmarket• Niagara Falls• Niagara On The Lake• North York• Oakville• Orangeville• Orillia

• Alfred and Plantagenet• Allanburg• Almonte• Amherstburg-Windsor• Aylmer• Ayr• Azilda (Greater Sudbury)• Baden• Batawa• Belle River/Lakeshore• Belleville• Belmont• Blezard Valley• Bobcaygeon• Brights Grove• Caledonia• Canfield• Capreol• Carp-Ottawa• Chatham–Kent• Chelmsford• Chippawa• Churchill• Clarence-Rockland• Clarkson• Coldstream• Coldwater• Coniston• Copper Cliff• Cornwall• Cumberland• Don Mills• Dorchester• Downsview• Dunrobin• Edgar• Elmira• Elora• Erindale• Essa• Essex• Falconbridge• Fergus• Floradale• Fort Erie• Gananoque• Garson• Georgina• Glenburnie• Gloucester• Gorrie• Gravenhurst• Greater Sudbury• Hagersville• Haldimand County-Hamilton• Haliburton• Hanmer• Hanover• Hillsdale• Inverary• LaSalle• LaSalle-Windsor• Latimer• Lefroy

• Listowel• Lively• Lobo Township• Loyalist• Mackenzie• Midhurst• Millhaven• Minesing• Naughton• New Hamburg• Newcastle• Newport• Odessa• Omemee• Orleans• Oro - Medonte• Pelham-St. Catharines• Petrolia• Port Dover• Port Perry• Preston• Ridgeville• Rockcliffe• Rockland• Rosslyn• Russell• Selywn• Simcoe-Norfolk• Skead• Smithville• South Frontenac• St. Marys• Streetsville• Sturgeon Falls• Talbotville• Thorndale• Thunder Bay• Tillsonburg• Timmins• Tyrone• Utopia• Val Caron• Val Therese• Vanier• Vars• Wallaceburg• Waterford• Weston• Wilsonville• Windsor

Medium Urban Centres

• Oshawa• Ottawa, Nepean• Paris-Guelph• Parry Sound• Peterborough• Pickering• Port Colborne• Port Hope• Queen's Park• Richmond Hill• Sarnia• Scarborough• Shelburne• St. Catharines• St. Thomas• Stamford• Stittsville• Stoney Creek• Stouffville• Stratford• Strathroy-Caradoc• Sudbury• Sutton West• Thornhill• Thorold• Toronto• Trenton• Uxbridge• Vaughan• Wasaga Beach• Waterdown• Waterloo• Welland• Whitby• Whitchurch-Stouffville• Willowdale• Wilmot• Woodbridge• Woodstock• Woolwich• York

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ONTARIO

Minor Urban Centres

• Alymer• Arnprior• Arthur• Baltimore• Beaverton• Bracebridge• Bridgenorth• Bright• Brighton• Brock• Brockville• Campbellford• Casselman• Elizabethtown-Kitley• Elmville• Espanola• Essex County-Windsor• Fenlon Falls• Frankford• Glencairn

• Havelock• Hawkesbury• Huntsville• Kawartha Lakes• Kenora• Kingsville-Windsor• Kirkland Lake• Leamington-Windsor• Mallorytown• Markstay• Meaford• Melbourne• Mono• Morriston• North Bay• North Glengarry-Cornwall• North Gower• North Grenville• Owen Sound• Pembroke

• Penetanguishene-Barrie• Petawawa• Picton• Port Carling• Port Stanley• Prescott• Prince Edward• Renfrew• Sault Ste. Marie• Severn• Shakespeare• Shannonville• Sydenham• Tecumseh-Windsor• Thamesford• Tilbury• Wahnapitae• Wainfleet• West Carleton• West Nippissing

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BRITISH COLUMBIA

Major Urban Centres Medium Urban Centres

• Brentwood Bay• Colebrook• Cranbrook• Oyama• Parksville• Smithers• Winfield

• Abbotsford• Aldergrove• Anmore• Belcarra• Bowen Island• Brackendale (Squamish)• Burnaby• Burrard Inlet• Central Okanagan• Central Saanich• Chilliwack• Clearbook (Abbotsford)• Cloverdale (Surrey)• Colwood• Comox• Coquitlam• Courtenay• Deep Cove (North Vancouver)• Delta• Esquimalt• Fort Langley (Langley)• Highlands• Horseshow Bay (West Vancouver)• Kamloops• Kelowna• Ladner (Delta)• Langford• Langley• Lions Bay• Maple Ridge• Mission• Nanaimo• New Westminster• North Saanich• North Surrey• North Vancouver• Oak Bay• Peachland• Pitt Meadows• Port Coquitlam• Port Moody• Richmond• Richmond• Saanich• Saanich East• Saanich North• Saanich West• Saanichton• Sidney• Surrey• Tsawwassen (Delta)• Vancouver• Vernon• Victoria• Victoria West• View Royal• West Vancouver• White Rock• Whytecliff

• Agassiz• Blind Bay• Campbell River• Chemainus• Coldstream• Duncan• Fernie• Fort St. John• Golden• Hope• Inveremere• Kimberley• Kitimat• Ladysmith• Metchosin• Penticton• Port Alberni• Powell River• Prince George• Prince Rupert• Qualicum Beach• Quesnel• Revelstoke• Salmon Arm• Shawinigan Lake• Sooke• Squamish• Summerland• Terrace• Whistler

