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Ask Your CMI Mortgage Broker to Explain Refinancing a Mortgage

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:

  • Negotiate a better interest rate
  • Decrease regular mortgage payments
  • Shorten the repayment schedule
  • Alter the type of mortgage product
  • Use the equity in their homes to restructure debts
  • Obtain a cash-out refinance to free up disposable income

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.

Important Explanations about Refinancing a Mortgage

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:

  • The additional fees
  • The refinancing products available to you
  • When would be an opportune time for you to refinance (such as at the end of your current mortgage term)
  • What kinds of interest rates you are eligible for
  • How much you could save every year on interest payments

Many Refinancing Options are Available for Borrowers

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:

  • Are self-employed, unemployed, or underemployed
  • Have declared bankruptcy
  • Lack a lengthy credit history
  • Have a poor credit score

Our lenders offer a variety of refinancing solutions with varying loan-to-value ratios, including:

  • Up to 80% financing on sub-prime refinances and refinances for owner-occupied properties through a self-insured lender
  • Up to 80% financing for other owner-occupied properties
  • Up to 80% financing for rental properties, vacation homes, and with private mortgages

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.