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Program Definitions

programs, definitions, how to search,

B
Written by Brad Lister
Updated over a month ago

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 shows lender products participating in Stated Income programs with insurers like Sagen and Canada Guaranty. These programs accommodate self-employed borrowers who declare their income without traditional proof, providing more flexibility in qualification.

Business for Self - Income Qualified:
This filter highlights lenders with products accepting fully provable Business for Self income. These programs use tax documents to verify income, offering a predictable qualification process for self-employed individuals.

Cashback & Specialty Products:
This filter shows Cashback and other specialty products, such as "Interest-Free for Three" and foreign income programs. These products provide cash rebates or special terms, helping with upfront costs or offering tailored solutions for unique borrower needs.

Collateral Transfer:
This filter displays lender products available in collateral transfer programs. These options allow borrowers to transfer existing loans or debts secured by the same property to new lenders without refinancing, offering a smooth switch between lenders.

Cottage & Recreational Properties:
This filter highlights lender products under Cottage & Recreational Property programs. These mortgages help borrowers finance second homes, like vacation cottages, often with terms suited to seasonal use or rental potential.

Equity Lending:
This filter shows lenders with equity-based programs designed for borrowers with significant equity positions. These programs provide more flexible debt service ratios, offering solutions even when income doesn't meet standard guidelines.

First Time Home Buyer CMHC:
This filter lists purchase products from lenders participating in the First Time Home Buyer Incentive Program with CMHC. It helps first-time buyers by reducing their mortgage payments through a shared equity model.

Flex Down Payment:
This filter displays lenders offering products that follow Sagen’s Borrowed Down Payment program or Canada Guaranty’s Flex 95 Program, making homeownership accessible by allowing down payments from borrowed sources or grants.

HELOC (Multi-Component Products):
This filter highlights lender products that provide Home Equity Lines of Credit (HELOCs) and their accompanying rates. Examples include MCAP’s Multi-Component Fusion Product, which combines HELOCs with fixed-rate components for added flexibility.

New to Canada Program:
This filter identifies lenders offering New to Canada programs for permanent residents new to the country within the last 12 months. These programs provide relaxed credit requirements to support newcomers in achieving homeownership.

Non-B20 Compliant Products:
This filter shows lender products that do not adhere to B20 guidelines. These programs offer more flexibility by qualifying borrowers at the contract rate instead of the stress-tested rate.

Non-Resident Program:
This filter highlights lender products available for non-residents purchasing property in Canada. These mortgages come with specific terms and conditions, recognizing the unique circumstances of non-resident buyers.

Open Mortgages:
This filter displays lenders offering open mortgages, which allow borrowers to repay the principal at any time without penalties. Open mortgages provide flexibility for those expecting large cash inflows.

Pre-Approval:
This filter lists lenders that offer pre-approvals and the corresponding rates. Pre-approvals provide potential borrowers with a conditional mortgage commitment, helping them plan their budget during the home-buying process.

Purchase Plus Improvements:
This filter identifies lenders participating in insurers' Purchase Plus Improvements programs, allowing borrowers to finance renovations by including the improvement costs within their mortgage from the outset.

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