Minor Urban Centres


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ALBERTA


• Acheson• Adrossan• Balzac• Blackfalds• Canmore• Carbondale• Conrich• Crossfield• Devon• Gibbons• Grande Prairie• Innisfail• Lancaster Park• Lethbridge• Lloydminster• Medicine Hat• Namao• Nisku• Penhold• Priddis• Red Deer• Saint Albert• Stony Plain• Strathcona• Strathmore• Whitecourt

• Airdrie• Beaumont• Bon Accord• Calgary• Calmar• Chestermere• Claresholm• Cloverdale• Cochrane• Edmonton• Forest Lawn• Fort Saskatchewan• Leduc• Morinville• Okotoks• Sherwood Park• Spruce Grove• St. Albert

• Beaverlodge• Bragg Creek• Brooks• Camrose• Cardiff• Coaldale• Coalhusrt• Dalemead• Delacour• DeWinton• Drumheller• Fort McMurray• High River• Lacombe• Langdon• Olds• Ponoka• Redcliff• Rocky Mountain House• Sylvan Lake• Taber• Vegreville• Villeneuve• Wetaskiwin

Minor Urban Centres

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MANITOBA


• Brandon• Lorette• Ritchot• Rosser• Selkirk• Springfield• St. Paul• Ste. Anne• Stonewall• Taché

• East St. Paul• Headingley• La Salle• Saint Boniface• Saint James• St. Andrews• Stoney Mountain• West St. Paul• Winnipeg

• Cartier• Portage la Prairie• Steinbach

Minor Urban Centres

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SASKATCHEWAN

Major Urban Centres

• Estevan• Grand Coulee• Lloydminster• Moose Jaw• North Battleford• Pilot Butte• Prince Albert• Sherwood• Swift Current• White City• Yorkton• Zehner

• Dalmeny• Grandora• Martensville• Regina• Saskatoon• Warman

Minor Urban Centres

QTEN How viable is your deal? We developed Aveo to be accessible to a wide range of clients. If you have a deal you would like us to finance, but are not sure whether your client qualifies, please call your Regional Manager or Underwriter to help you assess the viability of the deal.

Lending Areas* Financing is available in the following Major Urban Centres:

British Columbia • Vancouver CMA

Alberta • Calgary CMA• Edmonton CMA

Saskatchewan • Regina• Saskatoon

Manitoba • Winnipeg CMA

Ontario • Toronto GTA/CMA• Ottawa CMA• Hamilton CMA• Kitchener – Waterloo CMA• Barrie

*Lending areas are listed for Major Urban Centres only; foradditional information on our lending areas please seelending guidelines or contact your Regional Manager.

AVEO LENDING QTEN

QTEN pricing criteria Here is what we will need to know in order to set pricing:

1 What is the property address? 2 What is the property type? 3 What is the LTV? 4 What is the property being used for? 5 What is the loan purpose? Purchase or refinance? 6 What is the loan amount? 7 What is the client’s credit score? 8 Has the client filed for Bankruptcy or Consumer Proposal? 9 Does the client have significant unpaid collections? 10 What type of income verification can the client provide?

Once we have the answers to the QTEN, we’ll be able to rapidly assess viability.

CONTACT INFORMATION

Adele Iozzo Regional Manager, AVEO Channel, Ontario East T 647 299 5322 TF 1 877 938 2657 F 1 888 464 2657 E [email protected]

Ann Fieldsend Underwriter AVEO Channel, Residential Mortgages T 604 637 0172 TF 1 866 426 2657 x 218 F 1 888 464 2657 E [email protected]

Paul Jardine Regional Manager of Business Development AVEO, Ontario WestT 647 244 0890 TF 1 833 657 2657 F 1 888 464 2657 E [email protected]

Paul Gajdos Regional Manager of Business Development Residential Mortgages, Calgary, Alberta North, Manitoba, Team Lead, Western CanadaT 403 629 7744 TF 1 877 940 2657 F 1 888 464 2657 E [email protected]

Sam Samadi Regional Manager of Business Development Residential Mortgages, Calgary, Alberta South, SaskatchewanT 403 613 9503 TF 1 855 799 2657 F 1 888 464 2657 E [email protected]

Shamfa Pitters Manager AVEO Channel, Residential Mortgages T 416 862 8789 TF 1 877 938 2657 x 720 F 1 888 464 2657 E [email protected]

Jeremy Hewitt Regional Manager of Business Development British Columbia Lower, Midland & Interior T 604 374 8440 TF 1 888 660 2657 F 1 888 464 2657 E [email protected]

Georgia Kowalenko Underwriter AVEO Channel, Residential Mortgages T 416 862 8797 TF 1 877 938 2657 x 468 F 1 888 464 2657 E [email protected]

Valérie Levac Underwriter AVEO Channel, Residential Mortgages T 647 729 8433 TF 1 877 938 2657 x 481 F 1 888 464 2657 E [email protected]

Robert Garofalo Underwriter AVEO Channel, Residential Mortgages T 416 350 3016 TF 1 877 938 2657 x 708 F 1 888 646 1009 E [email protected]

Ut Yue Director of AVEOT 778 387 2657 TF 1 877 935 2657 F 1 888 464 2657 E [email protected]

broker info kit. · regional manager of business development residential mortgages, calgary,...

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