New to Canada (Insured & Conventional)
Can a BFS applicant be qualified under the TD New to Canada Insured program?
No
The minimum dollar amount required in liquid assets in Canada for a minimum of 90 days prior to the application
$250,000
The minimum time length a borrower needs to be BFS for?
2 years
The prepayment percentage allowance per calendar year of the original loan amount?
15%
The full name of TD Bank
Toronto-Dominion Bank
The instances in which a 30 year amortization can be obtained under the TD New to Canada programs
None
True or false: applicants need confirmable Canadian income to qualify under the net worth program?
True
True or false: the maximum amortization allowed under BFS conventional is 25 years
False - 30 years is permitted
The cost of an Automated Property Valuation (APV)
$99
The maximum cash bonus offered by TD until February 29, 2024
$4,000
The maximum number of months the applicants should have immigrated/relocated to Canada within
60 months or 5 years
True or false: a TD FlexLine be arranged under the Net Worth program
False
The two, personal tax return sections you are able to gross up for an incorporated applicant
Employment & dividend
The minimum square footage for a home (above grade)
850 (unless default insured)
The minimum square footage for a GTA condo
440 (unless default insured)
Under conventional financing, the applicants must provide proof of this (including the minimum months worth) in addition to the 35% down payment minimum
12 months worth of PITH in liquid assets in addition to the down payment (Principal + Interest, Taxes, Heating)
Can real estate equity in unsold properties be used towards the liquid assets minimum? Why or why not?
No it cannot be as real estate equity is not defined as being liquid
The percentage of income gross up that can be applied without a material exception by TD (HINT: conventional)
20%
The minimum TD Home Equity FlexLine limit for new applications
$20,000
Borrowers on a TD application have a secured home equity line of credit (HELOC) with another financial institution with a $0 balance, how will TD treat this revolving credit product?
Amortize the full limit over 25 years using contract rate of HELOC (or benchmark if contract rate not available)
In order to achieve 95% LTV financing (insured), what typical documents needs to be provided in lieu of established credit history? (HINT: 3 sources)
12 months bank statements reflecting rent payments and two other regular obligations (e.g., utilities, telephone, cable, insurance, etc.)
The percentage in which RRSP/RRIF assets be discounted by from the portfolio value?
30%
The maximum number of shareholders of a corporation allowed (without exception)
Instances in which TD pay municipal property taxes on behalf of the borrowers for new applications
None - borrowers are responsible for paying their own property taxes going forward
The year in which TD acquired Canada Trust (HINT: dot com bubble burst)
2000