MESSAGE TO BORROWERS
New to Magenta?
At Magenta, we believe that homeownership is a rite of passage – the cornerstone of building for your tomorrow. We understand that not everyone qualifies for a traditional bank loan and we’re here to help. We work with your broker to offer flexible access to equity to ensure you can purchase or retain your home.
Already a Magenta mortgage holder?
For customer service inquiries on your Magenta mortgage, such as payment changes, renewals or discharges, contact:
We understand your unique lending needs. Bruised credit, self-employed or unexpected life event – we look at your full story to help you achieve your dream of homeownership.
As a property-first lender we weigh the property and location most heavily, which allows us to offer flexible income documentation requirements. Our No Doc product was developed specifically for self-employed borrowers and those with non-traditional sources of income.
We work with your mortgage broker to offer solutions to get you into your dream home faster and facilitate your return to traditional lending channels when you’re ready.
Customized solutions to meet your needs
First residential mortgages
Flexible mortgages to get you into your dream home faster.
Second residential mortgages
Access your valuable home equity with our flexible second mortgage solutions.
Flexible options to help you achieve your refinancing goals.
Magenta first and second mortgages on owner-occupied or investment properties include:
Up to 50-year amortization
Up to 80% LTV
Flexible income documentation requirements
No minimum beacon score requirement
Quick closes in 24 hours or less
Solutions for borrowers
We offer solutions for all types of borrowers with various income scenarios including:
Salaried and hourly employees
Self-employed and business owners
New to Canada or generate income outside Canada
HOW DO I GET A MORTGAGE FROM MAGENTA?
We only accept applications for mortgages through licensed mortgage brokers. Direct applications are not accepted. To find a licensed mortgage broker, please click here.
CAN I PAY OUT MY MORTGAGE EARLY?
Please email our mortgage customer service department with inquiries regarding early payouts or lump sum payments: [email protected].
CAN I MISS OR DEFER A MORTGAGE PAYMENT?
Please email our mortgage customer service department with inquiries regarding deferrals: [email protected].
WHAT’S THE PROCESS TO RENEW MY MAGENTA MORTGAGE?
If you are renewing your mortgage, please contact your broker or email our customer service department with inquiries: [email protected].
HOW DO I QUALIFY FOR A MAGENTA MORTGAGE?
Please discuss qualification criteria with your broker. Magenta only accepts applications for mortgages through licensed mortgage brokers. To find a licensed mortgage broker please click here.
Why borrowers love us
As a mortgage agent, Magenta is an incredible partner to work with. Their turnaround times from file submission to funding is exemplary. They compete in a unique space, for clients who don't meet bank lending criteria, yet offer competitive rates and flexible requirements and criteria.