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| Bank Rates |
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Our Rates |
| 6.75% | 1 | 5.50% | | 7.25% | 2 | 5.50% | | 7.30% | 3 | 5.50% | | 7.30% | 4 | 5.50% | | 7.30% | 5 | 5.44% | | 7.65% | 7 | 6.20% | | 8.00% | 10 | 6.25% |
| Posted: 7/17/2008, OAC |
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Take advantage of the lowest interest rates in 30 years!
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Debt Consolidation & Refinancing
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Debt consolidation, up to 100% financing!
Sometimes things happen that require people to refinance, but there simply isn't enough equity in their home to eat up all the debt. CMHC will only allow a person to refinance to 90% of their home's value.
However, there is an alternative. There are some lenders out there that do not use CMHC insurance and therefore they can set their own rules. These "alternative lenders" provide solutions for people who don't fit the CMHC guidelines for various reasons.
Rather than paying a CMHC insurance fee, these lenders charge their own premium similar to CMHC's to cover their insurance. Because lending someone 100% of their property's value is a higher risk, the interest rates are slightly higher, but in many circumstances it is worth it to pay the higher rate and get rid of other lingering debts and lower your overall monthly payments!
As mentioned above, these lenders do not use CMHC, so the qualifying guidelines are different. These lenders will consider approving mortgages for people who have had credit problems in the past or who do not have enough income to qualify based upon CMHC's guidelines. The great news is that even though the interest rate might be higher, it gives people a chance to lower their monthly payments, re-establish their credit and focus on paying down their mortgage faster. A Discount Mortgage Canada Inc mortgage consultant can assess your situation if you cannot qualify under CMHC's adjudicating system, there may be solutions and products available for you. Contact us to see if we can help!
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