Deciding to refinance your home is a big decision. Obsidian’s Easy Living Refinance Mortgage Solutions are designed to assist you with your refinancing needs. Whether you want to take advantage of competitive rates or the equity you have built into your home, our mortgage specialists are here to help. We offer the following home refinancing mortgage solutions:
Conventional Home Refinance Solutions
These uninsured and competitively priced mortgage financing solutions are available for those purchasing homes with a minimum of 15% existing equity in their home.
*CMHC/GE/AIG Insured Home Refinance Finance Solutions
These mortgage solutions are backed by default insurance, allowing homeowners to refinance their home with as little as 5% existing equity while benefitting from interest rates comparable to those with 20% existing equity. For more information click here (ADDLINK).
Newcomer/New to Canada Refinance Mortgage Solutions
These insured mortgage finance solutions allow newcomers to Canada with permanent residence status access to competitively priced mortgage solutions with as little as 5% existing equity in their home.
Self-Employed Refinance Mortgage Solutions
These insured mortgage finance solutions allow borrowers with non-traditional forms of income (such as individuals who are self-employed or 100% commission-based) the ability to refinance their home with up to 10% existing equity.
Line Of Credit Refinance Mortgage Solutions
Offering all the convenience of a line of credit plus more, these competitively priced open mortgages allow borrowers more flexible repayment and prepayment options. Click here to learn more about the advantages of Line of Credit Mortgages (ADD LINK)
Green Homes Refinance Mortgage Solutions
This insured mortgage financing solution is designed for those who plan to make energy efficient improvements to an existing home. Borrowers may be eligible for extended amortization without a premium surcharge, and a 10% mortgage insurance refund.
Chattel Mortgage Refinance Solutions
These insured mortgage financing solutions are designed for those who are refinancing manufactured or floating homes where a traditional real estate mortgage is not applicable.
Self directed RRSP Home Refinance Mortgage Solutions
These insured mortgage solutions allow borrowers to use their Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) for the refinancing of a new or existing owner/borrower occupied home.
Income Property Mortgage Solutions
These insured mortgage solutions allow homeowners to refinance rental properties
up to four units.
**Self-Insured Home Refinance Finance Solutions
These lender self-insured mortgage solutions allow individuals to refinance their homes at 100% of their appraised value. As these mortgages are not backed by third-party default insurance corporations, the rates tend to be slightly higher than conventional bank financing.
**Private Mortgage Home Refinance Finance Solutions
These private investor/lender mortgages are excellent short-term vehicles to secure financing when all institutionally-insured forms of financing are unavailable. Based primarily on the property's value, these forms of financing tend to be more expensive than traditional institutional mortgage financing because lender and brokerage fees come out of proceeds, and appraisal, inspection, and lender legal retainers must be paid for by the borrower. In combination with a solid financial plan, these financing solutions can serve as a great band-aid, allowing individuals to refinance their home, consolidate high interest credit cards, and thus get back on the road to "bankability". We offer the following Private Mortgage Home Purchase Finance solutions:
Private First Mortgage Home Refinance Solutions
These mortgage solutions allow individuals to refinance homes with as little as 20% existing equity.
Private Second Mortgage Home Purchase Solutions
In some situations these mortgage solutions allow individuals to refinance homes at lower interest rates than private first mortgage refinance home solutions, and behind conventional uninsured 1st mortgages – all with as little as 15% existing equity. Click here to learn more about Obsidian residential mortgages and the refinancing process, or contact an Obsidian consultant directly at 416-283-2377.