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Are you looking forward to beginning your home-owning dream? Is 2021 the year for you? Before you begin looking at houses, you may need to consider a few things. It is a good idea to make sure your finances are good and in order. You may find a house you like, but it’s your finances…

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How self employed Mortgage works in Canada?

Business owners are important to our economy. Not only do they provide goods and services that make our lives easier, but they also create jobs and spur innovation. It’s frustrating therefore to see that up until now, many self-employed individuals have had difficulty getting mortgages. This is because when you are self-employed, your income can…

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Matrix Mortgage Global made the top 100 list of the most dynamic mortgage professionals from around the world

Matrix Mortgage Global made the top 100 list of the most dynamic mortgage professionals from around the world. We’re proud to be part of a global discussion of leading mortgage professionals in various markets in the US, Canada, Australia and New Zealand. Twenty-eight Canadians have made it onto the Mortgage Global 100 list, the inaugural annual…

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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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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. One…

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time for 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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Large down payment

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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Major impacts on mortgage

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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selfemployed borrowers guidelines

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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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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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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UNCOVERED: CMHC’s New Home Buyer Incentive Matrix Mortgage Global is Canada’s #1 Fastest-Growing Mortgage Brokerage Entering the real estate market amidst rising prices and stricter lending guidelines has become more difficult than ever. In an effort to ease the stress on hopeful borrowers, the Canadian Government has proposed the following changes to CMHC’s Insurance Plan: …

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5 reasons to become a mortgage agent

5 Reasons To Become A Mortgage Agent 1)    Housing market demands do not dictate mortgage business success – 30% of Ontario residents have mortgages, and they renew every 1-3 years. 2)    Learn to build wealth through real estate: help yourself and your whole network reach financial freedom 3)    If you’re salaried, you can get fired at any time and you…

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How is Equity Divided into a Home When Divorcing?

Separating assets when you are going through a divorce can be a challenge. This is particularly true of the family home. For most couples, their home will be their largest asset in many cases, neither spouse will be able to afford to buy the other one out in cash. When it comes to dividing home…

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Mortgage Stress test

Since January of 2018, Canadians applying for a mortgage with a federally regulated lender have had to first pass a financial stress test before they could be approved. This has left some prospective homeowners feeling that buying their dream home may now be out of reach. It has left others feeling confused about what exactly…

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How does a bridge loan work when buying a house?

Looking for a new home and found the perfect one but haven’t sold your current one yet? As a homeowner you likely don’t want to be paying two mortgages as that can add up really quickly. If you’re looking to purchase a new home before you’ve sold your current one there’s something called a bridge…

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How Long Can you Get a Home Renovation Loan for?

Renovations to your home can become very expensive very quickly, and sometimes it’s not an option to do the renovation in pieces until you can save up the money to pay for the rest of it. Some lenders offer the option to borrow small amounts of money to complete the renovations you’ve planned to turn…

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Is 2019 a Good Year to Renew Your Mortgage

When your mortgage is up for renewal you might be wondering if your new rate is the best rate you can get, if it’s a good time for renewal and when the best deal is for you. In 2019 many home owners across Canada will be renewing their mortgages and hoping their payments don’t go…

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Grants for First Time Home Buyers

As a first time home buyer you may not have experience with how quickly home related expenses can add up, and they could be large amounts. You likely have your down payment together and closing costs but other items might come up sooner than you anticipated. Luckily there are a number of grants specifically for…

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Which Debts can be Included in a Consumer Proposal?

Debt can be overwhelming, and sometimes it can seem like there is just no way to climb your way out. If you’ve been exploring your options to see if there’s any kind of help out there for you, you have likely come across an option known as a consumer proposal. A consumer proposal will be…

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What You Need to Know About a Reverse Mortgage in 2019?

There have been many advertisements for reverse mortgages, filled with promises to help with your cash flow and ease some financial stress. You might find yourself asking if it’s really that simple or if there’s more to it than just putting some cash in your bank account. There is always the fine print to a…

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What do you need to qualify for a commercial mortgage?

If you own a business or are considering buying rental properties, then you may be wondering how to get a commercial mortgage. Unlike residential mortgages, many lenders do not advertise their rates for commercial, so if you simply walked into your financial institution to apply for a commercial mortgage, it would be difficult to know…

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Is a Five-Year Fixed Mortgage Right for You?

