Custom Terms and Payment Options
CMI offers flexible terms that typically range from three to twelve months no matter what mortgage product your client needs. You can always contact your Business Relationship Manager or Underwriter if you need a shorter or longer term.
In addition, CMI wants to work with your clients to provide flexible payment terms and prepayment options. Borrowers generally make monthly payments toward our private mortgages, however we can also arrange to prepay their mortgage for a portion or for the full term.
A CMI private mortgage is generally open on three months prepayment. This differs from our competitors who generally charge interest payments to the end of the term.
If your client wants to payout the remainder of their mortgage, they can simply make a three month prepayment. If the prepayment is in the last three months of the mortgage, the client only needs to prepay the interest owing for the remainder of the term.