Xceed has launched a new product called Super PRIME Mortgage. This is targeted to the borrowers with excellent credit score. As of today the posted rate of Xceed is 3.24%. The lender is offering a 25 bps discount on the rate for the special borrowers so the rate goes down to 2.99% on a five years fixed term. (Note: Xceed does not offer variable rate mortgage.)
3.09% was the low rate – available all over the industry. Some of us were able to squeeze some more juice out of no-frills rates. With this new lower rate and many flexibilities Xceed will definitely attract some business. Other lenders will react soon as the buyers disappear from the market. The question is – how soon?
Correction:
The posted rate on a five years fixed (AAA PRIME MORTGAGE) by Xceed Mortgage Corporation is 3.19%. Therefore the Super Prime Mortgage rate goes down to 2.94%. Better than I thought. Thanks ML.
The details of the product -
- Purchase and refinance
- Available for 5-year mortgage terms only
- Minimum Beacon Score of 740 (all applicants)
- 90-day rate hold
- Maximum loan-to-value 90% purchase; 80% refinance (CMHC premium will be charged on refinance deals)
- 20/20 prepayment privileges
- Fully-salaried or BFS Qualified customers only
- Down payment from customer’s own resources only for purchase transactions
- Monthly, bi-weekly, weekly, accelerated bi-weekly and accelerated weekly payment frequencies
Contact your mortgage broker for further details.
