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Xceed It’s always nice to see lenders launching new products–especially in a tough credit market.  Xceed Mortgage announced a launch of its own a few days ago, with the unveiling of its new line of conventional mortgages. 

Three new products were released.  All three have 5-year fixed rates that are based on the applicant’s risk profile (i.e.  the borrowers selected amortization, Beacon, credit matrix parameters, etc.).

Prime Ultra Fixed

  • Maximum LTV:  80%
  • Minimum Beacon:  580
  • Compatible with:
      • Self-employed applicants (with 620 Beacons and 75% LTV [with minimal documentation] OR 80% LTV [with full documentation])
      • New immigrants
      • Borrowers with past bankruptcies
      • 2nd homes
      • Regular purchases and refinances

Prime PLUS Fixed

  • Maximum LTV:  80%
  • Minimum Beacon:  580
  • Compatible with:
      • 1-4 unit rental properties (with 600 Beacons, 80% max. LTV, using 80% rental offset)
      • Self-employed applicants who can fully prove income (80% LTV & 600 Beacons)
      • New immigrants
      • Borrowers with past bankruptcies
      • 2nd homes
      • Regular purchases and refinances

Prime Fixed

  • Maximum LTV:  60%
  • Minimum Beacon:  580 (No minimum for owner-occupied fully qualifying purchases or refi’s. Contact Xceed for more info.)
  • Compatible with:
      • Rental properties (with 600 Beacons, 60% max. LTV, and using 80% rental offset)
      • Self-employed applicants who can fully prove income (60% LTV & 580 Beacon)
      • 2nd homes (60% max. LTV)
      • Regular purchases and refinances


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Since Xceed pulled out of the subprime market in March, the company has primarily been limited to selling regular high-ratio insured mortgages.  These new mortgages give Xceed a nice product boost.

VP of Marketing & Sales, Colleen Adams, says: “Our goal is to foster relationships with a select group of brokers.” The company will do that by focusing on a smaller pool of brokers who commit to higher volumes and funding ratios.  (This is a small trend we’re seeing nowadays)

Adams continues:  “Our (new) conventional product offers rates dependent on the amortization the consumer chooses for their mortgage.  With reduced amortization risk, we offer the consumer a lower interest rate…”

As for specific niches targeted by these products, Adams highlighted the following:

  • “We will finance up $1.5 million on purchases or refinances, without a sliding scale.”
  • “On top of our standard 80% rental offset for rental properties we will also take into consideration a 50% rental offset on fully contained basement units.”
  • “Another key area of focus for us is the new entrants to Canada (market); as we feel this is an untapped market with great potential.”
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