855 55 FUNDS
855 55 FUNDS
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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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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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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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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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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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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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 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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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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Shawn Allen, Founder of Matrix Mortgage Global, has been elected to the Board of Directors for the Scarborough Business Association. The SBA is a not-for-profit community based organization focused on driving prosperity in the Toronto Business Community. Matrix Mortgage Global, Ranked as the #1 Brokerage on the Growth 500 List (Canadian Business), and nominated 2019…
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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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A consumer proposal is just what it sounds like. It is a proposal that you send to your creditors with the help of a trustee. You propose to pay off a portion of your unsecured debt within a certain timeframe (the maximum being five years) and in return your creditors agree to forgive the balance…
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Many Canadian dream of one day owning a home to raise their families in. But for those with low credit scores, this dream can seem out of reach. The good news is that even if your credit isn’t great, it is still possible to buy a house. Bad credit mortgages (also known as high risk…
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The broker who smashed the $380m mark by turning massive change into a wealth of opportunities SHAWN ALLEN is not your average broker. He opened the doors of his company, Matrix Mortgage Global, during the GFC; grew his business to specialise in alternative financing; and now spends about $1m a year on marketing and advertising. In…
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Finding out that you have been denied for a mortgage renewal can be quite scary and stressful. Does this mean you will have to sell your home? What will happen to your family? Fortunately there are options. In this blog we will take you step by step through what you will need to do if…
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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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There is never a good or convenient time to lose your job. But becoming unemployed shortly before your mortgage renewal time can be particularly stressful. You may wonder whether you lender will even be willing to renew your mortgage. So what are your options? First of all, don’t panic. Losing your job doesn’t automatically disqualify…
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It is now only a few months away until our next Broker Business Exchange event, featuring speakers from across the globe to provide advice, insight and helpful discussion. The event on 5 June will not only provide networking opportunities for brokers, but it will aim to help you build your business and explore new opportunities…
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You’ve spent a lot of time building your business, and making a living doing something you absolutely love, but it can be frustrating when it comes to financing and credit when you’re self-employed. Working for yourself means sometimes there’s a large variance in income, and that can make creditors a little hesitant to give you…
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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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When you’re facing large amounts of debt, a consolidation loan might seem like a very attractive option to condense every debt into one easy monthly payment. Consolidation loans can be helpful if you have lots of creditors and need to organize your accounts. They also give you a very firm deadline: when the loan is…
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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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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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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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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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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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Most people at some point in their lives will need access to a large lump sum of cash. This could be to consolidate debt, pay for an investment, to remodel their home or perhaps to pay for an unexpected emergency. One way to access this cash, is through cash out mortgage refinancing. What this means…
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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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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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While it is still possible to get a mortgage if you have poor credit, it is definitely easier (and less costly) to get a mortgage if you have good credit. So if you already have a few red marks on your credit report, what can you do to clean them up quickly? Here are a…
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As the year comes to a close, you might be wondering what 2019 is going to have in store for us in terms of mortgages. While no one can say for certain, here are some of our predictions for the coming year. More variable rate mortgages at the start of the year. With the stock…
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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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What is the difference between a second mortgage and a home equity loan? If you need to access the equity in your home, there are a number of tools you can use to do this, two of which are second mortgages and home equity loans (also known as home equity lines of credit). Since some…
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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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When your career, family or just life brings you to live in a large metropolitan area like Toronto, you’ll also find yourself dealing with higher costs in living and maybe even a more difficult time just finding a house to live in. Suburbs were built surrounding these big cities to help alleviate the stress of…
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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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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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Can You Refinance a Mortgage with Bad Credit? If you need to consolidate debt or access some of the equity in your home, then refinancing your mortgage can be a good method of doing so as you can often lower the interest rates that you are paying. The problem however is that in order to…
