New Purchase
The minimum amount of down payment required.
What is 5%
When completing a transfer in we require this document from the sending FI.
What is a payout statement?
Similar to builder mortgages, RTM mortgages should be marked as this during construction.
What is non-saleable?
If an applicant receives an average gross farming income of $_____ in the past 3 years the application is deemed to be an agricultural mortgage.
What is $20,000?
These are the 2 main types of builder mortgages.
What are self-build and contract build?
The two types of offers on property purchases.
What are MLS Listed and Private?
For the purpose of extending amortization a refinanced mortgage must include this.
What is $10,000+ new monies?
True or False. A High Ratio mortgage doesn't require us to request an appraisal.
What is True?
If a property is 15 acres or less and contains only residential buildings, it is considered this for mortgage purposes.
The minimum down payment required for a self-build mortgage.
What is 35%?
A down payment of less than 20% is considered this type of mortgage
What is high-ratio?
True or False. Any prior default insurance on the existing mortgage is cancelled and non-refundable when a refinance occurs.
What is True?
A typical construction mortgage for an RTM has two progress draws timed with these events.
What is foundation completion and after the RTM is affixed to the land?
An acreage mortgage requires 3 years of this additional document in Form A Stage 1 to ensure there is no farming income.
What are T1 Generals?
The maximum number of advances on all builder mortgages is.
What is 4?
True or False. A property purchase with an MLS listing does not require an appraisal.
What is false?
We must order these two documents on all refinances regardless of if the existing mortgage is already held with Conexus.
What are an appraisal and title search?
This type of RTM financing is secured by a promissory note and an assignment of mortgage proceeds.
What is interim financing?
In addition to the appraisal, an acreage mortgage may also require these two inspections.
What are Septic and Well Inspections?
Appraisals on builder mortgages are required at these events.
What are initial plan appraisal and prior to each advance?
Title registration for a new purchase is completed by this profession.
What is a lawyer?
A refinanced mortgage is considered this for mortgage purposes (hint: a drop down on the approval screen)
What is non-saleable?
This preferred method of advancing funds avoids interim financing by allowing mortgage funds to be advanced 5–10 days before the RTM is shipped, with strict conditions.
What is advancing construction mortgage funds to the lawyer in trust prior to RTM delivery?
This Saskatchewan legislation protects a farmer’s homestead from being transferred to a creditor while the farm family still lives on it.
What is the Home Quarter Protection under the Saskatchewan Farm Security Act?
Name the two options for interest rates during the period of construction.
What are floating at Prime +2% for contract and Prime +3% for self-build or Fixed Flex Rate with min 3 yr term?