If you’ve been looking at the offerings of various lenders for mortgage rates, one thing that you might notice right away is how many of them primarily advertise their rates on their five-year fixed mortgages. And there are a couple of reasons they do this. The first is that five-year fixed mortgages are the most…

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better regulations have made reserve mortgages a good option for some people and the only way to really know if a reverse mortgage is the right choice for you, is to sit down with your mortgage broker.

If you are a retiree who is looking to supplement your income, then perhaps you have thought about getting a reverse mortgage. Well meaning friends and family members may have warned you against this type of product because quite frankly, reverse mortgages have gotten a bad rap in the past. But better regulations have made…

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How Long Does Debt Settlement Stay on my Credit Report?

If you have ever had issues with your credit, you may have experienced how those issues can make it difficult for you to get a loan for several years after the fact. If you have gone through a debt settlement process such as a bankruptcy or consumer proposal, you may ask how long that debt…

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Can you get a self-employed mortgage if you are in debt?

Can you get a self-employed mortgage if you are in debt? It is a well-known fact that it can be harder for entrepreneurs to get a mortgage. The same can be said of those with debt. So, if you are both self-employed and have debt, it can feel like you have two strikes against you.…

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Can I Change Mortgage Companies Without Refinancing?

When you sign up for a mortgage, you usually don’t do so with the intention of changing mortgage companies before your term is up. Unfortunately due to various circumstances, you may find yourself unhappy with your current lender. Perhaps another lender is offering a better rate or perhaps you simply don’t like the service that…

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what's happening with Mortgages rates

What’s Happening With Mortgage Rates? The reality for most Canadians is that we are not buying our houses in cash, so we rely on a mortgage – sometimes two – to help us acquire the single largest purchase we will ever make in our lives. It can be a scary time with a lot of…

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Things to consider when taking a second mortgage:

Matrix Mortgage Global – Things to consider when taking a second mortgage: A second mortgage is a loan that you can take out using the equity in your home as collateral. How much equity you have in your home is determined by how much money you have paid down on the principal of your mortgage,…

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How bridge loans can help small businesses

Matrix Mortgage Global – How bridge loans can help small businesses? A bridge loan is a type of short term loan used to help a person or a business get by until they can secure permanent funding, or to provide the funds to help them remove an existing obligation. This type of financing gives a…

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Benefits of a Home Improvement Mortgage

Matrix Mortgage Global – Benefits of a Home Improvement Mortgage Is this the year that you finally need to have your roof redone? Or perhaps you’re ready to finally get your dream kitchen? Repairs and upgrades to your home can be pricey, and if you haven’t saved up enough cash, you may be considering a…

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What is the difference between power of sale and foreclosure?

Matrix Mortgage Global – What is the difference between power of sale and foreclosure? In Ontario, when someone defaults on their mortgage, the lender has two main courses of action they can take. These are Power of Sale and Foreclosure. If you have been served legal notice by your mortgage lender, it is important to…

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Steps To Take After A Mortgage Renewal Is Denied

Matrix Mortgage Global – Steps To Take After A Mortgage Renewal Is Denied When the term of your current mortgage reaches its maturity date, you have to renew the outstanding balance for another term. This process is called a mortgage renewal. Depending on the terms of your mortgage this is a process you may have…

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How Much Can You Borrow Against The Equity In Your Home?

Matrix Mortgage Global – How Much Can You Borrow Against The Equity In Your Home? Let’s start by explaining what home equity is. In simple terms, home equity is the difference between the value of your home and the unpaid balance of your current mortgage. It is basically how much money you have put down…

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will consumer proposal affect mortgage renewal

Matrix Mortgage Global – Will a Consumer Proposal Affect My Mortgage Renewal? Have you ever wondered whether that consumer proposal you’re considering might affect you if you mortgage is coming up for renewal? First let’s talk about what a consumer proposal is and how it works. In Canada if you find yourself in a situation…

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– Canadian Business unveils 30th annual list of Canada’s Fastest-Growing Companies – Toronto, ON (September 13, 2018) Canadian Business and Maclean’s today ranked Matrix Mortgage Global No. 144 on the 30th annual Growth 500, the definitive ranking of Canada’s Fastest-Growing Companies. Produced by Canada’s premier business and current affairs media brands, the Growth 500 ranks…

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How Much Do You Have To Put Down On A Commercial Property?

