You can get a residential mortgage through RMG that offers a range of term options and online account tools to manage payments and details with convenience. RMG Mortgages focuses on Canadian residential lending and gives you access to competitive fixed and variable terms plus an online portal (MyRMG) to view and manage your mortgage.
This article shows how RMG’s products and servicing work, what to expect during the application process, and how to use MyRMG to handle payments, lump sums, and tax items. Expect clear guidance on eligibility, documentation, and practical steps so you can decide whether an RMG mortgage fits your needs.
Understanding RMG Mortgages
RMG offers residential-only mortgage products through brokers, with a focus on flexible underwriting and options for borrowers who may not qualify at major banks. Expect fixed and variable rates, terms up to five years, specialized programs for self-employed or new-to-country applicants, and add-ons like cashback or bridge financing.
What Is RMG Mortgages?
RMG Mortgages is a Canadian monoline residential lender that operates through mortgage brokers rather than direct retail branches.
It specializes in serving borrowers who need flexible documentation or alternative income verification, such as self-employed clients, new Canadians, and small business owners.
You’ll find both conventional and high-ratio mortgage programs, plus specialized streams like bank-statement programs for income verification and graduate programs for first-time buyers.
RMG sits within the MCAP group, which gives it broader institutional backing while keeping a broker-distribution model.
Types of Mortgage Products
RMG offers fixed-rate and variable-rate closed mortgages with terms typically from 1 to 5 years.
You can choose payment frequency options and some prepayment privileges depending on the product.
Key product types:
- Fixed-rate mortgages: predictable monthly payments, available in multiple term lengths.
- Variable-rate mortgages: rate tied to lender prime; can lower payments when rates fall.
- High-ratio and conventional mortgages: for insured down payments under 20% and uninsured 20%+ down payments.
- Specialty programs: bank-statement program for self-employed income, graduate and first-time buyer incentives, bridge financing, and cashback offers up to a stated percentage.
Product features to compare:
- Term length (1–5 years)
- Prepayment allowances and penalties
- Cashback limits and eligibility
- Bridge financing availability
Eligibility Requirements
You must apply through a licensed mortgage broker; RMG does not deal directly with retail customers.
Basic eligibility follows standard Canadian lending rules: minimum credit score, debt-service ratios, and proof of income.
Specific considerations:
- Self-employed borrowers can use bank-statement programs when T1 financials are insufficient.
- New Canadians typically need established credit or additional documentation and may qualify under tailored programs.
- Investment properties and rental units have stricter qualifying rates and higher down payment requirements.
Prepare documentation: government ID, recent pay stubs or bank statements, Notice of Assessment, employment letter (if applicable), and details on any other debts.
Your broker will run affordability calculations and advise which RMG product best matches your profile.
Applying for an RMG Mortgage
You will work through a broker-led application, gather standard financial documents, and expect a decision within days to a few weeks depending on complexity. The process emphasizes accurate paperwork, broker communication, and timely responses to requests.
Application Process
You must apply through an independent mortgage broker; RMG does not take direct retail applications. Start by contacting a broker who will pre-assess your eligibility, run credit checks with your consent, and recommend RMG products that match your down payment, amortization, and insured/uninsured status.
The broker completes RMG’s lender application, including property details and income verification, then submits supporting documents. Expect the broker to request clarifications and to shop rates and terms from RMG, including fixed or adjustable options. If you’re using mortgage insurance or a high-ratio mortgage, the broker will coordinate insurer requirements and submit them with the application.
Required Documentation
Prepare these common documents to avoid delays:
- Government photo ID (passport or driver’s license)
- Proof of income: recent pay stubs, T4s, or Notice of Assessment
- Employment verification letter if required
- Bank statements for 3–6 months showing deposits and reserves
- Details of assets and liabilities (RRSPs, lines of credit, credit cards)
- Purchase agreement and property details for purchase transactions
If self-employed, include business financial statements, GST returns, and accountant-prepared income calculations. For insured mortgages, provide documentation required by the insurer (e.g., larger deposit proof). The broker may ask for additional documents for credit anomalies, previous foreclosure/consumer proposal history, or large one-time deposits.
Approval Timeline
Typical pre-approval can happen within 24–72 hours once the broker has complete information and no credit issues. Full approval after submission to RMG commonly takes between 3–10 business days for straightforward cases.
More complex files—self-employed borrowers, alternative income, refinances with high loan-to-value, or appraisal delays—can push approval to 2–4 weeks. You can speed approval by supplying clean, clearly labeled documents promptly, authorizing credit checks early, and responding quickly to broker requests for clarifications or additional paperwork.