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