No Frills Simplicity Mortgage

Product Description

No Frills Simplicity is our no frills solution that offers borrowers significantly lower interest rates in return for more restrictive prepayment options. It’s a good choice for customers seeking low rates who do not expect to prepay the mortgage during its term.

Customer Profile

Ideal for first-time homebuyers; borrowers on a fixed income, such as retirees; or anyone planning to stay in their home for at least five years.

Product Highlights include:

  • Purchase only
  • Five-year mortgage terms
  • 10/10 prepayment privileges
  • 120-day rate hold
  • Maximum LTV 95% purchase
  • Insurer premium charged regardless of LTV (including LTVs of 80% or less)
  • Monthly, bi-weekly, weekly, accelerated bi-weekly and accelerated weekly payment frequencies
  • Mortgage can be discharged only if the mortgage is refinanced with XMC Mortgage Corporation or in the event of a bona fide sale of the property.

Call your XMC Mortgage Agent or apply online today!