ResMor Trust
ResMor Trust Company is a federally regulated trust company focused on providing residential mortgages, mortgage servicing and deposit products through independent brokers. ResMOR Trust is a member of the GMAC Financial Services Family.
It has more than $5 billion of mortgages under administration representing more than 33,000 homeowners, as of April 3, 2009.
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| Minimum Mortgage Amount | $35,000. Under $35,000 add 1% to the rate. |
|---|---|
| Portable | Yes, subject to approval by ResMor Trust |
| Amortization | 5 Years Minimum, 35 Years Maximum |
| Assumable | Yes, subject to approval by ResMor Trust |
| Rate Guarantee | Up to 90 Days |
| Preapprovals |
Yes |
| Payment Frequencies | Weekly, Accelerated Weekly, Bi-Weekly, Accelerated Bi-Weekly, Semi-Monthly,Monthly |
| Early Payout Penalties | Greater of 3 Months Interest or IRD for closed Fixed Rate Mortgages, 3 Months Interest for Closed Variable Rate Mortgages. |
| Prepayment Privileges | 20% of mortgage amount per year, + increase Payments by 20% per year. |
Lending Policies
Lends in all provinces except Quebec.
Up to 80% Loan to Value (Conventional Mortgage): ResMor Trust will pay the mortgage insurance premium up to a 25 year amortization. Clients may choose up to 35 year amortization and include the premium in the mortgage amount.
Bankruptcy Policy
Must be 2 years discharged, plus 1 year re-established credit.
2nd Mortgage Policy
ResMor will allow provide a second mortgage up to 95% Loan to Value behind a ResMor first mortgage.
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