Mortgage Tools
How Do I Negotiate a Mortgage Refinance if I've Lost My Job?
Loss of employment is difficult for anyone to bear. The impact on your ability to provide shelter can be dramatic. Sometimes, a restructuring of your finances is the best way to get a handle on expenses. CMI can help if you are currently asking yourself: "How can I negotiate a mortgage refinance if I've lost my job?"
How Refinancing Works
A home refinance means that you will be paying off your existing mortgage and taking out a new one. Refinancing is a great way to take advantage of low interest rates, especially if your current mortgage has you locked into a higher rate.
There are generally penalties for closing your first mortgage before it matures, but in the case of a loss of employment, it may be worthwhile paying the penalty to secure a lower rate.
A CMI mortgage broker can work with you to assess your current finances and determine whether refinancing is best for you. We will discuss all possible options with you and connect you with our wide network of lenders who can offer you more generous terms.
If you have significant equity in your home, a second mortgage may be the better choice for you. Our lenders include banks, insurance companies and private lenders, so obtaining favourable terms for a second mortgage is easier and faster. Typically, our second mortgages offer you:
- Up to 95% loan to value (LTV), with CMHC insurance
- Up to 100% for high-ratio mortgages
- Up to 90% on lines of credit and open mortgages
- Up to 85% on equity-based mortgages
- 35-year amortizations and loan terms up to five years
Expertise in Refinancing, Second Mortgages
As specialists in second mortgages and refinancing, we have seen a lot of people affected by job loss. We understand your situation and we will help you find a solution that works best for you and your family.
Recent studies show that one of the most pressing concerns of families that have experienced job loss is their mortgage. Not only are people concerned about making their mortgage payments, they are also very worried about their ability to afford payments if interest rates increase.
On a brighter note, most homeowners who experience job loss have significant equity in their homes. More equity means greater flexibility in handling the challenges of job loss.
CMI mortgage brokers offer a wide range of options for accessing your home's equity, including second mortgages and home equity loans and lines of credit.
Talk to CMI About Your Options Today
How can I negotiate a mortgage refinance if I've lost my job? You can start by contacting CMI for a free consultation. Call 1-888-465-1432 to schedule a meeting with one of our certified brokers.
