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Assumable Mortgages in Canada

With 30 years’ of real estate and mortgage brokerage experience, Canadian Mortgages Inc. has a wealth of knowledge in arranging mortgages of every sort – including assumable mortgages.

Assumable mortgages are specialized financing options that work for a small percentage of borrowers in very limited circumstances. At CMI our mortgage specialists will help you identify if an assumable mortgage is an option for you, and if not we will help you find the mortgage or refinancing solution that best fits your particular circumstances.

At CMI, we have built up a network of over 250 lenders that provide a wealth of financing and refinancing solutions for Canadian homeowners and purchasers. We offer access to over 2,500 different mortgage products through our carefully screened network of public and private lenders.

Assumable mortgages – a brief explanation

An assumable mortgage is a financial arrangement under which the outstanding mortgage on a home or property is transferred from the existing homeowner to the person buying the home or property. An assumable mortgage becomes an attractive option for a home buyer when interest rates are rising, or have risen significantly during the term of the mortgage.

The purchaser who wishes to assume an existing mortgage will still have to qualify for the mortgage in the usual manner, and the mortgage holder – the bank, trust company or other lender – will have to approve the transfer of the mortgage before the seller will be released from his or her obligations under the mortgage.

Financing and refinancing options through CMI

If you are looking to refinance your mortgage, or you are searching for financing to purchase a home and an assumable mortgage is not a viable option for you, CMI offers a range of financing and refinancing products, including mortgage products for individuals who are experiencing difficulties in financing or refinancing their homes because of poor credit ratings or bad credit scores.

CMI’s provides a wide range of borrowing solutions to help you finance – or refinance – your first or second home, your cottage, your apartment, duplex or other rental unit, your custom-built home, or your teardown and rebuild project.

The basic information you will need to begin the mortgage application process includes:

  • Information regarding the amount and type of loan you are requesting.
  • Full contact information for the primary applicant (and secondary applicant, if applicable).
  • Personal data for each applicant, including SIN number and birth date.
  • Employment history and additional income information for each applicant.
  • Information regarding current net worth and assets (like RRSPS, cash and stocks etc.).

CMI’s online mortgage application is easy and secure. Within 24 hours of receiving your application, one of CMI’s accredited mortgage brokers will contact you to discuss your individual financial situation, and we will prepare the multiple lending offers that will allow you to select the financing or refinancing option that is right for you and your circumstances.

If you are looking for financing to purchase a home or other property, or if you are looking for refinancing for your current mortgage take the time to fill out CMI’s online mortgage application, or call 1 (888) 465-1432 to speak with one of CMI’s specialized broker agents.