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How Does a Home Improvement Mortgage Work?

For most people, purchasing a home will be the biggest single investment that they ever make. But what if the homes that you are considering are in need of some renovation? If you have to pay out of pocket for renovations right after you buy the home, it can leave you cash strapped. Fortunately, there […]

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Can You Add Renovation Costs to Your Mortgage?

  Home renovations can add a lot of value to your home both in terms of your house’s market value and in terms of your own enjoyment. Major home renovations however can be quite expensive, and if you do not have all of the money saved up, you will have to borrow it from somewhere. […]

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Can You Be Denied a Mortgage Renewal?

Most people don’t think much about their mortgage renewal until they get a reminder in the mail from their financial institution that their renewal is coming up. But the truth is that mortgage renewal should be something that is always in the back of your mind because while most renewals get approved without too much […]

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Do I have to keep paying the mortgage if I am separated?

 When a couple separates, often one will move out while the other continues to live in the marital home. The one that moves out may feel that it is unfair for them to continue to pay a mortgage for a home they no longer live in, however if their name is on the mortgage, they […]

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 Does a Large Down Payment Offset Bad Credit?

Having bad credit can make getting a mortgage more difficult – particularly with more traditional lenders such as banks and credit unions. One strategy to help you offset having bad credit is to save up a larger down payment. Having a larger down payment helps to offset the risk that a lender is taking by […]

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How Major Events Impacted Mortgages in 2018?

To say that the mortgage industry experienced some excitement in 2018 is an understatement. Everything from new borrowing regulations to trade tensions and immigration left their mark on the Ontario housing market, and by extension mortgages. Let’s examine some of the major events that impacted mortgages in 2018. Financial stress test. In January of last […]

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Private Lenders Step In For Self Employed Borrowers

At Matrix Mortgage Global, we see a lot of self-employed borrowers in the same set of circumstances. Any savvy business owner/operator will want to write off as much of their business expenses as possible, therefore presenting a less-than-representative annual income on their T1 General tax returns. A Contractor, for example, might bring in $200,000 in […]

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 Do You Need Good Credit to Get a Reverse Mortgage?

If you are a Canadian aged 55 or older and own your own home, then one of the ways that you can access equity from your home is through a reverse mortgage. A reverse mortgage is when you borrow against the equity in your home and receive cash either in monthly payments (like an extra […]

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 How Does a Reverse Mortgage Get Paid Back?

In the right circumstances, a reverse mortgage can be a good option for Canadian seniors who are looking to supplement their income or who need a large lump sum of cash for an unexpected emergency such as a medical expense. One of the advantages of getting a reverse mortgage as opposed to something like a […]

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Can I Get a Home Loan While Going Through a Divorce?

If you are going through a divorce, getting a home loan can be tricky. Lenders will want to know your financial situation before they will be willing to agree to mortgage terms, and in many cases those still in the process of getting a divorce do not yet know their full financial picture. If you […]

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