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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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Private mortgages soar in popularity, are ripe for investment According to a report released this week, private lenders funded 20% of mortgage refinances in the second quarter of this year, highlighting how profitable mortgage investment is becoming. The joint report between Teranet and Realosophy also revealed that private mortgages during Q2 2018 jumped 67%…
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The Office of the Superintendent of Financial Institutions is looking to regulate equity-based mortgages, and that could adversely affect Alt-A banks. “As OSFI regulates schedule A banks, this will not affect private lenders, but will affect many of the trust companies that brokers have come to rely on for more flexibility, such as Haventree…
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Fresh off the heels of making the 2018 Growth500 list with over 610% growth over the past 5 years, Matrix Mortgage Global celebrated the launch of CAPL (Canadian Administration Of Private Lending) at D.W Alexander with the Caped Crusaders himself: Batman. The city was abuzz as social media went into a frenzy, tweets and hashtags…
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According to a joint study by Teranet and Realosophy, 20% of refinances during the second quarter of 2018 were with private lenders. “The most likely reason is B-20,” said John Pasalis, president of Realosophy. “Generally, if people are going there, with the increase we’ve seen, it’s because it’s tougher to qualify for a refinance at a traditional…
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Matrix Mortgage Global – Fixed or Variable: Now may be the time to rethink that choice The Bank of Canada raised its benchmark interest rate in July. For the fourth time in the last year. And many experts are expecting it to go up again this fall. This means that homeowners in variable interest rate…
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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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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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Matrix Mortgage Global – How can I get a first-time home buyer’s mortgage if I have bad credit? Purchasing your first home can be an exciting time, but sometimes getting a first-time home buyer’s mortgage turns out to be more complicated than you thought it would be. This is especially true if your credit is…
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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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Matrix Mortgage Global – Mortgage Stress Test is Pushing Young Canadians and Newcomers Out of Housing Market According to a recent study conducted by the Canadian Real Estate Association, the mortgage stress test that was introduced by the federal government in January of these year had the biggest impact on young prospective home buyers as…
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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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Matrix Mortgage Global – Should you become a private mortgage lender? If you’ve ever been looking for a place to invest your money, chances are that you’ve had people tell you that you should invest in real estate. Perhaps you even know some people who have done very well for themselves with rental properties. But…
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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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Matrix Mortgage Global – What Is The Difference Between A Home Equity Loan And A Home Equity Line Of Credit? First, we should have a basic understanding of what home equity is and how it works. To quickly sum it up -home equity is the difference between the value of your home and the unpaid…
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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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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…
Read More– 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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Matrix Mortgage Global – Reverse Mortgages Are Becoming More Mainstream It used to be that Reverse Mortgages were considered a last resort for pensioners who were desperate to make ends meet. This, however, is no longer the case. Home values have risen considerably in recent years, so it is making more and more sense for…
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Matrix Mortgage Global – It’s About to Get Easier for Entrepreneurs to Get a Mortgage If you have had trouble getting a mortgage in the past because you are self-employed, there is hope on the horizon. The Canada Mortgage and Housing Corporation (CMHC) has just announced measures it will be undertaking to make it easier…
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Matrix Mortgage Global – Risks and Benefits of Bridge Loans When you are selling your home and moving to a new one, there are a lot of moving pieces. Unfortunately, no matter how hard you plan, those pieces don’t always come together perfectly at first. Imagine finding the ideal home that you want to buy…
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Matrix Mortgage Global – Canadians Divided on Fixed vs Variable Rate Mortgages According to Poll A recent poll by CIBC showed that Canadians are split on whether they would select a variable rate mortgage or a fixed one if they were getting a new mortgage today. Although 72% of those polled said they thought interest…
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Matrix Mortgage Global – Mortgage Advice for New Immigrants to Canada If you have recently immigrated to Canada, congratulations! Moving to a new country can be exciting, but it is not without its challenges. Laws and business procedures may be quite different here than they were in your country of origin. If you would like…
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Matrix Mortgage Global – Could Mortgage Interest Rates be on the Rise? The Bank of Canada is scheduled to meet on July 11th, and when it does many analysts are saying that it is likely to raise interest rates. If this happens, it will mark the fourth interest hike in the last 12 months. …
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Matrix Mortgage Global – What happens when you renew your mortgage? When you first get your mortgage and move into your new home, the last thing that you are probably thinking about is mortgage renewals. But before you know it, your mortgage term is up and a mortgage renewal notice shows up in your mailbox.…
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Matrix Mortgage Global – What do you need to qualify for a commercial mortgage? If you are operating a business, then at some point you may be interested in applying for a commercial mortgage. Since the borrower on a commercial mortgage is typically a company rather than an individual, assessing credit can be more…
