Refinancing Your Mortgage

A refinance loan from Canadian Mortgages Inc. is an ideal way for homeowners to free up the money that is being spent on higher interest rates, and will also give you an opportunity to negotiate better terms and conditions for your mortgage.

The experienced mortgage professionals at CMI have built relationships with many lenders who are willing to provide a refinance loan worth up to 100% of the appraised value of your home (or up to 95% for vacation or rental properties). So depending on the portion of your initial mortgage that is already paid off, your refinance could provide you with excess income that you can use for:

Minimizing debts
Paying for education or tuition
Purchasing a new car or going on vacation
Helping out your small business
Home repairs, maintenance, and renovations

CMI Can Help You Determine the Ideal Time to Refinance

Refinancing your mortgage can be incredibly beneficial, but it has to take place at the appropriate time to be as profitable as possible. Your CMI mortgage agent can look at your personal finances, the current market, and your existing mortgage conditions to help you determine the optimal time to obtain a refinance loan. The most advantageous times to refinance include:

If your financial situation or credit score has improved significantly since your initial mortgage was signed
When interest rates drop
If you are paying an interest rate that is at least 2% higher than current market rates
When your existing mortgage expires

If your mortgage was approved at a time when your economic situation was less stable or your credit score was lower than it is now, you will be eligible for much more competitive interest rates and more flexible terms today. Especially if interest rates have since dropped or you are paying 2% more than current market rates, chances are now is an ideal time to refinance.

Nonetheless, it is important to talk to your CMI mortgage broker before applying for a refinance loan, because you must evaluate the additional fees and prepayment penalties you could incur if you are terminating your mortgage early. CMI can help you determine if the money you will save by refinancing early will outweigh the penalties, or if you would be better off waiting until your current mortgage is up for renewal before home refinancing.

Saving You Money and Providing You with Choice

At Canadian Mortgages Inc., our main goal is to ensure our customers get the mortgage products that suit their budgets and goals. This means always getting you the lowest interest rates and most flexible terms, even if the banks have turned you down. Ask your CMI mortgage professional about all the options your refinance loan will afford you, including:

Paying off your mortgage earlier than expected
Lowering your regular mortgage payments
Changing the type of mortgage product you have
Reorganizing your debts

CMI will find you a customized financing product in the form of a high ratio mortgage, home equity product, or even a private or sub-prime mortgage, and our lenders will request a down payment on your refinance loan that is significantly smaller than any traditional lender would require.

Mortgage Rates

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