Purchasing a home or residential property presents a number of challenges to Canadians from all walks of life. Navigating down payments, inspections, closing fees, and all other trappings of buying a home are stressful enough without dealing with an insufficient broker.
At Insurdinary, we strive to eliminate the hassle of searching for and comparing mortgage companies and brokers. Our primary service allows clients to search mortgage brokers, insurance lenders, and credit card options for direct rate comparisons.
In this blog, we cover everything you, as a potential client, need to know about Merix Financial. For more information about other mortgage brokers or providers in your province, keep browsing our Insurdinary site or simply head straight to our online mortgage comparison tool. It simply doesn't get an easier than that.
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Founded in 2005, Merix Financial commands over $29 billion in mortgages across Canada. With tailored lending packages and smart financial predictions, Merix Financial has helped countless Canadians achieve their dream of owning a home.
The company offers three top-of-the-industry lending options tailored to meet the needs of Canadians from all walks of life. Since its founding, Merix Financial became known for dedicated customer service and for offering variable-rate mortgages based on the Bank of Canada.
How Does Merix Financial Differ From a Bank?
Merix Financial only works with mortgages not a host of other financial products and as a result, has very low overhead costs. They are able to keep their marketing costs to a minimum, don't have to be concerned with paying high salary positions and have little rent to pay for physical locations. Those savings translate into lower mortgage rates.
How to Get a Mortgage with Merix Financial?
As a consumer, you will not be able to obtain a mortgage with Merix. The work exclusively with mortgage brokers.
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As part of its lending practices, Merix Financial provides its clientele with access to a variety of mortgage lending products.
For borrowers with stellar financials, credit records, and preparation, Merix works hard to provide as many ideal options as possible for financing the purchase of a home.
The company’s experts will work with brokers to find the mortgage packages that will suit your needs, budget, and home ownership goals. Qualifying borrowers can obtain insured mortgages and interest-only mortgages, all at a variety of different rates with reasonable mortgage payments.
As another arm of Merix Financial, Lendwise provides middle-tier options for aspiring Canadian homeowners who have middle-tier credit history and incomes. Through responsible lending practices, Lendwise fosters more robust relationships between originators and Merix brokers.
Through the innovation of NPX’s solution-based lending product design, Merix Financial can now offer residential mortgages to people with unconventional incomes, limited or slightly tarnished credit histories, and other unusual credit circumstances. NPX sees borrowers for their potential, not just for their credit scores.
What are Merix Financial's Mortgage Rates?
As with most mortgage lenders, rates are typically posted on their website. But just because these rates are called "best" it doesn't necessarily mean that it is the lowest rate on the market. The most common mortgage term is 5 years and there are various amounts of time a mortgage rate will last. Usually you will see terms between 1 and 5 years. The rate nor your mortgage payments won't change over the term. If you have selected a variable rate, then along with the Bank of Canada rises and falls, will also come fluctuating mortgage rates. As of November 2, 2022, Merix Financial posted mortgage rates are as follows:
Pros and Cons of Merix Financial
As with all financial institutions, there come both side of experiences from outstanding, to not so great. Here is what people are saying about Merix Financial:
Merix also operates as a B-lender, making obtaining a mortgage for those with less than perfect credit histories possible
They use superior technology making quoting the best rates easier.
Great rates either fixed or variable
Ease of changing mortgage type or rate renewals
Communication is lacking on the customer service side
Complaints that it could take weeks to get an email response back
Complaints that mortgage and property taxes have been paid late
Options for Homeowners and Brokers
As a comprehensive mortgage lending provider, Merix Financial offers straightforward solutions for borrowers. For brokers, Merix, Lendwise, and NPX connect customers with their products, facilitating conversions and allowing more and more hard-working Canadians to realize their dreams of owning a home.
Merix Financial FAQs
Do you still have questions about working with Merix Financial? See our answers to these frequently asked questions.
Working with Merix Financial provides Canadians from all economic classes the opportunity to make the most of their circumstances. By offering mortgage products tailored to suit people who are self-employed, rely on non-traditional income, or are building their credit scores, Merix helps facilitate fiscal responsibility in borrowers while providing them with the opportunities they need.
Even with the availability of diverse mortgage products, approval from Merix Financial still requires several steps.
To begin, you should obtain the following information and documents:
Proof of income, including income states from employers, check stubs, and other documents
Documents detailing additional assets, such as bank accounts, automobiles, investment accounts, etc.
Records of any outstanding debts
Records of previous tax filings
***The above list is accurate, however please ensure you read through this article for a full explanation on the preparation of the required documents.***
Mortgage companies will review your credit history, scores, payment histories, and other factors to determine your eligibility for a mortgage loan. Be prepared to answer questions regarding your and your family’s finances.
Sometimes, choosing a home before you know how much you can afford can lead to disappointment. By moving through the pre-approval process with Merix Financial before you begin searching for a home, you will have a stronger idea of how much you can spend.
Share, Compare, and Save With Insurdinary
At Insurdinary, we make it our goal to streamline your search for a mortgage. With our system, you can browse, sort, and directly compare mortgage terms and rates from lenders across Canada—all from the comfort of your home. Getting started is easy! Be on your way to an informed understanding of your mortgage options by filling out Insurdinary’s online quote form today.