Net Worth

The Net Worth Program is offered to clients who have moderate income and meet the minimum requirement of proven liquid assets and satisfactory credit scores. The borrower must meet all the criteria set out below for the Net Worth Program in order to be able to finance above 65% LTV.

Overview

Terms

  • 6 months closed
  • 6 months convertible
  • 6 months open
  • 1-year open
  • 3 & 5-year VRM

Eligible properties

  • 1 – 4 units, owner occupied
  • Primary residence, vacation home or rental property
  • The property must comply with the neighbourhood and be well maintained (to be assessed on a case by case basis)
  • No deferred maintenance

Payment frequencies

  • Monthly, weekly, bi-weekly, accelerated weekly, accelerated bi-weekly

Maximum amortization1

  • 30 years
  • For rental property: 25 years

Loan amounts

  • Qualified loan amounts will be calculated using debt ratios of:
    • GDS 39% and TDS 44% for beacon ≥ 680
    • GDS 35% and TDS 42% for beacon < 680
  • Any loan amount requested above the qualified loan amount will require $1 in liquid assets for every $1 in mortgage

CREDIT GUIDELINES3

  • Standard income validation applies3
  • Borrower must have a minimum of $150,000 in liquid assets
  • Full property appraisal required
  • Purchase or refinance are eligible
  • Only Canadian residents, claiming taxes in Canada, are eligible
  • No gifted down payment
  • No power of attorney
  • No previous bankruptcy, consumer proposal, no payments arrears or other major derogatory credit
  • No income tax arrears

Note: Look Back Rate Guarantee is available upon request only.

Min. credit score:1

  • ≥ 650

Max. GDS/TDS2 and LTV:1

  • TDS ≤ 60% max. LTV 80%
  • TDS > 60% max. LTV 65%

Debt service flexibilities, LTVs offered and amortization options are based on the assessment of the strength of the application. Each application is assessed on a case by case basis. Satisfying the minimum credit score requirement alone does not automatically entitle the borrower to maximum LTV and amortization options or debt service flexibilities. Some parameters, such as LTV, may differ for AB, SK and NL.

B2B Bank reserves the right to request additional information or documentation at its sole discretion for the approval of the loan.

As determined by the terms and conditions of the Net Worth Program.

All mortgages are funded by, registered in the name of, administered and serviced by B2B Bank. Debt service flexibilities are based on the overall assessment of the strength of the overall completed application. B2B Bank is a wholly-owned subsidiary of Laurentian Bank of Canada. B2B Bank acts solely in the capacity of lender and/or account administrator, and does not provide investment advice. Dealers, advisors and brokers, not B2B Bank, are responsible for determining the suitability of products and services for their clients and for informing them of any related risks. Any loan approval by B2B Bank should not be construed as an endorsement of any investment choice, program, or strategy. All loans are subject to credit approval and borrowed monies are due and payable regardless of the performance of the investments. B2B Bank products and services are only available through financial intermediaries. Satisfying the minimum credit score requirement alone does not automatically entitle the borrower to debt service flexibilities. All mortgages, loans and lines of credit are subject to credit approval. Any illustration or example provided are for illustrative purposes only. ®B2B BANK and BANKING THAT WORKS FOR BROKERS are registered trademarks of B2B Bank.