We have put together some helpful definitions for the program filters found at the bottom of the filter section of LenderSpotlight.

Business for Self Stated Income; This filter will show lender products who are participating in Stated Income programs with insurers like Sagen & Canada Guaranty.

Business for Self Income Qualified This filter shows lenders with products accepting fully provable Business For Self Income

CashBack & Speciality Products; This filter shows CashBack and other speciality products like Interest Free for Three or Foreign Income Programs

Collateral Transfer; This filter shows lender products available in a collateral transfer program.

Cottage & Recreational Properties, This filter shows lender products available as part of a Cottage & Recreational Property program.

Equity; This filters shows lenders with equity lending programs. These programs are related to borrowers with larger equity positions and may have debt service ratios that do not fit standard guidelines

First Time Home Buyer CMHC; This filter is for purchase products from lenders where the lender is participating in the First Time Home Buyer Incentive Program with CMHC

Flex Down; This filter is for lenders offering purchase products that follow Sagen's Borrowed Down Payment program or Canada Guaranty's Flex 95 Program.

HELOC; This filter is for lender products who provide a Home Equity Line of Credit Product and the accompanying rates for the specific fixed components. For example MCAP and their Multi-Component Fusion Product.

New to Canada; This filter is for lenders who have New to Canada Programs. This would be for all those who are permanent residents and new to Canada in the last 12 months.

Non B-20 Compliant; This filter is for lender products that do not follow B-20 Guidelines

Non-Resident Program; This filter is for lenders with products in a non resident program for those who have purchased property in this country but do not legally reside here permanently.

Open Mortgages, This filter is for lenders with products that are open. An open mortgage is a mortgage that permits repayment of the principal amount at any time, without penalty..

Pre-Approval; This filter is for lenders who provide pre-approvals and the rates offered for them

Purchase Plus Improvements; This filter is for lenders participating in one of the insurers purchase plus improvements program. This for borrowers who want to make improvements to their home immediately after taking possession of the purchased property.

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