Canadian Mortgages Inc.

August 30, 2010 17:09 ET

Get Financial Flexibility With a Home Equity Loan From CMI

TORONTO, ONTARIO--(Marketwire - Aug. 30, 2010) - Canadian Mortgages Inc. (CMI) issued a statement today about the many ways consumers can benefit from continuing low interest rates.

News stories last week noted that because Canadian and U.S. economic growth is slowing, the Bank of Canada (BOC) is likely to put a hold on interest rate increases. New reports today reflects that reality, as two of Canada's biggest banks—Bank of Montreal and CIBC—dropped their mortgage rates for the second time since last week. As reported in the Vancouver Sun, their rate cuts include a 10-basis-point cut to the benchmark five-year fixed rate. The current rate for a five-year mortgage at both banks is 5.39%.

Other lenders are sure to follow suit, making it possible for homeowners to borrow at extremely low rates for more than just home purchases.

"The drop in mortgage rates means a home equity loan and home equity lines of credit will continue to be available at a very low rate," says CMI Vice-President of Business Development Bryan Jaskolka, "Consumers can take advantage of these low rates to pay off higher-interest loans by consolidating their debt."

CMI specializes in debt consolidation, a process in which a consumer borrows against the equity in their home at a very affordable rate, and then pays off high-interest debt from credit cards and other personal loans. CMI certified mortgage brokers can advise consumers on which home equity products will best suit their needs and help them get debt-free sooner.

To learn more about home equity loans and lines of credit from CMI, visit http://www.canadianmortgagesinc.ca.

Contact Information

  • Canadian Mortgages Inc.
    Bryan Jaskolka
    1.877.886.5765