Rate Relief 75

Coming Soon

Let FirstStep Financial reduce your Variable Rate Mortgage stress with our Zero Payment Solution.

A Variable Rate Mortgage (VRM) Crisis is here, as according to the Bank of Canada at this moment over 50% or 670,000 fixed payment VRMs issued since 2021 have reached their trigger rate. Driven by additional anticipated rate increases the BoC estimates that number will increase to 65% or 840,000 mortgages by mid 2023.

Borrowers are now receiving notice that their monthly payments no longer cover even the interest portion owed and as such their mortgages are actually increasing (negative amortization).

They are being told to increase monthly payments significantly to put their mortgage back on side.

Many borrowers have not budgeted for these steep increases in monthly mortgage payments and are facing financial distress.

FistStep Financial can help.


Loan Type

2nd Mortgage



Max Loan







BC Only


2 years or
1st mortgage due date

Key Product Information

Rate Relief 75 is a
no payment
2nd mortgage product.

This is a significant solution to a massive and immediate pain point experienced by borrowers and their lenders.

FirstStep’s Rate Relief 75 second mortgage provides the funds for homeowners to cover mortgage payment increases on their first mortgages so they don’t have to go into default or secure funds from other sources.

For eligible borrowers, FirstStep deposits to the borrower’s account the payment increase amount demanded by their lender. Advances occur each month on the same payment date as the borrowers 1st mortgage. These auto deposits continue on a monthly basis until the earlier of 24 months, the due date of the first mortgage or when the borrower chooses to re-pay FirstStep.


The FirstStep Difference - In Action

BorrowER Value Propositions

Partner with you To Make It Happen

Rate Relief 75 Procedures:

  • Borrower’s that have received a VRM payment increase notice from their Lender, apply digitally.

  • Current mortgage balance, property value, mortgage payment amounts and due dates are confirmed.

  • KYC/AML, income, credit score, pre-appraisal validation completed digitally.

  • Consents for second mortgage confirmed from first mortgage lender where required.

  • Conditional approval granted.
  • Physical appraisal completed prior to first funding advance.

  • Loan documents completed and registered via ZoomTM and DocuSignTM.
  • Mortgage is registered and serviced via third party agency.

  • Monthly advances are provided every month for 24 months.
  • Interest, Fees, Costs are deferred to end of term.

  • Advances + Fees + Interest paid by refinancing of 1st and 2nd mortgages at maturity.
  • Prepayable at any time (charges may apply).
Say Hello to Us

Lets Talk

How can the Rate Relief 75 mortgage help you or your clients?
Complete this form or email us at RR75@firststepfinancial.ca

Coming Soon

Our Team

Meyette Raynes

604 307 7016

FirstStep Financial