Xceed (Company Overview) - Canadian Mortgage Lenders
A subsidiary of IMC Mortgage Corporation, Xceed was established in Canada in 1997. The investor group of the company currently purchases 90% common stock from BMO and recapitalized firm with $22.2 million. The company is funded and securitized by more than $3 billion in single-family mortgages. At the end of 2007, the company’s total assets had reached a of $2.7 billion.
Xceed works directly with Canadian Mortgage and Housing Corporation to offer a wide variety of mortgage options for their consumers. The company operates in all provinces throughout the country. In addition, Xceed supports the Canadian Association of Accredited Mortgage Professionals. This is the association that sets standards for mortgage practices throughout Canada.
Whether you are buying your first home, your second home, or using your home equity, Xceed has a solution for all of your mortgage needs. There are fees associated with a mortgage through Xceed, which are similar to the fees that are charged through other lenders as well. These fees include insurance premiums, appraisal fee, and any type of legal fee that is charged by the lawyers on behalf of the borrower in order to complete the transaction.
Payment plans are available in biweekly, weekly, or monthly forms, depending on the borrower’s need. In addition, each year a borrower is allowed to make an extra payment of up to 20% of their mortgage value. On the anniversary of a customer’s mortgage, it is possible to increase his regular monthly payments as well in order to pay off the loan at a faster pace.
Currently, Xceed only offers first mortgages to its customers. There are refinancing options available for those individuals who currently have a mortgage through Xceed. The company currently only offers mortgages and at this time, no other financial products are available through the company.
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