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.
Rate: Depends on mortgage planner (based on volume)
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.
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