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Local Financing Offers Compared
| Conditions |
HSBC |
Scotiabank |
Improsa |
| Minimum Credit Score |
650 |
650 |
680 |
| Maximum Term |
25 years |
25 years |
25 years |
| Rate |
Fixed Rates from 8.5% to 9% for 1 years then Libor 3 + 3.5% for the rest of the term (depending on Credit Score) |
9% Fixed for 3 years then Prime + 2.5% for the rest of the term |
8.5% Fixed for 1 year
Then Prime + 2.5% for the rest of the term |
| LTV |
Up to 80% |
Up to 75% |
Up to 75% |
| Minimum Annual Rate |
8,5% |
8,5% |
8,5% |
| *Closing Costs |
4,25% |
5,2% |
4,75% |
| Annual Fee |
Trust Fund Management
Up to $500 |
N/A |
Trust Fund Management
$100 |
| Life Insurance Requirement |
YES |
YES |
Yes (When LTV is higher than 65%) |
| Prepayment Penalties |
NO |
YES |
NO |
General Conditions applied
| Conditions |
Construction/Housing |
Land |
| Maximum Term |
25 years |
15 years |
| Rate |
Fixed Rates from 8.5% to 9% for 3 years then Libor 3 + 4% for the rest of the term (Pending on Credit Score) |
Fixed Rates from 8.75% to 9.25% for 3 years then Libor 3 + 5% for the rest of the term (Pending on Credit Score) |
| LTV |
Up to 80% |
Up to 65% |
| Minimum Annual Rate |
8,5% |
8,75% |
| *Closing Costs |
4,25% |
4,25% |
| Annual Fee |
Trust Fund Management
Up to $500 |
Trust Fund Management
Up to $500 |
| Life Insurance Requirement |
YES |
YES |
| Minimum Credit Score |
650 |
650 |
| Prepayment Penalties |
NO |
NO |
General Conditions applied on $200 000 property
| Conditions |
Values |
Construction/Housing |
Land |
| Maximum Loan Amount |
80%/ 65% |
$ 160000 |
$ 130000 |
| Rate |
- |
8.5 Fixed for 3 years
then Libor 3 + 4% for the rest of the term |
8.75 Fixed for 3 years then Libor 3 + 4% for the rest of the term |
| Estimated monthly payment |
- |
$1,340.36 |
$1,299.28 |
| Application Fee |
- |
$ 230 |
$ 230 |
| Origination Fee |
2,5% |
$ 4000 |
$ 3250 |
| Legal Fees |
1,25% |
$ 2000 |
$ 1625 |
| Title Guaranty |
0,5% (of Salesprice) |
$ 1000 |
$ 1000 |
| Trust Fund Management |
Flat Fee (Based on Loan Amount) |
$ 250 |
$ 250 |
| Home Owners Insurance |
0,023% |
$ 52 |
$ 0 |
| Total Closing Costs |
4,27% |
$ 7302 |
$ 6125 |
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