855 55 FUNDS
855 55 FUNDS
It just got a little tougher for Canadians to get approved for mortgages. As you may know, new rules introduced the beginning of 2018 introduced a stress test – the goal of which is to make sure that homeowners are able to make their mortgage payments even if interest rates go up. But how do…
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Are you getting the best interest rate for your mortgage? Many homeowners aren’t. We all want to get the best interest rates possible and keep more money in our pockets. But too many people rush through the mortgage qualification or renewal process. Considering how much money is involved, it’s amazing how little research and effort…
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Are you planning to buy a home in the near future? Getting a mortgage can be intimidating for first time home buyers. It’s a necessary process if you want to own a home in Canada, but it doesn’t have to be as difficult as you think. All you need to do is follow these steps:…
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Shopping for a mortgage can be stressful. You want to make the right decision. You want to get a good interest rate. And most importantly, you don’t want to make a mistake. In most cases, this means that many homeowners default to getting a mortgage with the bank, usually the bank where they do their…
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Making the right financial decisions is important, especially when it comes to your home and mortgage. Waiting for the right time to refinance your home can make a big difference in the outcome. Choosing to refinance provides you with the flexibility to pay off your current mortgage while also addressing other loans and financial commitments.…
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Scarborough Community Gets A Voice Shawn Allen, Principal Broker of Matrix Mortgage Global is an active member of the Scarborough Business Community and sponsors the Scarborough Community Renewal Organization (SCRO). Last month SCRO held their first annual general meeting and officially swore in their committee members. The project initiatives are to move the Scarborough in a…
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The Unitri cube houses, a Toronto landmark located a minute north of Matrix Mortgage Global’s office in the Canary District, are for sale. To be more precise, the little pie shaped plot of land above which the three cubes hover, is for sale: the cubes themselves, possessing little more than sentimental and anecdotal value,…
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For elderly homeowners on a tight budget, the reverse mortgage program provides much needed cash flow relief. Reverse Mortgages are designed for older home owners who need access to their home equity in order to subsidize their income. With a reverse mortgage, you no longer have to make monthly payments (just property taxes and homeowners…
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Why Is Now A Good Time To Sell? Given the political and economic landscape of our neighbours to the south, Canada is largely considered to be a more ideal place to own property. With low interest rates and home price appreciation, Canadian housing is in high demand from domestic and foreign buyers alike. The price…
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The Greater Toronto Area’s 2016 real estate market closed with record-breaking highs in housing prices and the lowest number of new listings in over a decade. High demand and low supply characterized the GTA’s 2016 housing sector, a trend we can continue to expect in 2017 as increasing foreign property investment and a swelling population…
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Higher Rates & More Restrictions On Home Equity Mortgages As of November 30th, 2016, further mortgage regulatory changes will take place that affects low-ratio borrowers. This is the second Canadian rule change this year – the first raised the bar for qualifying rates (a “stress test”) for high-ratio borrowers over 80% LTV. If you need…
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The night of the American presidential election, the CIC website crashed. Thousands of Americans, terrified by the prospect of Trump-as-president, began to research how they could become new Canadians. During Trump’s campaign, Liberal Americans had been flippantly threatening to move to Canada should he become president-elect, and as the inconceivable became reality, they began to…
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Toronto City Councillor Kristyn Wong-Tam of Ward 27 Toronto-Centre/Rosedale recently proposed a moratorium on new high-rise residential condo developments in the downtown core. Her rationale for doing so? Housing oversupply, gridlock, road safety and disruptions to business owners caused by construction. Wong-Tam believes that implementing a one-year moratorium on new tall building residential re-zoning applications…
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Property: Ajax, ON Rowhouse Valued at $425,000 Current 1st Mortgage: $275,000 Purpose: Clients want to refinance their mortgage to pay out Bankruptcy. They also plan to sell their house next year and need cash for renovations. Matrix Mortgage Funded: New 1st Mortgage: $340,000 Paid out bankruptcy $40,000 Secured Line of Credit Card to rebuild credit:…
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We’ve all heard doomsday reports about the Toronto housing market. Much like religious cults who predict the end of the world every few years, various reputable journals have been daily expecting the so-called Toronto housing bubble to pop for years. McLean’s, the Economist, the Wall Street Journal and Canadian Business have anticipated an imminent housing…
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Toronto Condos In The News The past week has seen lots of media attention to Toronto’s housing market on topics ranging from fake proposals, low inventory and foreign home buyers. Let’s take a look at some of the highlights: “Trolling” Toronto City Planners with Fake Condo Proposals There’s no question that Toronto has been erecting…
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Consumer Proposal: WIPED OUT Property: Owner-Occupied Detached Home Mississauga, Ontario The Deal: Refinance Property to pay out existing 1st mortgage & wipe out consumer proposal so they can save money and rebuild credit. Both clients full-time employed, 533 & 569 Beacon scores Matrix Mortgage Global Funded: New 1st mortgage: $483,000 @ 70% LTV 1-year term…
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Throwing A Lifeline Property: 2-Story Detached House Location: Pickering, ON The Deal: Couple had overextended credit with several late payments, plus existing 1st & 2nd mortgage. Matrix Mortgage Global Funded: New 1st Mortgage: $600,000 @ 80%LTV 1-year term Savings for client: Over $510/month We fund mortgages for: Debt Consolidations Equity Take-Out Renovations Cash Flow Tax-Arrears Estate Settlements…
