About Us
Our Story & Background
Jin-Ocean Mortgage Investment Corporation was founded and certified by the BC government and BC FICOM in June 2015. MICs are regulated by three separate and distinct federal or provincial government regulatory bodies: the Canada Revenue Agency, the BC Financial Institutions Commission, and the BC Securities Commission. Jin-Ocean specializes in first mortgages up to 70% of the appraised value and second mortgages up to 65%, including residential, commercial and short-term bridge mortgages secured by properties in Greater Vancouver.
Normally, the cost of a first mortgage starts from 9% interest + 1.5% lender’s fee, and a second mortgage starts from 10% interest + 2% lender’s fee. All borrowers are required to provide a credit bureau report, financial statements, notices of assessment for the last two years, the latest 3 months of bank statements, a mortgage application and so on. The loan-to-value ratio is kept under 70% for first mortgages and under 65% for second mortgages. For the security of investments, we audit and underwrite every mortgage application according to FICOM rules. Our purpose is to provide short-term financial help to mortgagors and stable dividends to investors.
MIC Background & Story
With the increasing demand for small, low-risk investments with stable returns, and to provide an alternative to traditional mortgage lending from chartered banks, the Canadian government created a new type of financial investment corporation called the Mortgage Investment Corporation (MIC). In essence, a MIC is an investment and lending corporation that specializes in mortgage lending. It lets people invest in a company that manages a diversified and secured pool of mortgages. This is particularly appealing to investors because pooling money to be lent out as mortgages decreases investment risk and allows for stable returns.
MIC’s Uniqueness
The Government of Canada established MICs in 1973 to provide high, fixed returns for investors and to give access to financing to people who find it difficult to get loans from chartered banks or who need a second mortgage. A MIC can effectively reduce investment risk and provide a high return to investors. A MIC examines borrowers’ credit reports, income statements, property appraisal values and property information, and sets up a repayment schedule to ensure borrowers can pay back their loans. Thanks to the MIC structure, investors become preferred shareholders and receive rich dividends.
We Provide Residential & Commercial Solutions
Our services and features
01
First Residential Mortgage
02
Second Residential Mortgage
03
Bridge or Term Financing
04
Commercial Loan
05
Construction Loan
06
Renew or Refinance
We are here to help you
Mortgage / Investment