First National Excalibur - Transfers & Collateral Transfers

Collateral Transfers

This program allows borrowers with collateral, step mortgages, and secured lines of credit, to transfer their mortgage to First National. This is done through a new registration.

Here's what you need to know:

• 5 year Fixed or Variable rate available
• Up to 95% LTV insured & 80% LTV conventional insurable
• Min loan amount of $50K
• Cost is $776.93 all in (Ontario) * Additional fees may apply
• You have two choices here:1. First National covers the FCT legal fee
  • Your commission is reduced by 10 bps
• 2. The client is responsible for the FCT fee
  • This fee can be capped back on to principal balance so it's not paid out of pocket. Borrower has access to best available interest rate, and you get full comp.
• Combine 2 separate charges! (1st & 2nd) with no new funds. (Must be with the same FI)
• Amortization  - Lesser of remaining AM or 25 years.
  • For insurable collateral transfers, option to increase AM back up to 25 years!
  • When combining 2 separate charges (1st & 2nd), the amortization must be blended
• NEW!
  • Related borrowers can be added or removed from title at the time of transfer
  • Please refer to FCT's Title Transfer Referral Program
  • Not applicable on matrimonial separations or divorces
  • FCT will facilitate the title transfer through their network of legal professionals
  • An additional FCT fee of $585 (all in) is applicable - and yes, this CAN be included in the $3000 cap
    

Important things to note for both Transfers & Collateral Transfers:

• FCT facilitates the closing. An FCT signing representative will meet with the borrowers to review ID and witness the borrowers signature on the required documentation.
• A signed payout authorization form is required.
• Cap up to $3K in fees charged from existing Financial Institution for both insured & conventional deals
  

Transfers & Collateral Transfers

Did you Know?

With our low & competitive insurable rates, sending a transfer to us just makes sense!

And transfers are a great way for you to increase your business also.

And did you know that these deals can be qualified using the contract rate today?

Yes, that's right! - If the original mortgage was closed prior to October 16, 2016 you can qualify at the contract rate for conventional insurable and high ratio insured Transfers/Collateral Transfers

A straight transfer is the assignment of an existing mortgage from one financial institution to another, based on the current outstanding balance, with NO funding increase. Remember, these are not refinances.

Here's what you need to know:

• Minimum Term - 3 years or greater
• Minimum Amortization - 10 years
  • MUST match clients current remaining amortization period
  • Up to 30 years conventional uninsurable
  • Up to 25 years insurable
  • Existing high ratio insured mortgages with remaining amortizations greater than 25 years are eligible, as long as existing terms of the mortgage are not altered.
• Min loan amount - $75K
• Up to 95% LTV insured & 80% LTV conventionally
• Insured and Conventional Rentals permitted!
• Borrower is responsible for updating the first loss payee with their insurance company