Loading...
Call Us: 416-827-2626
Apply | Agent Directory
XCEED

XMC Mortgage Corporation offers unique and competitive residential mortgage products for both purchase and refinance to Canadians through an extensive network of mortgage broker partners.

XMC is a member of the Mortgage Professionals Canada, the Alberta Mortgage Brokers Association, and the Mortgage Brokers Association of British Columbia, the Independent Mortgage Brokers Association of Ontario. XMC Mortgage Agents are Accredited Mortgage Professionals (AMP) per the only national proficiency standard for Canada’s mortgage industry.

1-10 Year Closed Program Details

Purpose

PURCHASES

  • Client must be enrolled in a monthly municipal tax plan (i.e. TIPPS). If no such plan is available, we will pay the property taxes.
  • Maximum LTV of 90%.
  • Owner-occupied properties only.

 

REFINANCES

  • Client must be enrolled in a monthly municipal tax plan (i.e. TIPPS). If no such plan is available, client must provide proof of independent payment of their property taxes for at least one year.
  • Maximum LTV of 90%
  • Owner-occupied properties only.

Property Type

Must be intended for occupancy at some point during the year by:

  • A borrower; OR
  • A relative of the borrower on a rent-free basis.
  • An individual can be a borrower/co-borrower on a maximum of 2 CMHC insured mortgages.

Term

1 year open

3, 5 year fixed rate

Rate Hold

90 day rate hold period

Loan Amount

$50,000 to $950,000 (Max $500,000 - 7 year and 10 year) MCAP - approved appraisal must be sent with application for loans with property values over $1 Million (refer to BDM for exceptions)

Maximum (LTV)**

  • 95% maximum LTV for purchases.
  • 85% maximum LTV for refinances.

Amortization**

  • 30 year maximum amortization (subject to product limitations)

Payment Options

Monthly, semi-monthly, bi-weekly, weekly (accelerated)

20% + 20% Prepayment Privilege

  • Privilege payment option – 20% per year.
  • Payment increase – 20% per year.

Early Payout

  • Prepayment penalty – Greater of 3 Months Interest or IRD.
  • 3 months interest; ONLY after the 3rd year anniversary.

Other

  • Mortgage life insurance available
  • Portable and assumable upon approval
Latest Posts

  It is always stressful when your bank or credit union says no to options on ...

Read More

  When you get into the foundation of learning about mortgage terminologies li...

Read More

  Buying a home is no small thing for most people because it is generally the ...

Read More

If you have decided to buy a new home in Canada, you'll likely need to qualify f...

Read More

Popular Content
Sitemap Updated On May 28, 2020. Copyright 2018. All Rights Reserved. RateShop.ca

x