A deal, B deal, C deal? 我到底符合哪个要求？

General Joanna Yang 20 Mar

很多客人在和我讨论贷款时，经常会混淆一些概念，比如什么是A 类，什么是B类？什么是保险的，什么是可保险的？什么是高贷款率，什么又是传统的？根据不同的角度，贷款会有各种叫法……很多人经常会把不同角度的概念混在一起讨论。为了让大家有一个大致更清晰的分类，今天我总结了以下表格，这样方便大家大致对贷款的分类和基本特性有一个概念，在选择贷款的时候头脑也更清晰。

市场上，大家经常会听见用A Lender和 B lender的说法来划分贷款，这在 10年前的加拿大比较准确，当时 A Lender 和B lender界限划地非常清晰，那时只有大家熟知的6大银行做A deal，而 MFC（Mortgage Finance Company）只做B Deal。那时的房贷经纪也是按照A lender和B lender 有着严格的划分， A类房贷经纪只代理A Deal， B类房贷经纪只代理B Deal。

随着近十年来房地产市场的繁荣发展，信贷市场也发生着诸多变化，最显著的变化之一就是为了争夺A Deal市场，除了生活中随处可见的大银行可以做A Deal之外，今天基本上所有的 MFC（如Home Trust, Equitable Bank, DLC, RMG, MCAP, Metrix, B2B, XMC等等等等）也都放出了自己的资源竞争A deal市场；而贷款经纪所代理的机构从过去严格地A类B类的划分变成了今天同时既可以代理A deal，也可以代理B Deal。所以在今天的市场中, 如果我们把按揭贷款按A类银行和B类银行来分并不十分准确，或者手已经过时了。更准确的分法是按Deal（交易）的特性来分为A Deal，B Deal（以及C deal即通过MIC Mortgage Investment Company的私贷）。

为了让大家可以更清晰地大致明白A Deal，B Deal以及C deal，以下总结的表格通过贷款目的、按揭期限、贷款期限、房产价值要求、最高贷款比例、信用分、负债收入比、利率水平、收入证明，费用、特点和贷款机构几个方面总结一些通常的特征。当然，每一个贷款机构对于不同案例，都会有特殊考量，这里的总结只是一般情况下的特征。在准备贷款买房或再融资时，你可以对比自己的情况，大致对自己可以做到什么样的Deal有一个基本概念，也便于你和房产经纪更有效的沟通。

A Deal (Big Bank and MFCs)

B deal/Alt-A (MFCs)

C deal

Private Lender (MICs)

Insured

保险的

Insurable

可保险的

Uninsurable

非保险的

Purpose

贷款目的

Purchase

购房

Purchase

购房

Purchase/Refinance

购房/再融资

Purchase/Refinance

购房/再融资

Purchase/Refinance/bridge finance

购房/再融资/过桥贷

AM year

按揭期限/年

Some lender can do max. 35 year

Term

贷款期限/年

1-10 year

1-5 year

0.5- 2 year

Property Value

房产价值

Under $1M

低于$100万

Under $1M

低于$100万

Can be over $1M

可以高于$100万

Some cap $5M

有些限制最高$500万

LTV

最高贷款比

95%

80%

some upto 100%

Credit

(Beacon Score )

信用分

680+

Some accept min 600

一些机构接受600+

680+

some accept min 600

一些机构接受600+

680+

some accept min

600

一些机构接受600+

500+

Some no requirement

一些没有要求

No strict requirement

没有严格要求

Debt/Income ratio (GDS/TDS)

负债收入比

39/44

(based on the Beacon Score of 680

基于680+分值)

39/44

(based on the Beacon Score of 680

基于680+分值）

Can extend the Ratio if LTV > 65%

如果贷款比大于65%负债收入比可以酌情提高

Can extend ratio, in some case over 60%

一些机构可以根据不同情况接受60%的负债收入比

No strict requirement

没有严格要求

Interest rate

利率水平

Lowest

最低

Higher than Insured A deal

比保险的利率高

Higher than Insured and insurable

比保险的和可保险的利率高

Higher than A deal, but much lower than C deal

比A Deal 高, 比C deal 低

Highest

最高

Income Requirement

收入证明

Declared Income

( T1 General and NOA required)

报税单

Declared Income

( T1 General and NOA required)

报税单

Declared Income

( T1 General and NOA required)

报税单

Stated Income

(Bank Statement, etc.)

