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How to Get Mortgage Refinance in Ontario

If you reside in Ontario, are experiencing problems with debt and are barely making ends meet, then mortgage refinance in Ontario may be a viable option for you. Mortgage refinancing is just another form of debt consolidation. A CMI mortgage broker can help you along the way and show how easy it is to get mortgage refinance in Ontario.

Steps to Mortgage Refinance:

  1. Sit down with a CMI mortgage broker to discuss your financial situation. There are many factors that you will have to discuss with the mortgage broker – including credit rating, employment, current mortgage terms, and other factors – so that they can get you the best mortgage rates.
  2. Obtain any documents required that the mortgage broker suggests that you need to present. Some of these could be: proof of income, reference letters from landlord, or proof of savings.
  3. The mortgage broker will then use their contacts to compile a list of potential options for your future mortgage finances. Each of these options will disclose the amount of interest that is to be paid on the financial loans, the length of the terms and any other necessary information.
  4. Now you get to select the financial option. It is up to you based on how long you want to have a mortgage, the associated interest rates, and the amount you are able to afford on a monthly basis.
  5. You will then receive the finances, and be required to start paying it back on a monthly basis.

Popularity of Mortgage Refinance:

It seems that mortgage refinance is increasing in popularity for those requiring additional finances. At CMI, our mortgage brokers are able to provide you with useful mortgage refinancing tips so that the process is easy and stress free. Whether you require finances to refinance your mortgage, debt consolidation, pay off credit cards, or for a second mortgage, CMI can help you.

  • Lower fixed rate. If the interest has decrease on your current fixed rate mortgage, then refinancing to get a lower rate would be a recommended solution.
  • Pay Off Debts. There are many factors that go into how people get in debt. If you have credit cards to pay off, car payments to make, and other high ticket expenses then consider refinancing your mortgage. Typically, your mortgage is the payment with the lowest interest rate. Therefore, if you can refinance it to obtain a lower interest rate, you will free up some finances to pay for your other expenses.
  • Free Up Cash for Emergencies. You never know what will happen in life. Unfortunately, the worst case scenario may come knocking at your door earlier than expected. At CMI, our mortgage brokers can help you refinance your mortgage so that you have some spare finances if they are need suddenly. This will provide you with peace of mind in the event of an emergency where you require additional finances quickly.