Matrix Mortgage Global – How Much Do You Have To Put Down On A Commercial Property? A commercial mortgage is a loan taken out on commercial real estate using the property itself as collateral. Commercial real estate refers to buildings and/ or land which is intended to generate a profit, be it from capital gain…

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do consolidation loans hurts your credit score

Matrix Mortgage Global – Do Consolidation Loans Hurt Your Credit Score? Many people considering debt consolidation loans worry that it might hurt their credit score. But will it really? That depends on a number of factors, including your current credit score. This is easy enough to find, online for free. Monitoring your credit on a…

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benefits of home ownership

Matrix Mortgage Global – New Study Reaffirms Benefits of Home-ownership If you are wondering whether you’d be better off owning a home or continuing to rent, the data is in. According to a new study[i] released by Mortgage Professionals Canada, home ownership is the clear winner in almost all cases. Despite rising home costs and interest…

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Is a rent-to-own right for you?

Matrix Mortgage Global – Rent-to-Own Becoming a More Popular Choice for Canadians While fairly common in the U.S., rent to own agreements are much less familiar to Canadians. Recently however, that has started to change. Between new mortgage rules and several interest rate hikes by the Bank of Canada, more and more Canadians are asking…

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bridge financing

Matrix Mortgage Global – Your Questions About Bridge Financing Answered Bridge financing is a solution for those who wish to purchase a new home before their old one has sold. It is a loan that is meant to “bridge” the time period between buying one home and selling another. Since many of our clients have…

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Is mortgage Refinancing a Good Strategy for Paying of Debt?

Matrix Mortgage Global – Is Refinancing a Good Strategy for Paying of Debt? Many Canadians today are facing crisis levels of consumer debt. If you and your household are in this situation, you may be looking for a way to get out. If you aren’t quite ready to take the more drastic measures of bankruptcy…

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CMHC Looking for Solution to Stop Canadians from Exaggerating Their Incomes on Mortgage Applications

Matrix Mortgage Global – CMHC Looking for Solution to Stop Canadians from Exaggerating Their Incomes on Mortgage Applications The Canadian Mortgage and Housing Corporation (CMHC) has long been citing concerns that some Canadians may be overstating their income when they apply for a mortgage and they are now urging Canada Revenue Agency (CRA) to play…

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reverse mortgage

Matrix Mortgage Global – Is a Reverse Mortgage the Right Product for Me? Many Canadians aged 55 and older take advantage of a financial product called a reverse mortgage in order to help them access equity in their home. They can receive cash out of their home equity either in a lump sum, in regular…

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us- canada trade war

Matrix Mortgage Global – Threats of Trade War Won’t Keep Interest Rates Down If you have spent any time shopping for a mortgage lately, you know that interest rates are on the rise. In fact, The Bank of Canada has raised interest rates four times within a twelve-month span and more hikes could be on…

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second mortgage benefits

Matrix Mortgage Global: How can you use the money from a second mortgage? If you are looking to borrow a large sum of money and you have built up equity in your home, one of the most convenient types of loans available is a second mortgage. Cash obtained through a second mortgage may be used…

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Are you paying too much on your mortgage

Matrix Mortgage Global – Are you paying too much on your mortgage? Close to a quarter of Canadians may be paying higher rates on their mortgages than they need to, simply because they aren’t comparing mortgage rates before they choose a lender. This is according to a recent report by LowestRates.ca. The least likely demographic…

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New CMHC Report Shows Large Mortgages Have Lower Delinquency Rates

Matrix Mortgage Global: New CMHC Report Shows Large Mortgages Have Lower Delinquency Rates A recent report by the Canadian Mortgage and Housing Corporation (CMHC) has found that while large mortgages are on the rise, the delinquency rate for these is actually quite low. Looking at credit imbalances across the country, the heaviest imbalances have been…

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How to Use the Second Mortgage to Start a Business

Matrix Mortgage Global – How to Use the Second Mortgage to Start a Business With job security more often than not, being perceived as a thing of the past, more and more Canadians are venturing out on their own to start businesses. But depending on the kind of business you are starting, this can be…

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Is Home Ownership Becoming Out of Reach for Today’s Young People?

Matrix Mortgage Global – Is Home Ownership Becoming Out of Reach for Today’s Young People? A new report[i] by Mortgage Professionals Canada is warning that a perfect storm is brewing on the Canadian mortgage front that is likely to produce a generation of permanent middle-class renters if we are not careful.   There are currently…

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