IC Savings
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
IC Savings:
Your Trusted Mortgage Partner with RateShop Mortgages
History as a Mortgage Lender in Canada
IC Savings has grown steadily since its inception, focusing on serving Ontario’s diverse communities. Initially established to support the Italian-Canadian community, it has expanded to offer comprehensive financial products to all Canadians. Its commitment to integrity and customer service has positioned IC Savings as a trusted mortgage lender in the GTA.
Types of Mortgage Products & Programs
Residential Mortgages:
Fixed-Rate Mortgages: Predictable payments over 1-5 years, ensuring stability and budgeting ease.
Variable-Rate Mortgages: Competitive rates linked to market conditions, potentially reducing long-term costs.
High-Ratio Mortgages: Ideal for buyers with a lower down payment, insured by CMHC.
First-Time Home Buyer Programs: Tailored solutions with flexible terms and guidance.
Commercial Mortgages:
Investment Property Financing: For multi-unit residential and mixed-use properties.
Construction Loans: Funding for residential and commercial construction projects.
Business Mortgages: Support for acquiring or refinancing commercial properties.
Minimum Credit & Income Requirements
IC Savings adopts flexible yet prudent credit policies:
Credit Score: Generally, a minimum of 650 for residential mortgages.
Income Requirements: Proof of stable income for salaried and contract employees.
Self-Employed Borrowers: Requires two years of financial statements or Notice of Assessments (NOA). Stated income programs may be available for well-qualified applicants.
First-Time Buyers: Special consideration with lower down payment requirements and flexible credit assessments.
Mortgage Underwriting Criteria for Approval
IC Savings evaluates applications based on:
Debt-to-Income (DTI) Ratio: Typically up to 42%, ensuring responsible lending.
Loan-to-Value (LTV) Ratio: Up to 80% for uninsured mortgages; higher LTV available with mortgage insurance.
Income Verification: Tailored documentation based on employment status.
Property Appraisal: Mandatory for accurate market valuation.
We'll find great rates like this one from one or our several lending partners across Canada.
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5 Year - Fixed Term from
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Everyone's rate is unique.What's yours?
It is our job to get your lowest possible rate. Your rate qualification depends on certain factors, such as credit score and home equity as per regulations.
*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Locations Serviced and Branch Presence in Canada
IC Savings operates seven branches across the Greater Toronto Area (GTA), including:
Toronto (Little Italy)
North York
Mississauga
Vaughan
Woodbridge
Maple
These branches provide localized service, ensuring personalized mortgage consultations.
Mortgage Application Checklist
To apply for a mortgage with IC Savings, prepare:
Government-issued photo ID
Proof of income (recent pay stubs, NOAs, or financial statements)
Employment verification letter
Credit report
List of current debts and assets
Details about the property (if available)
How to Start a Mortgage Pre-Approval
Contact a RateShop Mortgage broker or visit an IC Savings branch.
Provide necessary documentation for financial assessment.
Undergo a credit check and affordability review.
Receive a pre-approval letter, outlining the approved amount, terms, and conditions.
How to Get Mortgage Rates
Visit IC Savings’ website or contact a RateShop broker for up-to-date rates.
Rates are personalized based on creditworthiness, mortgage type, and term length.
Mortgage Pre-Payment Options
IC Savings offers flexible pre-payment privileges to help clients save on interest:
Lump-Sum Payments: Pay up to 15% of the original mortgage amount annually without penalties.
Increased Regular Payments: Increase monthly payments by up to 15% to reduce the mortgage term.
IC Savings combines community-driven values with competitive mortgage products. Through RateShop Mortgages, clients access tailored financial solutions, ensuring the best rates and personalized service. Whether you're a first-time homebuyer or a seasoned investor, IC Savings provides flexible, responsible mortgage options to suit diverse needs.
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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