It’s been years coming but FirstLine’s variable-rate Matrix has arrived at long last. This has been one of the most anticipated product launches in recent memory.
For those unaware, the Matrix is FirstLine’s hugely popular readvanceable mortgage. Thus far, it’s only been available with a fixed rate on its locked-in portion. Now, borrowers will also have the choice of a standard variable rate or a front-loaded variable rate.
As for the front-loaded option, this allows borrowers to get a huge up-front discount on their variable rate. For example, borrowers today can get over 2% off prime for six months, and then lock into FirstLine’s best fixed rate thereafter–if they choose. (A lot of people have been doing this lately, with hopes of locking into lower fixed rates later this year.)
The Matrix line of credit (LOC) portion is at prime and fully open. It’s also one of the only LOCs that compounds semi-annually, which saves a bit of interest. Plus, it’s not reported to the credit bureaus, which is a nice feature for the credit-sensitive among us.
More details:
- Rate: Depends on mortgage planner (based on volume)
- Maximum LTV: 80%
- Compounding: Semi-annual (both mortgage and LOC)
- Lump-sum Prepayments: Up to 20% once a year
- Payment Flexibility: Borrower can increase payments once a year (up to a 5-year maximum amortization). Accelerated weekly and bi-weekly payments supported.
- Variable-to-Fixed Conversion: At best broker rate
- LOC Fees: None
- Minimum Credit Score: 580
- Availability: Through mortgage planners
In sum, the Matrix variable is highly flexible product with a solid interest rate and several unique features. It’s perfect for anyone who needs a ready source of cash for things like investing, future renovations, or emergencies. Call any mortgage planner or contact us for more information.
Last modified: April 25, 2014
Sadly. There are no more discounts available on the variable Matrix LOC portion. There still is on the fixed version however.
what is the best rate you could get on variable rate mortgate ? I’m getting P-75 from RBC homline ?
Kevin
I’m also interested in hearing the range of variable rates avail for the Matrix. If the variable rates are competitive, we may have a winner for the best readvanceable mortgage available.
Hi FT & Kevin,
FirstLine bases their rates on the volume of the originator. Therefore the Matrix rates start at prime – .50% and go lower. You can also do a front loaded rate that starts at prime – 1.75% for six months and goes lower. This is as of today and based on approved credit. For the best quote find a broker that has “Platinum” status with FirstLine, or feel free to contact us.
Cheers,
Rob
Is this any different than things that are already on the market? National Bank’s All in One, for example?
Hi Bob, Yes, the Matrix has some unique features not included in other readvanceable mortgages. Here is a link with a comparison of readvanceable mortgages for more information.