No Frills Simplicity Mortgage
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.
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.