MLI Select
Mortgage loan insurance beneficial to co-ops
March 16, 2022
This product provides access to low interest rates and reduced borrowing costs for the construction, purchase and refinancing of residential properties. It also facilitates renewal throughout the life of the mortgage.
MLI Select uses a point system to provide insurance incentives based on affordability, energy efficiency and accessibility. The greater your commitment to social and environmental outcomes, the better the incentives. You can choose to invest in one area, such as affordability, or combine commitments to increase your points and incentives.
A significant advantage of the program is that it is easy for co-ops to access, as the application must be submitted by the lending financial institution. This greatly reduces the time commitment of cooperators in writing the application.
Eligible loans
- Construction of new units
- Improvement of existing units
- Purchase of housing
- Refinancing
- Purchase and conversion of non-residential buildings to residential properties