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Matrix Mortgage Global – Stop Power of Sale with our HOME SAVER program Power of sale, also known as foreclosure can be a scary prospect for any homeowner. Typically, your mortgage will have a clause in it that allows the bank to sell your home if you are not able to make your payments. This…
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Matrix Mortgage Global – Many Canadian Renters Could Qualify for a Mortgage While renting can be a good short-term solution, many renters dream of the day when they will one day be able to afford a home of their own. By consulting with a qualified mortgage broker, however, that day may come sooner than expected,…
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Matrix Mortgage Global – Millennials Finding it Harder to get a Mortgage In recent months, Canada has seen a sharp decline in the number of millennials applying for mortgages. While this is no doubt at least in part due to new mortgage rules that were introduced earlier this year, it could also be a sign…
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Most people considering or going through consumer proposal payout might not think about making a call to their mortgage broker, but they should. Some mortgage brokers, including Matrix Mortgage Global, are able to offer innovative solutions to help people pay out their consumer proposals faster. What is consumer proposal? A consumer proposal is an alternative…
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Matrix Mortgage Global – How to Get Pre-Approved for a Mortgage Getting preapproved for a mortgage is an important first-step in purchasing a home. Not only does it save you time and make the process go more smoothly but it can also protect you from having to pay a higher interest rate should rates go…
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Matrix Mortgage Global – How the Mortgage Stress Test is Affecting the Housing Market We are just now starting to see the effects of Canada’s new mortgage stress test on the Canadian housing market. Since the new regulations were introduced in January, Canada’s hottest housing markets – Toronto and Vancouver – have been seeing…
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Matrix: Five Reasons You Should Get Preapproved for a Mortgage Before You Begin House Hunting Are you in the market to get a new home? Congratulations! But before you start looking at real estate listings or picking out curtains, you’ll want to give your friendly neighborhood mortgage broker a call and get pre-approved for a…
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Reverse Mortgages are More Popular than Ever More Canadian seniors than ever before are turning to reverse mortgages to help them supplement their retirement income. The balance owing on reverse mortgages at the end of March of this year was $2.404 billion – that’s up 2.44% from the month prior and up 24.57% from…
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Matrix Mortgage Global – What you need to know about home equity lines of credit Home equity lines of credit are a popular way for Canadians to borrow the cash they need – and for good reason. A home equity line of credit is relatively easy to get and inexpensive. Using this type of loan…
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Matrix Mortgage Global – New Mortgage Renewal Rules Could Mean Big Savings for Homeowners If you are among the nearly half of Canadian homeowners whose mortgage is up for renewal in 2018, we’ve got some good news for you. Some recent changes to Canada’s mortgage renewal rules could save you some big money. In October…
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Matrix Mortgage Global – 4 Tips for Getting a Mortgage When You Have Bad Credit If you have bad credit, perhaps you have been told by a well-meaning friend or family member that applying for a mortgage is out of the question for the time being. Perhaps you have made some unwise financial decisions…
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Matrix Mortgage Global – How Rising Mortgage Interest Rates will Affect You Over the last week, we have watched as one by one, Canadian banks have raised their interest rates on mortgages. If you are wondering why this is happening, there are several factors to consider. For starters, the rate on Canadian bond yields have…
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We knew that these ultra-low interest rates couldn’t last forever. CIBC, TD and most recently, Royal Bank have all announced that their mortgage rates are going up by the end of the year and up again by the end of 2019. So the question is, should you renew your mortgage early in order to avoid…
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Refinancing your mortgage can have numerous advantages but it can also be very expensive if you do it wrong or choose the wrong lender. Refinancing, therefore, should always be done with the advice of a professional mortgage advisor. Before you refinance, here are five things you’ll want to consider: Refinancing lets you take advantage of…
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If you are a Canadian over the age of 55, you have probably heard about reverse mortgages and you may be wondering if they are right for you. Simply put, a reverse mortgage is a loan which makes use of the equity in your home. You may choose to receive that loan as a lump…
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According to a report that was recently released by CIBC Capital Markets, 47% of mortgages in Canada will be up for renewal in 2018. This is a significant increase from the 25-35 per cent of mortgages that are normally up for renewal in a typical year. This comes at a time when interest rates are…
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If you are having difficulty in qualifying for a traditional mortgage, getting a private mortgage may be a solution to help you get into or stay in your home. In the past private mortgages have accounted for approximately 4-5% of all Canadian mortgages, however with stricter lending rules now in effect, that number is expected…
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The new mortgage stress test rules are starting to show their effects as more renters decide not to enter the housing market. Consequences for renters One of the unintended consequences of the new mortgage rules is that because less people are buying homes, rental prices of condos and apartments in Toronto have surged more than…
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Taking out a second mortgage or home equity line of credit (HELOC) can be a great way to get the cash you need for things like home repairs, children’s tuition or to pay off high interest debt. It allows you to use the equity in your home without breaking your first mortgage. But how do…
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One of the choices you will have to make when you apply for a mortgage is whether you get a fixed rate mortgage or a variable rate. The majority of Canadians choose fixed mortgages because they like the stability of knowing their rate is not going to change – but if you’re willing to handle…
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Between their credit cards, student loans, and lines of credit, many Canadians are struggling with debt. If you’re reading this article, maybe you can relate. It can be frustrating to see so much of your income go to creditors and have nothing to show for it. One solution that many Canadian homeowners turn to is…
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