Refinancing enables borrowers to take equity out of their homes for a variety of purposes including debt consolidation, home renovations etc. The following general criteria must be satisfied:
A minimum credit score of 600. (A minimum credit bureau score of 650 is required for 95% LTV).
No prior bankruptcy or judgements. No R3's in the past 24 months.
Non-residing guarantors are not permitted.
Non-residing co-borrowers are acceptable (must be an immediate family member and on title).
All other existing requirements related to income and credit worthiness apply.
For more information, look at Genworth and CMHC's guidelines.
