Mortgage Tools
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Refinance Your Mortgage through Canadian Mortgages Inc.
The accredited mortgage professionals at Canadian Mortgages Inc. can help you refinance your mortgage, and find you new home financing with better terms and lower interest rates than with your existing mortgage. With mortgage refinancing services from our CMI brokers, you will be able to pay off your original mortgage with a new loan product that is better suited to your financial and lifestyle needs, so that you can:
- Increase monthly payments to pay off the mortgage quicker
- Reduce the amount of your regular payments so you have more disposable income
- Switch from a variable to a fixed interest rate, or vice versa
- Consolidate debts
- Undertake renovations or home improvement projects
- Help children pay for school
- Start an investment portfolio
The Best Refinancing Rates and Terms from CMI
Canadian Mortgages Inc. is an independent mortgage firm, and we have formed partnerships with non-traditional lenders that include banks, private lenders, and trust companies, who are willing to refinance borrowers who:
- Are self-employed
- Have little credit history or a poor credit rating
- Have been declined by the banks
- Are considered high-risk borrowers
- Have declared bankruptcy
And depending on your circumstances, you might even be eligible for a mortgage refinance worth up to 100% of the value of your primary residence, and between 90% and 95% for rental or vacation properties. Our brokers do not work for any one lender, and our primary objective is to find you the most competitive interest rates for your mortgage refinance, and the loan products, terms, and conditions that are most appropriate for you.
Mortgage Refinancing Penalties and How to Save Money
Mortgage refinancing provides you with the chance to lower your interest rate, and save yourself thousands of dollars. But in order to get the most out of your lower rate and pay off your mortgage quicker, you should maintain or increase your regular payments.
Another thing to remember is that there will be fees and penalties associated with a mortgage refinance, such as a prepayment fee if you pay off your original mortgage before the term is up, as well as standard mortgage fees. These fees will cover things like:
- A title search
- Legal fees and insurance
- The mortgage application
- A home inspection
If you choose to refinance at the expiration of your current mortgage term, you will avoid having to pay prepayment penalties. Feel free to discuss these costs with one of our mortgage professionals, who will help you determine the best time to refinance, and whether the money you will save by refinancing will outweigh the additional expenses you will incur.
Talk to a Mortgage Professional at Canadian Mortgages Inc. to Discuss Your Options
If you are considering refinancing your mortgage, schedule your free consultation with one of our expert mortgage brokers today. We will show you how to consolidate your debts, budget your mortgage payments, improve your credit rating, and explain how you can use a mortgage refinance to free up the equity you have built up in your home.
