Review of RMG Mortgages

RMG Mortgages is a division of MCAP Financial Corp. It focuses on providing residential mortgages and mortgage servicing products through independent brokers. Operating across Canada, RMG Mortgages offers an alternative to the big banks and credit unions.

RMG Mortgages offers competitive and alternative rates. They also have a bank statement program, catering to clients with diverse income sources, and a graduate program that allows clients to transition from alternative mortgages to more traditional mortgage options.

• Type of Lender: Monoline

• Relevant Links: Mortgage Calculator & Client Portal

Today’s Lowest Rates from RMG Mortgages

Ideal Client

RMG Mortgages is ideal for first-time buyers, business owners, self-employed individuals, and new Canadians seeking flexible mortgage solutions. With a focus on alternative rates and personalized mortgage plans, they provide tailored solutions to meet each client's unique financial situation.

Special Features:

RMG Mortgages offers some features that cater to different financial situations. Their bank statement program is designed for self-employed individuals who can provide bank statements as proof of income, making it easier for them to secure a mortgage. Additionally, their graduate program allows those transitioning from alternative financing to switch to lower-rate lenders, helping borrowers save money over time. It's important to weigh these benefits along with any potential downsides, so clients can make informed decisions that best suit their needs.

Downsides:

When considering this lender, it's important to keep a couple of downsides in mind. Firstly, they do not offer traditional banking services, so you won't have access to features like checking or savings accounts. Additionally, there are no physical branches, so all transactions and communications will be online or over the phone. While this can be convenient for some, it may not suit everyone, especially if you prefer face-to-face interactions. Being aware of these factors can help you make a more informed mortgage decision.

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