银行流水

No strict requirement

没有严格要求

Fee

费用

1% lender’s fee

通常收1%的费用，可以提前交，也可以在Mortgage放款时扣

Lender’s fee, broker fee, lender’s legal fee, renewal fee…

Characteristics

特点

– Client pays the insurance premium

借款人需要从三大保险公司购买房贷保险（CMHC, Sagen, Canada Guarantee);

— Insurance guideline requires the Property price under $1M, i.e.$999,999

（保险公司要求房价不高于$100万，也就是$999,999）

– Bank pays the insurance premium

贷款机构统一买保险，贷款机构付保费）；

– Insurance guideline requires Property price under $1M, ie. $999,999

（保险公司要求房价不高于$100万，也就是$999,999）

– No insurance

没有保险

– Property price over $1M

房价可以高于$100万

– Credit may be not that strong;

信用分相对低

– Enough stated income;

报税不高，但银行流水高

– more Flexible on GDS-TDS, some can do over 60/60;

更高的负债收入比

— shorter term than A deal. Once client improves its credit or declared income can be back to A deal

一般期限较短（如2年）一旦借款人情况好转，可以转回A deal。

— interest payment only

月供只还利息，无需还本金

–short term (6month -1.5 year)

短期限 (6个月-1.5年)

— 1^st2^nd 3^rd mortgage…

可以同一房产做2贷,3贷

— Quick turnaround time

快，有的可以做到24小时房贷

-Good Credit; 高信用

-Good Declared Income; 高报税

-Strict on GDS and TDS; 严格的负债收入比

– No Tax owing to CRA or no more than $2000, if not, then consider B deal

税局没有任何拖欠,或欠款不超过$2000, 否则考虑B deal

Stress Test qualification Rate

压力测试利率

Currently 4.79%

Contract rate +2% or Benchmark 4.79%, which is higher

Lender

借款机构

Big banks and Mortgage Finance Companies (MFCs)

MFCs

MICs (Mortgage Investment Corporates)

[2020年， Dominion Lending Centers （DLC）为我们的委托人共完成700,000+笔按揭贷款，融资额达$80亿。感谢您让我们成为了加拿大最大的房屋贷款经纪公司之一，让我们在过去的15年中倍受大家信任和认可！我们的380+网点遍及全国，如您在房贷方面有任何问题，欢迎联系Joanna Yang（647-675-0286）或登陆我的网站 www.joannayang.ca。置业是很多人一生中最大的投资，为您找到条件最优的融资方案是我们的职责。】

购房时，首付款最低额怎样算？

General Joanna Yang 9 Mar

购房时，首付款的多少会直接影响三个方面 1）最终你可以购买房产的价位；2）是否需要按揭保险及按揭保险费用的多少；3）最终的贷款总额和每个时期的供款额。今天我们来谈一谈“购房时的首付款”。

首付款的来源？

最常见的首付款来源包括 —

个人存款储蓄
RRSP （首次购房者）
投资所得
直系亲属赠予的不退还的资金
其他房产售出所得，等等

贷款机构会更根据不同的资金来源要求提供不同的证明，比如90天的银行存款证明，直系亲属的资金赠予信等等。

最低首付款额如何计算？

按政府规定，最低首付额按以下层级计算叠加–


房产价格	最低首付款
$500,000 以下	房价的5%
$500,000 至 $999,999	$500,000 的5% 超出$500,000部分的10%
$1,000,000 以上	房价的20%

如果贷款申请人是自雇人士或信用分数不够高，贷款机构可能会相应地要求提高首付比例。

计算演示–

如果房价低于 $500,000,以¥400,000为例，那么最低首付款额为$400,000*5% = $20,000.

