You can access flexible, residential-only mortgage solutions through RMG Mortgages, a division of MCAP that works exclusively with licensed brokers to tailor options for first-time buyers, self-employed applicants, and those seeking renewals or refinancing. If you want competitive rates and specialized programs—like bank-statement and graduate options—RMG can provide targeted solutions that may fit non-traditional income and varied borrower needs.
This article breaks down what RMG offers, how their product terms and rate structures work, and what to expect during the application and approval process so you can decide whether their broker-only model and services align with your mortgage goals.
Key Features of RMG Mortgage Products
RMG focuses on flexible residential lending through broker channels, offering fixed and variable rate options, specialty programs for self-employed borrowers, cash-back and bridge solutions, and mortgage protection choices. You’ll find options that accommodate non-standard income, equity tapping, and competitive prepayment features.
Available Mortgage Types
RMG offers fixed-rate terms and adjustable-rate mortgages tied to their prime rate. Fixed terms commonly run up to 5 years with conservative amortization rules, while adjustable products let you switch between variable and fixed without penalty in some cases.
You can access specialty programs such as a Bank Statement Program for self-employed income verification, a Cash Back mortgage that returns a portion of proceeds at closing, and bridge financing to cover timing gaps between sale and purchase. They also provide second-mortgage solutions that let you tap home equity without breaking your existing mortgage.
RMG’s products support insured and uninsured transactions, purchases, refinances, and renewals. Most products are distributed via independent brokers, so you’ll often work through a broker for application, underwriting nuances, and rate quoting.
Eligibility Criteria
You must meet standard lending criteria: acceptable credit history, verifiable income, and sufficient property appraisal/value. RMG places particular emphasis on income documentation flexibility—bank statements or alternative income verification can be acceptable for self-employed applicants.
Loan-to-value (LTV) limits vary by product; insured mortgages follow Canada Mortgage rules, while alternative programs may allow higher LTV with additional conditions. Mortgage amounts, property types (primary, secondary, rental), and borrower residency status influence approval; non-traditional incomes or recent credit events may require stronger compensating factors.
Expect documentation requirements and underwriting through a broker to include pay stubs, tax returns, bank statements, property details, and credit reports. Mortgage protection insurance and product-specific eligibility rules may apply for some borrowers.
Interest Rates and Terms
RMG publishes competitive fixed and variable rates available through its broker network. Fixed rates are generally conservative across common terms (1–5 years); variable rates are tied to RMG’s prime and may allow rate type changes or lock-ins under specified conditions.
Prepayment privileges tend to be generous: partial lump-sum payments, accelerated payments, and portability options often exist but vary by term and product. Penalties for breaking a closed term depend on product—calculate early repayment costs based on interest differential or a predetermined formula.
Rate availability and term lengths depend on market conditions, borrower profile, and product selection. Always obtain a broker-quoted rate and confirm prepayment and renewal rules before committing.
Application and Approval Process
You will need to gather specific documents, follow a clear application sequence, and expect a typical timeline from submission to conditional approval. The lender evaluates income, credit, property details, and down payment to decide approval and terms.
Required Documentation
Provide government-issued ID for every borrower (passport or driver’s licence). Lenders typically require proof of residency if your ID address differs from the property address.
Show income verification: recent pay stubs (last 2–4), Notice of Assessment (last 2 years) or T4s, and employment contact details. If you’re self-employed, provide business financial statements, accountant-prepared income summaries, and corporate tax returns (T1 or T2).
Prepare bank statements showing at least 90 days of deposits and savings used for the down payment. Include documentation for source of down payment (gift letter if applicable) and asset statements for investments or RRSP withdrawals.
Provide property information: purchase agreement, MLS listing, and a recent property tax statement. If refinancing, include current mortgage statements and any condo documents (status certificate).
Be ready to authorize a credit check and to complete a borrower questionnaire that details liabilities, alimony, or other obligations.
Step-by-Step Application Guide
Start by contacting RMG’s Mortgage Solutions Centre or an approved broker to discuss eligibility and product fit. They will clarify rate options, term lengths, and prepayment privileges relevant to your situation.
Complete the mortgage application form with accurate personal, employment, and property details. Upload or deliver the required documents listed above; incomplete packages delay review.
The lender orders a credit report and, for purchase deals, may request an appraisal or home inspection depending on loan-to-value and property type. You may be asked to clarify large deposits or irregular income sources.
If the file meets underwriting criteria, you’ll receive a conditional approval outlining conditions (e.g., satisfactory appraisal, insurance, clear title). Satisfy all conditions promptly to proceed to final approval and closing.
Timelines and Expectations
Typical processing from full application to conditional approval takes about 7–14 business days for standard residential files. Complex files—self-employed borrowers or high loan-to-value ratios—can take longer, often 2–4 weeks.
Appraisals, third‑party reports, and legal title searches add time; schedule these early to avoid delays. Respond to lender requests within 24–48 hours to keep your file moving.
Expect closing timelines to follow provincially customary transfer periods—often 30–45 days from conditional approval for purchases. For rate holds or pre-approvals, verify expiry dates so your approval remains valid through offer and closing.
