Merix Financial
Although Merix Financial offers a couple of unique mortgage products, Merix Financial mortgage may or may not be the ideal lender for you or your situation.
If you are interested in a Merix Financial mortgage product or would like to compare other products to Merix Financial mortgage rates, please call today or apply online.
Use our mortgage calculator to give you an idea of how much you can afford.
5% Cash Back Mortgage
Merix Financial offers the coveted 5% Cash Back mortgage. This is a great product for first time home buyers with no down payment or savvy investors. Merix Financial mortgage offers this product in 5, 7 and 10 year fixed rates. Because this product is utilized by high-ratio and higher risk borrowers, the product usually carries a premium in terms of rate. The 5 year 5% Cash Back mortgage rate is usually 1.25% or more higher than their traditional 5 year discounted rate. At these historic lows in interest rates, this is still a fantastic rate for someone who wants to buy a house with very little down payment.
For more information on how to obtain a property with ‘0%’ down, look for the article in our first time home buyers page.
80% Rental Offset Lender
Merix Financial is an 80% rental offset lender. This is a great product for real estate investors. Merix Financial mortgage offers this product on all of their fixed and variable rate mortgages.
For more information on how to purchase investment property or what an 80% rental offset is, please see our rental property mortgage page.
Rental Property Mortgages
Merix Financial offers mortgages for rental properties with financing up to 95% for 2 or less units and 90% financing for up to 4 units. Available on all fixed and variable rate mortgages. TDS max 40%.
TDS – Total Debt to Service ratio. The amount of debt being serviced as a percent compared to the total income.
Self Employed Borrowers
Merix Financial offers mortgages to small business and self employed borrowers with low documentation requirements. Depending on the credit rating of the borrow, as little as a recent notice of assessment showing no taxes owing and 2 years of proof of business can obtain a mortgage loan up to 95% of the value of the home.
Merix Financial Offers High TDS Ratios
Merix Financial mortgage offers TDS ratios up to 44%, depending on your credit score.
TDS – Total Debt to Service ratio. The amount of debt being serviced as a percent compared to the total income.
Other Merix Mortgage Products Available
- High ratio mortgages – up to 95% loan to value
- Rural mortgage
- Acreage and House (up to 10 acres)
- Up to 35 year amortization
Merix Financial Mortgage Terms Available
| Fixed Rate: | 6 month, 1, 2, 3, 4, 5 , 6, 7 + 10 year |
| Variable Rate: | 3, 5 year |
| Convertible: | n/a |
| Closed: | 6 month, 1, 2, 3, 4, 5 , 6, 7 + 10 year fixed rate |
| Open: | 3, 5 year variable (3 month interest penalty applies) |
Merix Financial Mortgage Payment Options
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Weekly
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Biweekly (accelerated)
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Monthly
Merix Financial Mortgage Pre-payment Options
- Increase your payment by up to 20% over the term.
- Pre-pay up to 20% each year on the original balance of your mortgage without penalty.