如果房价高于$500,000，低于$1,000,000,

以房价$600,000为例，需要两个层级的计算叠加, 一共$35,000，具体计算如下：

$500,000 * 5% =$25,000 (1)

($600,000-$500,000)*10% = $10,000 (2) .

(1)+(2)=$35,000.

什么是按揭保险？

买家首付不足20%时，必须在申请房贷时购买按揭保险。按揭保险是在借款人发生违约、无法还款的情况下，旨在保护贷款机构的一种保险，所以也称为“按揭违约保险”。

有些贷款机构对于首付到达了20% 的自雇人士或者信用分数不佳的借款人也有要求购买按揭保险的要求。

按揭保险的一些基本基本要素：

不适用于等于或高于$1,000,000的房屋；
承保的房屋最长期限为25年；
只适用于购买/续转按揭；
房产必须为购买者自住房（自住房允许有一个单位出租）；

按揭保险整体而言是有利于购房者的。大幅降低了首付的额度限制，使购房者仅凭5%-19.99%的首付比例即可以进入购房市场。

购房者购买了按揭保险，就意味着贷款机构奖房贷违约风险从借款人转嫁给了保险公司，贷款机构就可以用保险公司的更高评级给借款人更低的房贷按揭利率。按揭保险费用由借款申请人支付。借款人虽然支付了按揭保险费用，但降低了首付比例，同时因为有了保险，可以获得更低的房贷按揭利率。

加拿大三大按揭保险机构和基本费率

CMHC 、Sagen(过去的Genworth) 和 Canada Guaranty。

按揭保险的保费通常在0.6% 到4.5% 之间，自雇人士可能保费会更高一些。

按揭保险既可以选择一次性付清，也可以把它加进按揭贷款中，和房贷按揭一起在月供中付款。

（关于按揭保险的更多信息，欢迎和我们进一步咨询，或登录三大保险公司网站了解详情。）

首付款的多少对于按揭贷款还款额的影响？

假设 –

房价 $400,000；
利率为 1.90%；
按揭25 年；
月供付款；
按揭保险费加入了按揭贷款中


首付比例	首付款	房贷额		按揭保费	贷款总额（包含按揭保费）	月供	25年付款总额（包含全额本金和利息）
5%	$20,000	$380,000	$15,200		$395,200	$1654.47	$496,341
10%	$40,000	$360,000	$11,160		$371,160	$1553.83	$466,149
20%	$80,000	$320,000	Not required		$320,000	$1339.65	$401,896

从以上测算可以看出，首付的多少直接影响着购房者可以购买房屋的价位、月供、按揭保险等。在今天史无前例的低利率、房价还在上升期的时候，合理地放大杠杆，保证手中足够的现金流，应该是明智的选择。

How much Down Payment needed?

General Joanna Yang 9 Mar

What is a minimum down payment

A down payment is the amount of money you put towards the purchase of a home. Your lender deducts the down payment from the purchase price of your home. Your mortgage covers the rest of the price of the home.

The minimum amount you need for your down payment depends on the purchase price of the home.

If your down payment is less than 20% of the price of your home, you must purchase mortgage loan insurance.

Table 1: The minimum down payment based on the purchase price of your home
Purchase price of your home	Minimum amount of down payment
$500,000 or less	5% of the purchase price
$500,000 to $999,999	5% of the first $500,000 of the purchase price 10% for the portion of the purchase price above $500,000
$1 million or more	20% of the purchase price

If you’re self-employed or have a poor credit history, your lender may require a larger down payment.

Normally, the minimum down payment must come from your own funds. It’s better to save for a down payment and minimize your debts.

