RMG Mortgages- What makes them different?

One of my favourite aspects of being a mortgage agent is that I get to deal with many lenders and learn many of the differences between them and how they would benefit my clients. Every client has a different situation so it is up to me and me only to take on the responsibility to learn to identify what will work best for them and not myself (which lenders would pay more). Ultimately, this is why I get the great reviews and consistent referrals from past clients.

Last week I met with Michael Plasko, the BDM from RMG Mortgages at my office to have a refresher on the different products they offer. I will talk about some of the highlights and if you want more information please call me or email me. Here are some of the highlights:

• A low rate basic mortgage special, the rates here can be lower but it comes with a 3% penalty if breaking.
• An excellent Collateral Charge “Transfer” Program for high ratio mortgages coming from the big banks that do collateral charges. This will pay for legal fees and discharge fees. There is a small added premium to the rate but will still usually be lower than what your previous lender would offer at time of renewal.
• Great spousal buyout program in the case of divorce or separation
• Bridge loans at Prime + 4% with a $200 admin fee up to 90 days (exception to 120)
• They have done purchases for condos at 380 sq feet and up
• They can take a look at mortgages up to $2 million at 80% LTV
• They do have the purchase plus and Refinance plus improvements program
• A great online portal for all clients. You can see it HERE
• 20/20 prepayments
• Appraisal compensation
• Extended amortization up to 35 years! (One of the only lenders that has this, small premium added to rate)
• New To Canada program. Need a valid work permit and have been relocated or immigrated to Canada within the last 60 months. Will most likely need international credit bureau or letter of reference from financial institution abroad.
• They do offer cash back mortgages

No matter what your employment status, there’s no denying that getting a mortgage for some has been tougher since the credit crunch, and since the wholesale withdrawal of self-certification mortgages, the self-employed have had extra hoops to jump through.

When people think about how to get the best mortgage deal, they tend to consider three elements: their financial circumstances (income, savings and credit rating); getting advice from the right mortgage broker; and getting a deal from the right lender. However, there’s a fourth element that can make a huge difference for self-employed people looking to boost their chances of getting the best mortgage deal: enlisting the help of an accountant from Webtaxonline tax accountant Toronto professionals.

As a freelancer or self employed mortgage applicant, the chances are for many lenders you’re going to be asked to provide accounts prepared by a certified or chartered accountant, to prove your income and enable the lender to make a decision. How those accounts are presented can have a major impact on how much you might be able to borrow.

Any other questions you would like from RMG I can find for you.