Broker FAQ
We no longer require earthquake insurance, however, we will encourage members to have earthquake insurance for their own protection if they can afford it.
We do not require title insurance.
Transmit your mortgage application to Coast Capital Savings via Expert using the appropriate submitting agent for your office.
We can consider up to 4 Rental Properties and 1 Residence per borrower/couple.
Residential mortgage applications with borrowers with more than 4 rental properties either financed by CCS or elsewhere shall be deemed commercial in nature and will be referred to our Business Banking Department for underwriting and subject to higher rates and fees.
We can consider for a conventional file on an exception depending on the strength of the overall application and LTV.
We can consider as long as the client has been discharged for 2 years and has re-established credit.
Re-established Credit = 3 trade lines or >$5,000 total limit on 1 or more trade lines.
- An appraisal is required for all LTVs
- The mortgage must be insured and disclosed as a remediated grow-op to the insurer
- Obtain a certificate confirming the subject property is substantially free of any pesticides, fertilizers and any toxic chemicals, mould or fungi from a professional cleaner certified by one of the following:
- Canadian Registration Board of Occupational Hygienists
- American Board of Industrial Hygiene
- Obtain a comfort letter or re-occupancy permit from the municipality
- A 1% rate premium applies
We can refer these applications to our small business team.
Yes we can consider but there will be a rate premium.
- Max LTV 75% of the first 1M and 65% on the balance
- Must have all essential services are in place (hydro, water, and sewer or septic).
Square Footage minimums:
- House: 800 square feet
- Condo: 400 square feet
Yes, as long as they have their Permanent Residence status and a SIN that does not start with “9”.