All Mortgage Applications must be sourced through a Licensed Mortgage Broker /Agent.
Westboro Mortgage Investment Corp. (WMIC) is locally owned and operated by professionals with extensive background in the mortgage industry.
Specializing in Residential, Commercial and Construction Financing; the WMIC team prides itself on providing exceptional service and is committed to servicing Ottawa, Ottawa Valley, Gatineau (Outaouais), Kingston Seaway, Belleville, Trenton, Coburg, and we are now lending in the Southwestern Ontario region, including: Brantford, Guelph, Kitchener-Waterloo, Hamilton, St. Catharines, Niagara Falls, Windsor, Owen Sound, Sarnia and Barrie.
The WMIC team understands the importance of forming strong business relationships and maintaining high service levels to satisfy the brokerage community. Our team provides fast, knowledgeable, creative mortgage solutions to meet your client’s immediate needs. With our common-sense approach to lending, WMIC focuses on approving mortgage applications that typically do not qualify under traditional mortgage lender guidelines. Our underwriters have combined lending experience of over 80 years, and are accustomed to decisioning deals utilizing the fundamental basic root of lending – The 5 C’s of Credit: Credit, Capacity, Collateral, Character and Capital.
Our team is dedicated to providing same day service and commitments issued within 24 hours.
Please note that effective May 19, 2020, all applications must be submitted via Filogix Expert. If you’re looking to send documents with your submission, please send them to: Apply@WestboroMIC.com.
If you have any questions regarding deals in Eastern Ontario or Quebec (Outaouais Region), please contact Darren Campbell at Dcampbell@WestboroMIC.com or 613-729-5764 ext. 242.
If you have any questions regarding deals in Southwestern Ontario, please contact Paula Meldrum at Paula@WestboroMIC.com or 519-495-9319.
If you have any questions regarding deals in Central Ontario or the GTA, please contact Derek Serra at DSerra@WestboroMIC.com or 416-540-5774.
Prime Lending Area
Eastern & Southwestern Ontario urban and small centre: rates start at 4.99%.
Urban is defined as areas with urban populations of 50,000+ (Ottawa, Kingston, Belleville, Kitchener-Waterloo, Guelph, London).
Small centres are defined as properties located within 10 km of the urban centres and/or populations of 5,000+.
Rural area rates start at 5.99% *not available in Southwestern Ontario*.
- Residential 1sts for owner occupied or rentals;
- Residential 2nds for owner occupied or rentals;
- Cottage/Waterfront Properties;
- Hobby Farms/Farms (house & 10 acres);
- Mixed Use Properties;
- Commercial/Industrial 1sts;
- Construction loans;
- Purchase/Refinance plus.
Rates/Fees & Maximum LTV’s
|Residential||Rates||Fees ($1,500 minimum)|
|1sts – Urban Areas & Small Centres (85% LTV on MLS purchases and 80% on refinances)||4.99% – 5.99%||2.0% – 3.0%|
|1sts – Quebec Pricing* (see below) – Urban Areas (80% LTV on purchases and 75-80% on refinances)||5.49% – 5.99%||3.5% – 4.0%|
|2nds – Urban Areas & Small Centres (up to 85% LTV)||6.99% – 9.99%||2.0% – 3.0%|
|1sts – Rural (75-80% LTV)||5.99% – 7.99%||2.0% – 3.0%|
|2nds – Rural (75-80% LTV)||Call for pricing|
|Commercial & Multi Unit Rental||Rates||Fees ($1,500 minimum)|
|1sts – Urban Areas||6.99% – 7.99%||2.0% – 3.0%|
* Gatineau, Alymer, Hull, Chelsea, Cantley.
Note: Masson-Angers, Buckingham and Val-Des-Monts can be considered at 75% LTV or less. Please call for pricing and LTV options.
Our standard term is 12 months. Note: Exceptions may be made for a longer term, however at a higher rate/fee.
- Principal on Commercial/Industrial 1sts must have a beacon score of 600+;
- WMIC will consider 1st mortgages for properties in Gatineau (urban) with a beacon score of 600+;
- We welcome self-declared income situations;
- Renewal fees on residential deals are the greater of 0.25% of the principal balance and $950;
- Renewal fees on commercial deals are the greater of 1.0% of the principal balance and $950;
- Borrower may use their own lawyer on residential deals, however WMIC’s lawyer must be used on commercial/industrial deals;
- Quebec Deals are serviced by a designated Notary assigned by WMIC;
- Appraisers must have CRA or AACI designations for Eastern Ontario and Quebec deals. Appraisals can also be ordered through RPS Real Property Solutions or Value Connect;
- Southwestern Ontario appraisals must be ordered through RPS Real Property Solutions or Value Connect.
Forms for Brokers