MERIX Financial has decreased the Adjustable Rate Mortgage effective May 26, 2009.

ARM rate has decreased to Prime + 0.40%.

Prime is 2.25%

Product Description:

The Adjustable Rate Mortgage (ARM) is a closed mortgage that offers your customers the ability to take advantage of low, short term interest while offering them the peace of mind that they can convert to a Fixed Rate Mortgage at any time during the term (see below).

Terms:

• 5 year term

Payment Frequency:

• Accelerated Weekly
• Accelerated Bi-Weekly
• Monthly
• Semi-Monthly

Qualifying Interest Rate:

Your customer will be qualified on the greater of the current MERIX 3 year Fixed Rate of the current ARM rate.

Prepayment Policy:

• Prepay up to 20% of the Original Principle Balance each year based on the anniversary of the loan (minimum payment is $1,000).
• Increase payments by up to 20% of the original registered amount each anniversary year.
• Prepay of increase payments in combination – combined prepayment must be within 20% of the original principle balance.

Amortization:

• Up to 35 years high ratio (additional Mortgage Insurer Premium applies)
• Up to 40 years conventional

Units:

• Up to 95% loan to value for 1-2 units
• Up to 90% loan to value for 3-4 units

Conversion to Fixed Rate:

• Your customer can convert their ARM to a MERIX Closed Fixed Rate Mortgage at the then current MERIX pricing.
• The new fixed rate term must be greater or equal to the remaining term left on their ARM.
• No rate hold is available on conversions.

Compliments of MyMortgage.ca

If you have any questions please contact:

MyMortgage.ca
Mortgage Associates
# 1-866-509-1090
info@prolinkmortgages.com

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