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Getting the Lowest Interest Rates Possible through CMI

The loan rate on your mortgage – along with the cost of your home – will determine the actual amount that you will end up paying to own your home or property. Getting the lowest interest rate possible is, therefore, one of the most important tasks you will face when searching for financing to purchase a new home. Luckily, the accredited and trained mortgage professionals at Canadian Mortgages Inc. have years of experience working with their non-traditional lenders to find the most favourable financing terms and rates for clients. And on top of getting you the best loan rate for your mortgage, they can also provide consultations regarding:

  • How interest rates will truly affect the purchase price of your home
  • How to make yourself eligible for the best possible interest rates
  • Other ways you can decrease the amount of interest you will pay on your mortgage

Even if you are looking to purchase commercial, business, or construction land, we can find you suitable financing at competitive rates.

How CMI has Access to the Best Possible Interest Rates

Over the 30 years that CMI has been in business, we have developed relationships with a large network of lending partners that include:

  • Banks
  • Personal investors
  • Insurance companies
  • Corporations

The main difference between a CMI mortgage agent and the mortgage specialists at a bank is that our agents work independently from our lenders, whereas a bank’s mortgage specialists are employees of that institution and must sell that lender’s products. Our mortgage brokers are free to go to a variety of lenders to find you the best loan rate on the market. Furthermore, because we provide our lenders with so much business, we are privy to rate discounts that are not available through other channels.

Interest Rates and Your Mortgage: the True Cost of Your Home

There are many factors that will determine the amount of interest you will pay during your mortgage, and among the most influential is your loan rate. For instance, consider a loan principal of $150,000 with an amortization period of 25 years. With a loan rate of 4%, you will end up paying:

  • About $87,526 in interest over the course of your mortgage life
  • A total purchase price of $237,526

Even if you are making slightly higher monthly payments, with a loan rate of 5% you will pay:

  • About $113,065 in interest
  • $263,065 for the total cost of buying your home

Over a 25-year amortization period, a single percentage point will make a difference of $25,539 to the total purchase price of a $150,000 home.

Choosing CMI for the Lowest Rates and the Most Savings

Depending on your financial situation and your chosen financing solution, CMI can generally find mortgage products with interest rates that are between one and four percentage points lower than those being offered by the banks. Thanks to our network of lenders that will actually compete for your business by offering the lowest interest rates, CMI is your best bet for finding the most competitive loan rate on the market, which will end up saving you thousands of dollars.