XCEED PREP Mortgage™

PROMOTING RESPONSIBLE EDUCATION PLANNING (PREP) MORTGAGE

Product Description

XCEED’s PREP™ Mortgage offers $500 cash-back on refinance towards a (minimum $1000) contribution to an existing Registered Education Savings Plan (RESP). Where funds are borrowed towards contribution to more than one RESP, XCEED’s $500 may be split at the borrower’s discretion.

Customer Profile

XCEED PREP appeals to customers interested in building post-secondary savings for a child through existing home equity.

  • Salaried customers

Product Pricing

XCEED Conventional Posted

  • Product Details
  • Refinance only
  • Three- and five-year mortgage terms
  • Maximum 75% LTV
  • 120-day rate hold
  • Owner-occupied properties only

In an increasingly competitive world economy, post-secondary education provides the skills, knowledge, experience and relationships that are crucial in the development of individual success and achievement. Often reluctance to incur significant debt from student loans deters potential graduates from undertaking, or completing, degree studies. XCEED believes that more can be done to encourage post-secondary education in Canada and we consider the XCEED PREP Mortgage™ a strong step in that direction.

XCEED PREP Mortgage™ is available to all eligible Canadian borrowers subject to credit approval.

Information on RESPs can be obtained from your banking institution or from the Canadian Revenue Agency, here. Answers to frequently asked questions can be found here.

Did you know that with an RESP in place, your child is eligible for a Canada Education Savings Grant (CESG)?
It’s true! A basic CESG pays 20% on contributions to the end of the calendar year in which your child turns 17. Simply open an RESP and your RESP provider will apply for the CESG on your behalf.

An Additional CESG (A-CESG) pays either 10% or 20% (based on family income) on the first $500 (or less) of annual contributions to the end of the calendar year in which your child turns 17. More information here. Confirm that your RESP provider offers A-CESG application service and let them know you would like an application submitted on your behalf.

Call an XCEED Mortgage Agent or apply online today!