Mortgage Transfers

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Mortgage Transfer Frequently Asked Questions (FAQ)

Q. Does CWB Optimum Mortgage have a minimum term required for fees to be covered?	A. There is no minimum term, we are offering 1-5 year fixed terms
Q. Is a 5 year VRM available for your transfer program?	A. At that this time we are not offering a variable term on transfers
Q. Will CWB Optimum Mortgage do a collateral transfer?	A. At this time we are unable to accept collateral charges
Q. Will CWB Optimum Mortgage do a switch (example: removing a covenant from title)?	A. We are currently not doing switches, but stay tuned as we are already working with FCT on this initiative.
Q. Will CWB Optimum Mortgage use the contract rate to qualify where the client has paid the insured premium on mortgages prior to October 17, 2016?	A. We will qualify the client following stress test rules only of benchmark or contract plus 2%
Q. Does CWB Optimum Mortgage have any LTV restrictions?	A. 95% LTV maximum, including the $3,000.00 If there is a shortfall identified by FCT then the client would have to cover the shortfall
Q. Will CWB Optimum Mortgage do a Rental Transfer? If original mortgage was owner occupied but is now a rental?	A. As long as we are not requesting a new insurance certificate we will transfer it over as a rental
Q. Will CWB Optimum Mortgage pay property taxes?	A. We will not pay property taxes
Q. How do I contact FCT?	A. It's real simple. Get in touch with FCT: BC: 905.525.1264 x742475 or 800.757.2249 x742475 AB/MB: 403.265.4088 or 800.771.4313 SK: 855.251.4163
Q. Where can I find all guidelines and criteria on your “A” product?	A. Please view our A product guidelines here

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Mortgage Transfer Guide

Eligibility	Mortgage secured with a standard charge against the property Transfer of existing insured mortgages where the insurance is through Genworth or CMHC Transfer of existing uninsured conventional mortgage, provided the loan meets insurable criteria Beacon score >600, max TDS\GDS 44%\39% ***Currently available to BC, AB, MB and SK only
Product details	Term: 1-5 yrs; applicant must have been with previous lender minimum of one year Type: Fixed only Qualifying rate: Stress test or 5- year BOC benchmark qualifying rate Loan Amount minimum: $75,000.00 Amortization minimum : 10 years Amortization maximum: – Insured: remaining amortization – Insurable: lesser of remaining amortization or 25 years
Occupancy	Owner-occupied (single unit) Owner-occupied rental (1-4 units) Joint Tenancy Property eligibility
Property eligibility	Single Family Dwelling Condominiums (Town house and high rise\low rise) Duplex, Triplex, 4-plex Second homes Minimum Sq Footage: – Single Family: 800 – Condominium: 500
Ineligible properties	Private Mortgages Construction Draw loans Collateral Charge
Fee coverage	Existing lender costs (fess, prepayment charge) to a maximum of $3,000 to be capped on to the mortgage
FCT closing fees	CWB Optimum Mortgage will cover the standard charge FCT fee
Appraisals	Insured: not required, provided the insurer is Genworth or CMHC Insurable: CWB Optimum Mortgage will require a full appraisal provided the loan meets insurer criteria – This cost will remain with the borrower
Department of finance grandfathered rulings	Property prices of $1 Million and above, amortizations greater than 25 years may be permitted provided the original mortgage funded before the DOF rule changes in October 2016
Do you have more questions?	Refer to our FAQ section below

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