Loans taken through referrals of Canadiancashsolutions will be subject to credit and underwriting approvals. Canadiancashsolutions is a leading mentor company and not a lender. Canadiancashsolutions only works with financial service providers that adhere to Canadian laws and regulations. Loans disbursed are from $500-$35,000 with terms from 4 months to 60 months or longer. APRs expand from 2.99% to 46.96% and will depend on our lending partner's assessment and evaluation of your credit profile. For instance, on a $500 loan amount to be paid over a period of 9 months, a borrower will pay $81.15 per month totalling $730.35 over a period of 9 months (Optional loan protection policy included). An insufficient fund fee of $45 will be charged per missing payment ( fee may vary depending on the lender). Failure of any sort shall lead to termination of the payment plan. For recovery of the remaining amount, collection methods will be used.
Fair recovery and collection practices are employed by our partners.
Note: Canadian Cash Solutions and its affiliates will never ask or charge you any pre-qualification or application fees. Canadian Cash Solution is not a lender but a leading referral company in the finance industry. Canadian Cash Solutions and all of its financial partners adhere strictly to Canadian laws and regulations. To protect yourself, read more on this topic here.
Cost of Mortgage Refinancing in Canada
Most Canadians apply for mortgage refinancing to help reduce their interest rate or to gain access to the equity that they have built on their property. Although there are instances when this option is the best solution to your financial needs, you should still consider the costs that accompany your application to determine whether it is appropriate for you.
With mortgage refinancing you can get up to 80% of your property’s value minus the remaining balance on your mortgage. There are actually two types of mortgage refinancing. The first one is within your term, and the other one is applying at the end of your term. If you’re applying for mortgage refinancing within your term, it’s because you want to apply for a lower interest rate. On the other hand, if you are going to apply for mortgage refinancing at the end of your term, it is usually because you are accessing the equity on your property. Both come with fees to initiate the refinancing process.
Costs Applicable to Mortgage Refinancing
There are certain costs that may crop up when you’re applying for mortgage refinancing. Here are a few that are worth taking note of:
- Mortgage prepayment penalty. You will need to pay a penalty if the mortgage refinance requires you to break your existing mortgage before its term ends. For fixed rate mortgage, the penalty will be greater than the interest rate differential or three months’ worth of interest. On the other hand, if yours is a variable rate mortgage, the penalty will be three months’ worth of interest. You will not pay any penalty if your mortgage refinancing application is done when your existing loan is up for renewal.
- Discharge fee. Another cost that you should consider when it comes to mortgage refinancing is the discharge fee which is applicable if you are going to change lenders. The fee depends on the lender and where you are located, but the average fee is between $200.00 to $350.00
- Legal fees. Since you will be applying for refinancing, you will need to hire a lawyer who is an expert in real estate to help you out. Your lawyer will be the one who reviews the terms and conditions of the new loan that you are applying for to ensure that you won’t be at a disadvantage.
- Mortgage registration fee. Regardless of whether you are leaving your current lender or staying with them, you will still need to pay a fee for your mortgage registration. This is part of the mortgage refinancing process where the lender removing the existing amount on the title of your property and re-registering it with the new mortgage amount.
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