Example: How to calculate your minimum down payment

The calculation of the minimum down payment depends on the purchase price of the home.

If the purchase price of your home is $500,000 or less

Suppose the purchase price of your home is $400,000. You need a minimum down payment of 5% of the purchase price. The purchase price multiplied by 5% is equal to $20,000.

If the purchase price of your home is more than $500,000

Suppose the purchase price of your home is $600,000. You can calculate your minimum down payment by adding 2 amounts. The first amount is 5% of the first $500,000, which is equal to $25,000. The second amount is 10% of the remaining balance of $100,000, which is equal to $10,000. Add both amounts together which gives you total of $35,000.

What is mortgage loan insurance

Mortgage loan insurance protects the mortgage lender in case you can’t make your mortgage payments. It doesn’t protect you. Mortgage loan insurance is also sometimes called mortgage default insurance.

If your down payment is less than 20% of the price of your home, you must buy mortgage loan insurance.

Your lender may require that you get mortgage loan insurance, even if you have a 20% down payment. That’s usually the case if you’re self-employed or have a poor credit history.

Mortgage loan insurance isn’t available if:

the purchase price of the home is $1 million or more
the loan doesn’t meet the mortgage insurance company’s standards

Your lender coordinates getting mortgage loan insurance on your behalf if you need it.

Cost of mortgage loan insurance

The fee you pay for mortgage loan insurance is called a premium. Mortgage loan insurance premiums range from 0.6% to 4.50% of the amount of your mortgage. Your premium depends on the amount of your down payment. The bigger your down payment, the less you pay in mortgage loan insurance premiums.

Find premiums based on the amount of your mortgage:

You can pay your premium by adding it to your mortgage or with a lump sum up front. If you add your premium to your mortgage, you pay interest on your premium. The interest rate is the same rate as you’re paying for your mortgage.

Ontario, Manitoba and Quebec apply provincial sales tax to mortgage loan insurance premiums. Your lender can’t add the provincial tax on premiums to your mortgage. You must pay this tax when you get your mortgage.

How the down payment affects the total cost of your mortgage

Save as much as you can for your down payment. The bigger the down payment, the smaller the mortgage, which can save you thousands of dollars in interest charges.

Example: How the size of a down payment affects the cost of a mortgage

Suppose you buy a home that costs $400,000.

Assume the following:

interest rate is 4%
amortization period is 25 years
payment frequency is monthly
mortgage loan insurance premiums are added to the mortgage

Table 2: Effect of the size of a down payment on the total cost of a mortgage
Down payment	Down payment amount	Mortgage	Mortgage loan insurance premium	Mortgage (includes insurance premium)	Total cost of your home (includes all columns)
5%	$20,000	$380,000	$15,200	$395,200	$643,649
10%	$40,000	$360,000	$11,160	$371,160	$625,712
20%	$80,000	$320,000	Not required	$320,000	$584,979

Canadian banks raise some mortgage rates, lower others (by Jessy Bains)

General Joanna Yang 4 Mar

Canadian banks raise some mortgage rates, lower others — by Jessy Bains

Wed, March 3, 2021, 2:27 PM

For the first time since the start of the COVID-19 pandemic, Canadian banks raised rates on fixed-rate mortgages.

TD Bank (TD.TO), National Bank of Canada (NA.TO), HSBC (HSBC), Royal Bank (RY.TO), Scotiabank (BNS.TO), and BMO (BMO.TO) made moves in response to a rising yield on the Canada 5-year bond.

Posted rates remain the same, but special rates that most clients end up paying ticked up between 15 and 25 basis points on 5-year terms.

“TD evaluates a number of factors when making changes to mortgage rates, including our funding costs and market conditions,” the bank told Yahoo Finance Canada.

Record low mortgage rates have helped fuel a record rally in house prices, and even with the increases remain historically low. Experts say the increases are unlikely to put a chill on the real estate market on their own. But it does mean buyers will have larger fixed mortgage payments they’ll have to budget for.

