Mortgage Tools
Remortgage Services from CMI
A remortgage for your home can be a great opportunity to reorganize your finances, consolidate debts, and restructure your loan repayment strategy, and consulting the trained and experienced mortgage brokers at Canadian Mortgages Inc. will ensure you get the interest rates and loan type that will save you the most money. Refinancing a mortgage - also known as remortgaging - means transferring your existing mortgage from one lender to another or switching loan products by paying off your initial mortgage with a new loan. A remortgage will allow you to negotiate more favourable terms, rates, and conditions for your home financing, and could save you thousands in interest payments.
Why Homeowners Refinance their Mortgages and When
There are numerous reasons why homeowners wish to remortgage their home financing, and among the most popular include:
- Obtaining a mortgage with a lower interest rate and better terms, especially if your current mortgage rate is 2% higher than market rates
- Re-amortizing the mortgage by increasing monthly payments, changing payment frequency, or choosing a shorter term to pay off the principal faster
- Changing the type of loan product or switching between fixed and variable rate mortgages depending on the current market
- Using the equity that is built up in your home to provide your family with more disposable income for major purchases or expenses, vacations, education, or home renovations
To avoid prepayment penalties with your existing mortgage, the expiration of your mortgage term is an ideal time to refinance. Many homeowners also choose to refinance if their credit scores and financial situations have improved since they obtained their original home financing loan, or if interest rates have since dropped, because in both cases they will be eligible for better rates.
The Types of Remortgage Products Available through CMI
CMI works with a variety of lenders that offer many kinds of remortgage products, even for high-risk or self-employed borrowers. Our refinance solutions include:
- Combination mortgages and home equity lines of credit
- Sub-prime mortgages
- Second mortgage refinancing
- Equity-based private mortgages
- Remortgages for investment or rental properties
- High ratio and interest-only mortgage products
Our licensed brokers will look at your financial history and current situation to assess the amount of financing you qualify for, which could be as high as 100% of the value of your home, where traditional lenders would only offer you 90%. Some of our lenders even offer cash-out mortgages, which will provide you with extra money on top of what you need to pay for your home.
Refinance through CMI for the Best Rates Possible
CMI is an independent mortgage firm that works with over 250 private, corporate, and individual lenders, and our mortgage professionals are free to explore the many loan products being offered by our lending partners to find clients the best refinancing options. When you choose CMI as your refinancing partner, our lenders will compete for your business by offering the most selection of remortgage products, and more favourable terms and rates than you will find anywhere else on the market.
