MMG Mortgages Exclusive

Mortgage rates have been on the rise which has impacted our monthly budgets and overall mortgage qualifying. MMG Mortgages has an exclusive 6-month fixed rate promotion that is a solution to both of these issues!

What are the benefits?

1. Qualify for a higher mortgage amount with a lower qualifying rate.

2. Significant interest savings over the 6-month term, when compared with current market rates.

MMG Exclusive Product Guidelines:

• Possession date must be within 120 days.

• Eligible for owner occupied & second home purchases.

• Eligible for mortgage renewals and transfers.

• Eligible only for purchases under $1,000,000.

• Must be an insured mortgage.

• NOT available for rental purchases or construction draw mortgages.

• Purchase plus improvements allowed.

*Other Conditions:

• Fee payable for this product

• Client must renew into a 5 year fixed or 5 year variable term upon completion of the 6-month term (penalty applicable if not renewed with the lender)

Benefit #1: Qualify for More!

So…what is the Stress Test and how does that impact what I qualify for?

Based on Government Guidelines, we are required to qualify you at your new contract rate + 2% OR 5.25% whichever is higher.

For instance, if the lender was offering a rate of 2.50% you would qualify at the 5.25% base stress test, but if the lender was offering a rate of 5.60% you would be required to qualify at a rate of 7.60%. With this promo product you would be qualifying at a rate of 6.00%, which in today’s rate environment means you would qualify for more with this product.

Benefit #2: Interest Savings!

Taking advantage of this 6-month product also means interest savings over the term as market rates are higher than this promotional product. In addition to overall lower interest costs over the 6-month period in comparison to current market rates. It is important to note that after the 6-month term that payments may increase in the new 5-year product.