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RMG

RMG Mortgages is focused on providing residential mortgages and mortgage servicing products through independent brokers. Operating across Canada, RMG Mortgages offers an alternative to the big banks.

RMG Mortgages is a division of MCAP Financial Corp., one of Canada’s leading independent mortgage financing companies. Operating in two lines of business: residential mortgages and commercial mortgages & development finance, MCAP provides “one stop shopping” for all aspects of real estate lending.

Product Details

Purpose

• High Ratio and Insurable business

• Purchases and Transfers available (refinances limited to existing RMG LRB clients only at this time)

• Live deals, no pre-approvals

Amortization

High Ratio and Insurable — Up to 25 Years

Purchase Price Maximum

$999,999

Loan Amount

• Minimum $75,000

• Maximum $924,999 High Ratio

• Maximum $799,999 Insurable

Term

• 5 year Variable based on RMG Prime rate

Rate Hold

• 120 days

Loan to Value

      • Up to 95% LTV for High Ratio • Up to 80% LTV for Insurable

Beacon Scores

• 630 for all applicants

• 600 beacons considered up to 70% LTV

GDS/TDS

39%/44%

Pre-payment Privileges

• 20/20 pre-payment privileges

• No increase and blend or early renewal option available

Early Payout Penalties

• For payout prior to maturity date, a penalty of 3% of the remaining mortgage balance will apply.

• A partial penalty rebate will apply if client returns to RMG with a new Low Rate Basic Mortgage, and funds within 90 days of the payout. (Rebate is applied upon funding of new mortgage

Visit the RMG website for a full list of products and conditions.

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