Jin-ocean Mortgage Investment Corporation was founded and certified by the BC government and BC FICOM in June 2015.The MICs are regulated by three separate and distinct federal or provinceial government regulatory bodies: Canada Revenue Agency, BC Financial Institutions Commission, and BC Securities Commission. Jin-Ocean specializes in first mortgage up to 70% of the appraisal and second mortgage up to 65%; include residential, commercial, short-term bridge mortgage which are guaranteed by any civil properties in Great Vancouver mainland.Normally, the fee of the first mortgage will start from 9% interest+1.5% lender’s fee, and the second mortgage will start from 10% interest+2% lender’s fee. All borrowers are required to provide credit bureau report, financial statement, notice of assessment within two years, current 3-months bank statement, mortgage application and so on. The loan to value rate for the first mortgage is controlled under 70% and for the second mortgage is controlled under 65%. For security of investment, we will audit and underwrite every mortgage application in term of FICOM discipline. Our mortgage purpose is to provide financial period of help to mortgagors and feedback stable dividends to investors.
With the increasing demand of small investment, low risk, and stable returns, and in order to provide an alternative to the traditional mortgage lending from chartered banks, the Canadian government created a new type of financial investment corporation called Mortgage Investment Corporation (MIC). In essence, MIC is a form of investment and lending corporation that specializes in mortgage lending. It also enables people to invest in a company that manages a diversified and secured pool of mortgages. This is particularly appealing to investors as it lets people pool their money to be lent out as mortgages; such investment decreases the investment risk and allows for stable returns.
The Canada Federal Government established MIC in 1973 in order to provide high and fixed returns for investors and to provide access to people who are difficult to get loans from chartered banks or who need a second mortgage. MIC can effectively reduce investment risk and provide a high return to investors.MIC examines borrowers’ credit report, income statement, property appraisal value, property information, so to set up a repayment schedule to ensure borrowers can payback the loans. Thanks to MIC, investors become preferred shareholders and receive rich dividends.
We Provide Residential & Commerical Solutions
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