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 |
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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 |
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Amortization |
High Ratio
and Insurable — Up to 25 Years |
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Purchase Price Maximum |
$999,999 |
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Loan Amount |
• Minimum
$75,000 • Maximum
$924,999 High Ratio • Maximum
$799,999 Insurable |
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Term |
• 5 year Variable based on RMG Prime rate |
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Rate Hold |
• 120 days |
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Loan to Value |
• Up to
95% LTV for High Ratio • Up to 80% LTV for Insurable |
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Beacon Scores |
• 630 for all applicants • 600 beacons considered up to 70% LTV |
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GDS/TDS |
39%/44% |
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Pre-payment Privileges |
• 20/20
pre-payment privileges • No increase
and blend or early renewal option available |
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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 |
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Visit the RMG website for a full list of products and conditions.
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