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Mortgage Intelligence enters second mortgage market with introduction of i second

Mississauga, Ont. (May 8, 2003) – Mortgage Intelligence Inc., Canada’s largest mortgage broker, has set its sights on the second mortgage market with the launch of i second, a variable rate second mortgage with approvals up to 90 per cent of home value.

The i second mortgage marks Mortgage Intelligence’s entrance into a market once dominated by brand name financial institutions. Most of the institutions that offered second mortgages have abandoned this line of business, leaving the second mortgage industry greatly diminished.

“The second mortgage market in Canada is seriously under serviced,” says Bob Ord, President, Mortgage Intelligence Inc. “With the demise of most of the traditional second mortgage providers, consumers have fewer options available to them. The second mortgage products currently offered in the marketplace can be costly, and alternatives such as lines of credit and credit cards often don’t meet the needs of many homeowners.”

i second offers the consumer ease and freedom at rates that are virtually unmatched in the industry. Features of isecond include:

  • Up to 90 percent loan-to-value
  • Variable rate, changes quarterly
  • Matures at the same time as the first mortgage, minimum 1-year term.
  • Rates starting as low as Prime +3.5 per cent
  • Payout in full or part with only 3 month interest penalty on the prepayment amount
  • Rate maximum and minimum set at time of closing

The i second product provides loans of up to $100,000 for purchasing, refinancing or equity take out on owner-occupied residential properties including duplexes, triplexes and fourplexes.

i second will especially benefit first-time buyers, many of whom require a high-ratio mortgage, by allowing them to avoid costly mortgage insurance premiums. They can secure a conventional mortgage while obtaining an isecond mortgage to cover the additional financing -- and then pay the second mortgage off as quickly as they’d like. Not only do consumers bypass mortgage insurance, they can get their financing based on lending ratios that can make it easier for them to qualify for the mortgage they want.

“There are other reasons why Canadians may want to obtain second mortgages,” says Ord. “Perhaps a homeowner is moving to a newer/larger home and needs a bigger mortgage --they may want to port their current mortgage because it’s at a great rate. i second allows them to make up the difference. Debt consolidation is another reason for Canadians to look at second mortgages. i second allows homeowners to consolidate their debt and move on with their lives.”

The new mortgage product, one of several niche products recently introduced by Mortgage Intelligence, will allow for access to funds for a variety of purposes, providing homeowners with a sensible, competitive choice.

“Whatever the wish list, i second is a mortgage product that is designed to help homeowners realize their goals simply and affordably.”

ABOUT MORTGAGE INTELLIGENCE

Mortgage Intelligence Inc., a wholly-owned subsidiary of GMAC Residential Funding of Canada, is the largest and fastest growing mortgage broker in Canada, with close to 500 independent consultants, associates, and assistants in offices throughout British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and the Atlantic Provinces. The company is committed to introducing niche products to the market to better meet the needs of Canadian homeowners. The company funded volumes of close to C$5 billion in fiscal year 2002. www.mortgageintelligence.ca

News source: Mortgage Intelligence

 

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