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Last week we asked our clients if they were “Feeling the Crunch” and having difficulty managing their expenses this year. An overwhelming majority of our respondents said ‘YES! Times are tough”. Matrix Mortgage Global would like to help put some extra money in your pocket by simply spreading the word on the great work…
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We know all about Toronto’s red-hot home buying market, with bidding wars driving up purchase prices by 10’s of thousands of dollars. What is surprising is that, with fewer rental properties available, we are seeing bidding wars on rental properties too! Renting for $800 over-asking A client of ours recently renovated their basement and put…
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Canadian mortgage regulators announced that, as of October 17, all CMHC-insured high-ratio mortgages (downpayments of 20% or less) will have to be qualified using the Mortgage Qualifying Rate (MQR) which is 4.64% currently. This is slightly more than double today’s average 5-year fixed-rate. The change is intended as a “stress-test’ to ensure borrower affordability of…
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From The Pan-Am Athlete’s Village to Booming Canary District The story of the Canary district is one of triumph, luck and transformation. Unlike so many other cities that create infrastructure for events like the Olympics (Montreal Olympic Stadium, I’m looking at you!), the Pan Am athlete’s village managed to transform into a promising new…
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A Tricky Split The Story: Husband & Wife recently divorced. They have combined unsecured debts over $100k with R4 status. Husband had credit score of 510 and is a seasonal worker. Wife is Self Employed with 490 credit score. Clients have 2 properties: Property #1: Triplex – Oshawa, ON $265,495.00 – RENTAL 1st Mortgage…
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A long time client of Matrix Mortgage Global, Lloyd, had wanted to open up his own small business; a bottled water company. He had the business name registered for over 5 years and his friends started to tease him that he was never going to make the jump and start production. Lloyd was lamenting the…
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If you ever scratch your head in disbelief at how some of Toronto’s neighbourhoods have changed so dramatically seemingly overnight, there’s good reason to believe your eyes. According to the Toronto Star, almost one quarter of the city showed some signs of gentrification. Interestingly enough, just less than 1% of neighbourhoods actually made the jump…
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DEAL OF THE WEEK Purpose: Clients needed funding for a investment home purchase + renovation for a single family detached house in North York. “As Is” Value: $800,000 “As If Complete” Value: $950,000 We arranged for clients to get a 1st mortgage for a low interest rate covering 65% LTV. 1st Mortgage: $520,000 We arranged…
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After reading this article you will want to JUMP at the opportunity to network this Wednesday, September 14 — RSVP HERE: http://bit.ly/2coCpWG 3 HUGE Benefits Of Networking Raising Your Profile The familiarity bias is a driving force behind the automatic assumption that someone or something you have had a lot of exposure to is safe, trustworthy and positive. By regular…
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Several forthcoming reports on the best cities for property investment in Ontario (SpendTree, Moneysense) suggest that looking outside the biggest housing markets will yield the most robust returns. Here’s our top 4 housing markets which are sure to surprise you. Thunder Bay. Yes, really. In the last five years, real estate prices in this Northern Ontario city have appreciated…
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Debt Sucks, and freedom from debt is the sweetest relief of all. Using your home equity to consolidate debt could save you hundreds of dollars per month. If you have a significant amount of credit card debt, tax arrears, personal loans, etc. you will seriously want to consider refinancing to consolidate your debt into a new mortgage. Don’t…
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Insider Tips: Which Renovations Will Boost Your Home’s Resale Value? When considering which home improvements to undergo, a good rule of thumb is to consider the amount of money spent compared to the value it will add to the home. This should not be the only consideration, as making sure that the home is structurally…
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August 25 Deal of the Week – Pre-Construction Condo Conundrum! Lawrence purchased his pre-construction Condo in Toronto in 2013 and ran into problems when it came time to find a mortgage 3 years later. His credit score took a huge hit after his divorce and he was turned down from the banks. Stuck scrambling for a…
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The numbers are in: Canadian home prices have been growing by 2.0% per month on average, and 10.9% year-over year. The red-hot Toronto market saw a 3.1% increase in home prices, and Vancouver had a 2.3% increase despite the new foreign home buyer tax. Canada’s booming real estate segment and competitive bank lending is contributing…
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Becoming a real estate property investor can be very lucrative, but the financing for multiple properties can get tricky; especially when most of the investor’s equity is already tied up in properties. Private mortgage lenders offer alternative financing solutions for property investors to expand their portfolio in these situations. Below is a case study exemplifying…
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August 8-14 Deal Of The Week Andy from Oakville, Ontario had come under hard times at the beginning of the year when he lost his job. Unable to find work, the bills started piling up and he found himself in mortgage arrears, tax arrears and had all his credit cards maxed out. Andy called us with 4…
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1) Time Constraints Need to fund yesterday? Don’t hold your breath for conventional bank lenders. For cases of emergency when equity in the property needs to be accessed immediately, or there is an imminent risk of foreclosing/eviction, a private mortgage on a short-term is unparalleled in this aspect. 2) Credit History Been rejected by the…
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On July 25th, British Columbia’s Premier Christy Clark announced a forthcoming 15% tax on non-Canadians buying residential real estate in order to curb the Vancouver area’s overheated housing market. There has been a wide array of reactions to the new tax, although the consensus is that it was long overdue. “I want to keep home…
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Since the 2008 real estate and mortgage market fallout, there have been desperate attempts on the part of the banks to keep interest rates low and tighten up the lending regulations in Canada. The Canadian Mortgage and Housing Corporation (CMHC) has changed their lending guidelines over the last several years to the point where the…
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