For those who haven’t yet heard, ResMor Trust launched a new 4-year variable mortgage on April 22.
It is currently offered at a very competitive rate of prime + 0.60%. That’s about 0.15% to 0.20% below most other lenders.
This new 4-year product is in addition to ResMor’s existing 5-year variable.
Anne Wright, Director of National Sales, says, “Our objective was to offer a unique ARM product at an aggressive rate for clients.” She says brokers in ResMor’s Elite and Super Elite program can discount the rate even further.
If you’re interested in this mortgage you’ll need to be fairly well qualified (at least a 650 credit score). You’ll also need at least 10% down.
Homeowners can contact any ResMor-approved broker for more information. Brokers should contact their ResMor BDM.
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ResMor Trust Company is a federally regulated trust company providing residential mortgages, mortgage servicing and deposit products through independent brokers. As of April 3, 2009, ResMor had over $5 billion of mortgages under administration representing more than 33,000 homeowners.
This is a relatively good deal for someone that still wants to gamble on a variable. In addition, this is convertible to a fixed rate equal to or greater than remaining the term remaining at broker best rates.
I could be mistaken, but I have checked the details on this and I believe that it is available up to 95% LTV, and a minimum 650 beacon only over 90% and only for the primary borrower. 90% or below has to have at least one applicant above 620 as I understand it.
Hi John, Thanks for the post. The latest rate sheet says “For ARM products, max LTV of 90%.” I have emailed ResMor to confirm for good measure. Cheers, -rob
It is good to see new products being introduced, and it is nice to see the premium over prime slowly moving down. However, I can’t see a whole lot of appeal in a four year variable product. Why not just offer prime + 0.60% on the 5 year?
Just checked mine and I believe you’re correct! My apologies!