According to Ratehub.ca’s mortgage payment calculator, a homeowner with a 10 per cent down payment on a $500,000 home, at a 5-year fixed rate of 1.39 per cent amortized over 25 years (total mortgage amount of $463,950) has a monthly mortgage payment of $1,831.

With a 15-basis point increase, their monthly mortgage payment has increased to $1,863. This will cost a homeowner $32 per month or $384 per year on their mortgage payments.

Bond yields move based on market conditions and they could continue to edge higher, meaning more fixed-rate increases to come.

“Fixed rates are increasing in response to higher than expected inflation in January,” said James Laird, co-founder of Ratehub.ca and President of CanWise Financial mortgage brokerage

“If inflation continues to rise and as optimism builds around the vaccine rollout, Canadians should expect fixed rates to continue on their upward trend.”

Canada 5-year bond yield (Bank of Canada)

Laird says if you’re buying a home and worry about fixed rates rising further or your lender hasn’t raised theirs yet, get an approval now because it will hold today’s rates for 90 to 120 days

Banks drop variable rates

If you have a variable rate and want to lock in a fixed mortgage you can without paying a penalty.

Meanwhile, all of the banks that raised fixed rates lowered special variable-rate mortgages by between 10 and 20 basis points. The widening gap between fixed and variable mortgage rates makes variable a cheaper option.

For example, the new 5-year special fixed closed rate at RBC is up 20 basis points to 2.24 per cent while the 5-year closed variable drops 15 basis points to 1.60 per cent.

Variable-rate mortgages tend to move based on the Bank of Canada’s overnight rate but lenders ultimately decide the rate offered to consumers.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

【2020年， Dominion Lending Centers （DLC）为我们的委托人共完成700,000+笔按揭贷款，融资额达$80亿。感谢您让我们成为了加拿大最大的房屋贷款经纪公司之一，让我们在过去的15年中倍受大家信任和认可！我们的380+网点遍及全国，如您在房贷方面有任何问题，请随时联系Joanna Yang（647-675-0286）或登陆我的网站 www.joannayang.ca。置业是很多人一生中最大的投资，为您找到条件最优的融资方案是我们的职责。】

Strong Canadian Economic Growth in Q4 and January

General Joanna Yang 2 Mar

Strong Canadian Economic Growth in Q4 and January — By Dr. Sherry Cooper
Chief Economist, Dominion Lending Centres

This morning’s Stats Canada release showed that economic growth in the final quarter of last year was a surprisingly strong 9.6% (annualized). The surge in growth in January was even more interesting, estimated at a 0.5% (not annualized) pace. If these numbers pan out, it means that Canada did not suffer a contraction during the second wave and ensuing lockdown.

The January figure is noteworthy in that retail sales plunged as nonessential stores were closed in key parts of the country as we faced surging numbers of COVID cases. The strength came from resources, housing and government spending and the mild weather likely helped.

At its last meeting in January, the Bank of Canada (BoC) estimated that Q4 growth would come in at 4.8% (half the actual 9.6% pace) and that there would be a net contraction in Q1 of this year. The strength in Q4 emanated from very hot housing, some business investment in machinery, government outlays and a resurgence in inventory accumulation. Inventory build-up is often seen as a negative sign reflecting weak consumer spending. But maybe firms were preparing for a considerable rebound in demand.

Economists on Bay Street are upwardly revising their growth forecasts for this year, and no doubt the BoC will do so again when it meets next Wednesday. Clearly, the economy has been more resilient than expected. Will that change the Bank’s assessment of the continued need for monetary stimulus? Probably not. But it will likely temper their view that the next rate hike will not be until 2023, a sentiment the BoC has asserted regularly in the past.

Consumer spending was weak at the end of last year, not surprisingly given many stores were closed and a stay-at-home order was in place in several highly populated areas. Households have been hoarding cash. The savings rate declined to 12.7% in Q4 from as high as 27.8% earlier in the year, but that is still way above normal. Accumulated savings will provide a backstop for robust consumer spending once the economy opens up.

