Optimum Mortgage (Company Overview) - Canadian Mortgage Lenders
Optimum Mortgage is a lending provider that helps mortgage brokers come up with mortgage solutions for a wide range of customers. The company offers true N.I.Q. lending, A-product, and high-ratio mortgages for their customers.
Optimum Mortgage has its headquarters in Edmonton, Alberta and serves Western Canada and Ontario. The parent company of Optimum Mortgage is Canadian Western Bank, which is the largest Canadian bank that is publicly traded in Western Canada. Canadian Western Bank is based in Edmonton as well and has been in business for over 26 years.
Mortgage Products
Currently, Optimum Mortgage is offering a special rate on their “put your house in order” mortgage. The requirements for this type of loan are: a minimum of 600 beacon score, income statements, and that the property must be owner-occupied. The loan offers up to 75% for refinances, 80% for purchases, and a 25- to 30-year amortization.
The Opti-85 bundled product is available for residents in Manitoba, Alberta, and Ontario. This offers borrowers up to 85% in financing. For a first mortgage for your customer, the financing is up to 75%. The main benefit of this mortgage is that there are no insurance fees involved.
The multi-family property mortgage offers uninsured mortgages at maximum value of 75% of the property value, with a 25-year amortization. Approvals for this type of mortgage are only made locally, so, to qualify, the borrower must live in the west. The property must also be a rental property with a minimum of five units, or the loan must be $500,000 or more. In addition, eligible for this type of loan are mixed-use projects such as residential/commercial property. The terms of this type of loan are three-, four-, and five-year fixed rates with a competitive fee structure for each loan type. These mortgages are only available in Saskatchewan, Manitoba, Alberta, and British Columbia.
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