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Can I get a mortgage after a consumer proposal?

After a consumer proposal, it can feel like your whole financial world is in an uproar. You may be wondering whether it is going to be possible for you to get a mortgage and finally move into a place of your own. If you are coming out of consumer proposal and you are wondering how […]

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Can I borrow more than my home is worth for home renovations?

There are several mortgage products out there that you can use to help you fund a home renovation project. These include mortgage refinancing, home equity loans and second mortgages. When you are borrowing from the equity in your home, typically you can borrow no more than 80% (sometimes as much as 90%) of the equity […]

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How Much Equity Do I Need for a Second Mortgage?

If you’ve been thinking that a second mortgage might be the right option for you so you can free up some cash flow or consolidate some debt then you likely have some questions about how to qualify for one. Similar to your primary mortgage, when you applied for it, there are certain financial requirements you’ll […]

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Should I Refinance My Mortgage to Pay Off Debt?

We don’t mean to get ourselves into debt: a small emergency here, a couple things come up there and before you know it you find that you’re struggling to make the minimum payments every month. For years you’ve been paying your mortgage and now you own a big chunk of your home, so why not […]

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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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