Sutton Member Mortgage - Lending Guidelines

2009-05-25T22:05:00Z

Take advantage of the best mortgage rates in the market

The Sutton Member Program rewards clients of Sutton Realtors with ultra-low interest rates on the financing of their primary residence.

Lending Guidelines:

# Term: 5 Year Fixed/Closed or Variable term
# Rates subject to change, current rates apply
# 60 Day Commitment Period
# Amortization: 25-35 Years Available
# Loan to Value (LTV): 95% Maximum (minimum 5% downpayment)
# Minimum Beacon (Credit) Score: 680 on Equifax’s beacon system
# Minimum $60,000 mortgage amount
# Prepayment Privilege: 15%/15%
# Mortgage is portable but not assumable
# Default Insurance Providers: CMHC & Genworth Financial
# Principal Residence only
# Terms & Conditions apply, On Approved Credit*
# Sutton Member Buyers & Sellers
# Limited Time Offer

For more information, contact James Wong at 604-721-4817. Or, contact via email.

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Richmond Sutton Mortgage

2009-05-03T23:45:00Z

How much could you save on your Sutton Member Mortgage?

Check out the Sutton Member Benefits. You can follow this link to view how much you can save on you home mortgage.

As a home buyer, you are required to be qualified for the mortgage. Regardless of where you are shopping for a mortgage, you should provide:

1). Employment Confirmation: Have your job letter and pay stub handy. A T4 may be acceptable by some mortgage lenders. If you are self-employed, you should have 3 years of your tax returns (Notice of Assessments) ready. Your ability to debt service your mortgage is based on meeting the 32% GDS and 40% TDS ratios required by your mortgage lender. For more info on these ratios, follow the link here.
2). Downpayment Verification: Most banks required you to show proof of your downpayment is obtained through savings, and not borrowed - from a line of credit or cash advance from a credit card. You should make copies of your passbooks, bank statements, RRSPs, GIC's etc confirming your down payment.
3). Good Credit: If you have poor credit, you may not be approved for a mortgage. You can get the help of a mortgage broker to confirm your eligibility for a mortgage.
4). Down Payment: You will need a minimum of 5% downpayment plus evidence that you have 1.5% of the purchase price as funds for closing costs (lawyers fees, property transfer tax).

Sutton Mortgage Home Buyers: Buy a Sutton Mortgage Member Listing or any home through a Sutton Mortgage Member to gain access to great Sutton mortgage savings. Call me at 604-721-4817 for more info.