For all of 2020, the Canadian economy contracted by 5.4%–a substantially harder hit than in the US, which posted a 3.5% decline.

Bottom Line

The stronger-than-expected economy raises the potential that there is enough stimulus in the economy. The Trudeau government appears to be determined to hike government spending meaningfully in the next federal budget (likely coming this Spring). We know it is the government’s predilection to juice the economy for another couple of years, but that could well deserve a rethink.

Variable 浮动利率等于 Open吗？—- 完全不等于！ Mortgage Tips 按揭小常识

General Joanna Yang 1 Mar

很多客人认为Variable Rate 浮动利率就是Open Mortgage （开放式按揭），这完全是错误的。选择贷款时，如果不清楚一些基本概念，今天即使拿到了心仪的“低利率”，明天都随时有可能为从来没有意识到的成本买单。几天介绍两组基本的概念 Open/Closes Mortgage； Fixed rate /Varialbe Rate。很多人都会混淆。

在加拿大，根据“取消合约的灵活度”，可以把按揭贷款分为“OPEN MORTGAGE （开放式按揭）”和“CLOSED MORTGAGES （封闭式按揭）”；这组概念规定了和银行签订的合约是否可以中途取消。而“Variable Rate （浮动利率）” 和 “Fixed Rate （固定利率）”这组概念规定的是贷款利息的计算方法； Variable Rate 主要与加拿大央行Prime Rate相连， Fixed Rate主要受国债收益率影响。

下面主要讲一下 Open/Close的 Mortgage —

Open Mortgage（开放式按揭），允许借款人随时中途取消合约而无需支付任何罚金。因为银行让渡了锁定合约的权利，通常Open Mortgage的利率都会高于Closed。但需要注意的是，一些银行规定，如果客人在一定的时间内（比如5年贷款合约期的第1年内）提前将全额贷款还清时，银行虽然不收罚金，却会收取一定的管理费，通常Open的这种管理费会比closed的管理费要高。你很好理解，虽然银行让渡了合约锁定的权利，总还是希望辛苦把贷款批下来后，客人的贷款可以停留一段合理的时间，而不是刚做完不多久就全部还清。这也是为什么在服务每一个客人时我们都会搞清这份合约项目的退出机制 –— 如果有一天我的客人想提前偿还贷款，退出机制的总费用都包括什么，大约多少。

Closed Mortgage （封闭式按揭）可提供6个月至10年的合约期限，在合约期内，利率定好不变；合约到期，可以转不同的银行而不产生任何罚金。

大部分情况下，如果借款人没有在短期内全部还清贷款的打算，我们都会建议选择Closed，因为同等条件下，利率比Open的要好。

另外还要注意不要搞混了Term (合约期限）和Amortization（贷款期限）这两个概念。Amortization贷款期限是指整个按揭的全部期限，比如25年/30年。Term(合约期限)是在25年或30年中，和银行定下的6个月到10年不等的合约期限。 Term的存在也在一定程度上保护了消费者的利益，在Term到期前，客人可以重新比较贷款市场上的各家机构的利率条件，选择最适合自己的一家，让市场保持良性竞争。

所以 Variable Rate （浮动利率）不等于 Open Mortgage （开放式按揭）！这种说法是把两组不同的概念混淆在了一起。

把按揭贷款的两组条件“Fixed/Variable”和“Open/Close”相互组合，市场上就主要形成了以下三种按揭产品：

Variable Rate Closed mortgage；

Variable Rate Open Mortgage；

Fixed Rate Closed Mortgage 。

具体的选择哪一个，还是要根据客人对未来几年的财务规划而决定。总的原则是，如果没有打算在短时间内全额付清贷款，就不必选Open Mortgage。

Joanna Yang, BA(Econ), MA(Econ)

Mortgage Expert

Month: March 2021

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