Looking for a mortgage program where you have a high net worth but your full financial picture is not captured by traditional income requirements? TD has one for you!
TD's high net worth program allows borrowing to clients who have accumulated at least $500,000 in confirmed liquid assets but can not meet standard income and debt servicing requirements.
Minimum Net Worth Requirement
- Minimum $500,000 in liquid assets in Canada for a minimum of 90 days prior to the application (they do not have to be with TD)
- Additional assets may be required for larger loan amounts
- Net worth requirement is in addition to funds for down payment
List of Ineligible Assets
- Gifts
- RESPs
- Margin investment accounts
- Restrained savings/investments
- Liquid Assets in an Operating Company
- Insurance
- Real Estate Equity
- Assets jointly owned with others not on the application
Other details to know
- Standard income confirmation is required in all applications
- Subject to Income Reasonability in all cases
- Only income earned in Canada included in the debt servicing calculations
- Minimum 35% down payment
Contact me for more details on the TD program if it sounds like its for you. I also wrote in a previous blog about the Scotiabank Total Net Worth Program that may work better for you. Either way reach out and I can determine the best program for you!
Note: program is subject to change at any time by TD. All details above are effective as of the date of this blog entry.
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