INTEREST RATE POLICY UPDATE
In response to rapidly shifting capital markets, MoXi has altered the methodology in how we calculate loan interest rates for customers. Issued rates are fixed after your loan has closed.
"Ensuring that you have access to the best possible interest rates..."
25-YEAR FIXED RATES
TAKING A CLOSER LOOK
Your margin is formulaically calculated based on 3 criteria: (i) loan amount; (ii) FICO score, and (iii) LTV. Upon ICD, MoXi will "lock" your margin for 120 days.
Your interest rate (= margin + 3-year swap rate) will be finalized prior to the closing of your transaction on your scheduled Zoom pre-closing call with our legal team.
Your final interest rate (margin + 3-year swap rate) will be valid for 2 calendar days after your scheduled closing date. If your loan is not closed as scheduled, your rate may expire. Your loan documents may also need to be re-drawn using a refreshed index and/or margin.
Note: your final interest rate is fixed for the term of your loan. Our loans are fully amortized, fixed rate, and will not change after your final rate is issued and your loan closes.
Already selected a property and have a contract closing date within 120 days? The MoXi margin will be set at the time of your ICD (initial credit decision) call with us.
Files already pre-approved without a property? MoXi margin will be set once we receive the contract with a closing date of 120 days.
New construction with a completion / closing date >120 days? MoXi margin will be floating until a completion date is provided by the developer.
ABOUT OUR RATES
Is MoXi no longer offering fixed rates?
How does MoXi calculate my final loan rate?
When is my interest rate calculated?
What if I need to extend my closing?
If my Mortgage Advisor already discussed a rate with me, will it change?
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