loans - MULTI-PURPOSE MortgageS
The Multi-Purpose Mortgage (MPM) is not a loan; it is a type of security. The MPM is a special mortgage security with a re-advancement clause. This allows it to be used to secure any number of loans or lines of credit up to the mortgage's limit which is usually 80% of the market value of the home and property. It can also be registered on farm and commercial property, but the limits are usually less than 80% of market value.
- The legal process - mortgage preparation, signing and registration - is done only once. When addtional financing or refinancing is required, it can usually be done the same day, unlike conventional mortgage financing (providing the limit of the mortgage is not exceeded), because the mortgage security is already in place.
- The MPM can secure many loans and lines of credit as well as co-signed loans and guarantees.
- All loans / lines of credit secured by the MPM are charged interest at the variable mortgage rate, which is our best variable rate.