Renewing Your CMLS Mortgage at Maturity

Renewing your mortgage is an important part of overall household financial planning. With that in mind, CMLS has a dedicated team of licensed mortgage specialists at the ready to help you navigate through the various renewal options including interest rates, terms, prepayment privileges and fixed vs. variable rate etc.

One of the best times to reassess your overall financial needs is when your mortgage comes up for renewal.

  • At CMLS Financial, we have a wide variety of fixed-rate and adjustable-rate mortgage products to meet your particular needs.
  • We make the renewal process easy: there are no re-qualification and renewal fees required for your mortgage.
  • Approximately 45-60 days prior to your renewal date, we will send you a renewal agreement that outlines your interest rate and payment options. Simply select the rate and term best suited to your needs and return the signed renewal agreement back to us by mail, fax or email. Should you have any questions regarding your renewal agreement, we have licensed mortgage specialists available to assist you via email or by phone 1 888-995-2657 Option 3
  • Your Renewal Specialist will provide a rate guarantee at 120 days prior to your maturity on a specific term, giving you the piece of mind that you have a low rate secured 4 months prior to your maturity date.
  • If you have a mortgage with another lender and it’s coming up for renewal, moving your mortgage to CMLS Financial couldn’t be easier. Simply call us and one of our Licensed Mortgage Specialist will be happy to help you. They will look after all your mortgage needs and make sure your switch goes smoothly.
  • Your Specialist is only a phone call or e-mail away, Call 1 888-995-2657 Option 3 or email .

Automatic Renewal

If you don’t take action, the renewal of your mortgage term may be automatic. If your mortgage plan is set to auto-renew, it will say so in the renewal statement.

  • In the event you do not provide us with a signed renewal agreement by your maturity date, your mortgage will be automatically renewed into a six month fixed rate convertible term mortgage.
  • This term allows you to convert into a fixed rate mortgage at a later date without penalty; however, it also comes with a higher interest rate than our CMLS fixed and variable rate terms.
  • If you have been automatically been renewed into six-month fixed rate convertible term, talk to us today about converting to one of our standard product offers to reduce your interest costs and avoid any reinvestment fees.

Your Specialist is only a phone call or e-mail away, Call 1 888-995-2657 Option 3 or email .

Renewing Your CMLS Mortgage
prior to Maturity (EARLY RENEWAL)

An early renewal is a mid-term change to your mortgage contract before the designated renewal or maturity date. There are times where it makes financial sense to change your mortgage such as to take advantage of lower interest rates, to reduce monthly payments.

  • An early renewal involves renegotiating the mortgage term and interest rate before the maturity date.
  • A Prepayment Charge will apply (either up front or blended into the new rate)
    • The Prepayment Charge can be either paid upfront in full or blended into the new 5-year fixed term.
  • You may have the option of either paying the full penalty upfront or if you are an existing customer; you can take advantage of our Customer Loyalty Program that provides you with the option of blending a portion or the full penalty into the new interest rate for a new 5 year fixed term.

Your Specialist is only a phone call or e-mail away, Call 1 888-995-2657 Option 4 or email .

Refinancing your CMLS Mortgage

Refinancing your mortgage involves taking out a new loan to pay off your original mortgage loan. In many cases, homeowners refinance to take advantage of lower market interest rates, cash out a portion of their equity, or to reduce their monthly payment with a longer repayment term.

  • Did you know you can refinance and borrow up to 80% of the current property value of your home?
  • The amount you borrow is then simply added to your existing mortgage. We have a number of refinancing solutions available.
  • A mortgage refinance is when you terminate your current mortgage and start a new one.
  • This results in interest penalties, so make sure to speak to a licensed CMLS mortgage specialist for full details by calling 1 888-995-2657 option 4 or email to discuss the possibility of a penalty rebate under the CMLS Customer Loyalty Program.

Your Specialist is only a phone call or e-mail away, Call 1 888-995-2657 Option 4 or email .

Porting your CMLS Mortgage

Porting your CMLS mortgage means taking your existing mortgage—along with its current rate and terms—from your current home to your new home. You can port your mortgage if you’re purchasing a new property at the same time you’re selling your existing one.

  • CMLS Financial offers our clients the ability to PORT their existing mortgage to their new property.  
  • Porting your mortgage means taking your existing mortgage – along with its current rate and terms – from one property and transferring it to another that avoids any payout penalties.
  • CMLS also offers our clients the ability to do a Straight Port, Port & Increase and Port & Decrease. Please speak to a CMLS Licensed Mortgage Specialist by calling 1 888-995-2657 Option 4 or email to discuss your Port options.

Your Specialist is only a phone call or e-mail away, Call 1 888-995-2657 Option 4 or email .

Mortgage Products

CMLS Financial has several products to fit your lifestyle and specific needs. Please contact one of our Mortgage Specialists to understand your options.

Fixed Rate Mortgage

  • CMLS offers fixed rate mortgages for terms between one and five years at renewal.
  • All of our fixed rate terms come with peace of mind of knowing that the principal and interest payments are guaranteed not to change over the term you selected.

Adjustable Rate Mortgages

  • CMLS offers Adjustable Rate Mortgages which are based upon the prime lending rate allowing customers to take advantage of potentially lower rates with the added flexibility of locking into a fixed rate at anytime without fees or penalties.

Our Specialists are only a phone call or e-mail away, Call 1 888-995-2657 Option 3 or email .

Meet YOur Renewal & Retention Management

Edward Mosahib

Associate Director, Residential Renewals & Retention

Edward is responsible for managing the Residential Renewals and Retention team by motivating, coaching and providing developmental opportunities to ensure employees are capable of performing at or above the necessary professional standards. Mr. Mosahib has over 20 years of experience in mortgage servicing, origination and capital markets compliance, including CMB settlement process and managing investors’ portfolio.

Having held several progressive positions with leading organizations within the industry, and demonstrating a proven track record, Mr. Mosahib can effectively support the growth of our business through training, coaching and improved efficiencies in all functional areas within the Renewal and Retention department.

Michelle Errasquin 

Team Lead, Residential Retention 

Michelle is responsible for the day-to-day operations within the Internal Sales team, providing support to team members through coaching and leadership. In addition, is as a Subject Matter Expert for system changes and enhancement. She has several years’ experience within the Residential Mortgage Industry, with extensive knowledge in customer service and sales, and a proven track record of process improvement, training and quality assurance. 

Prior to joining CMLS, Michelle worked in many customers service and sales driven roles and held many positions that allowed her to have a real understanding of the organizational structure and internal processes which will help to effectively support the growth of our business through training, coaching and improved efficiencies in all functional areas within the Retention team