MMG Mortgages Exclusive

4.00% 6-Month Fixed Rate Product

Mortgage rates have been on the rise which has impacted our monthly budgets and overall mortgage qualifying.  MMG 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 this 6-month term, when compared with current market rates.
   
   MMG Exclusive offer is for, but not limited to:

• Possession date must be within 120 days.

• Eligible for owner occupied & second home new build purchases. 

• Eligible for high ratio mortgages only.

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

• Not available for rental purchases or construction mortgages.

• Purchase plus improvements allowed.

*Other conditions:

• Fee payable for this product;

• Client must renew into 5-year fixed or 5-year variable term upon completion of the 6-month term (penalty if paid out after 6 months).

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, payments would also be lower during this period in comparison to current market rates.  It is important to note that after this 6-month term that payments may increase in the new 5-year product.