The mortgage brokers at Canadian Mortgages Inc. are often approached with questions regarding mortgage terminology, and one question that comes up more frequently than others is to explain refinancing a mortgage, and to help clients determine when it is appropriate to refinance.
A mortgage refinance, also called a remortgage, is when a borrower obtains a new home financing loan to pay off the remainder of their initial mortgage. Refinancing is often used by borrowers as a method by which to:
Our trained and licensed brokers have access to financing products from a wide variety of lenders, and we can find you the lowest interest rate for your mortgage refinance. It is important to keep in mind, however, that if you are using your refinance to pay off your mortgage quicker, you must increase or maintain your regular payments.
Any homeowner considering a mortgage refinance should be aware of the possible costs (such as standard mortgage fees and prepayment penalties) associated with refinancing. However, when you choose CMI as your mortgage financing partner, our lenders will compete with each other for your business, and we might even be able to negotiate a no-cost mortgage refinance for you.
During your free consultation with a CMI mortgage expert, we can discuss and explain the details of refinancing a mortgage, including:
CMI is an equal opportunity financing partner, so no matter what your financial history holds, we will still be able to find you competitive rates and terms for your mortgage refinance. We have years of experience finding suitable mortgage products for high-risk borrowers who:
Our lenders offer a variety of refinancing solutions with varying loan-to-value ratios, including:
CMI’s dedicated and accredited brokers will sit down with you to explain refinancing a mortgage, help you determine the best time for a refinance, and describe the many financing options available based on your personal economic situation.