About RMG Mortgage
RMG places emphasis on providing residential mortgage products that can be accessed via independent brokers. They propose an alternative to big banks, credit unions, and the like in terms of:
- Attempting to provide competitive rates.
- A variety of mortgage products that are flexible for customers.
- Working with professional and independent Canadian mortgage brokers.
Mortgage brokers negotiate on the behalf of potential borrowers with RMG Mortgage, providing a bridge that ensures borrowers get the best products that are uniquely suited to them in both the residential and commercial mortgage sector.
RMG Mortgage is a division of MCAP Financial Corp. which is one of the leading independent mortgage financing companies operating within Canada.
RMG Mortgage Rates
As independent brokers negotiate with RMG Mortgage on your behalf, you won’t be sure of your rates until you start the process. A broker might be able to give you an accurate deduction based on prior dealings with RMG Mortgage and market conditions.
Butler Mortgage Products
RMG’s residential mortgages focus on flexibility for borrowers so that a wide an audience as possible can find a mortgage solution that suits them. Mortgages come in 1-5 year terms, in variable or fixed rates, and are highly negotiable by your licensed broker.
RMG also allows its borrowers to trade some of the flexible features of their mortgage for a lower rate. This includes features such as 20% per annum down payments (without penalty) and choice of payment frequency.
Bridge financing program
This program is for borrowers who want to take out a second mortgage on a new home on a short-term basis. The mortgage acts as a bridge in the period where you will be under two mortgages by enabling you to make the down payment before the first property is sold.
The maximum period is 45 days and the minimum amount is $5,000. There is also a maximum amount that is dependant on the price of the lesser acquisition or existing mortgage balance. This program also provides flexibility and comes with the same options as their residential mortgages.
Cash back program
This is a standard cash back program that pays out up to 3% of the value of your mortgage to be used to cover expenses associated with moving to a new home or to cover closing costs. You may be obliged to pay back a percentage of the cash back if you discharged, replaced or refinanced.
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Other RMG Mortgage Products
RMG Mortgage focuses almost solely on mortgage products, however, they also offer a mortgage insurance policy called “Secure Start”.
This policy will protect your home in the event that you the mortgage cannot be fulfilled due to injury, death or disability. You can get cover for up to $500,000 in case of accidental death and up to $4,000 a month in case of disability for 24 months. Rates for this product can be found on the RMG website.
RMG Mortgage Application process
As RMG Mortgage only provides mortgages through independent brokers, you will need to contact a broker to pre-apply and apply for a mortgage. All brokers will have their own process and information requirements, although all will require the following:
- Your details (name, email, telephone number, location).
- The purpose of the mortgage (purchase, refinancing, renewal or pre-approval).
- Your credit rating.
- Income range.
- Income type.
- Similar information on the co-applicant (if any).
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