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.
Real estate and Mortgage Forecast 2020 Canada’s national housing agency is f...
Tips that save money on your mortgage Shop around – and not just fo...
Your credit score Your credit score is a three-digit number that comes from the...
Open vs. closed mortgages When you are searching for the mortgage with ...