Refinancing is the process of getting a new mortgage, in place of your current one, on a property you own. If you are looking to refinance a property you own, great, you have certainly come to the right place. We’re happy to help! We have helped thousands of clients of clients do exactly this and have the experience to make your time working with us a lot of fun! That’s the goal!
Break your existing mortgage contract early and obtain a new one with either the same or a new lender. This allows you to access up to 80% of your home’s value. There is a penalty to break your current mortgage, administration, and legal fees to consider.
Add a home equity line of credit (HELOC). This gives you discretionary access to your home’s equity (between 65-80% of its appraised value). You’re responsible for monthly interest only payments on the outstanding balance, so this is best suited to disciplined people. There’s no penalty, so it can be a good way to
finance a project without modifying your mortgage.
Blend and extend your existing mortgage. Your mortgage lender may offer you a ‘blended rate’, which blends your current mortgage rate plus any additional money you borrow at current market rates. Blended rates are usually higher than competitive mortgage rates, so compare the blended rate against the savings if you break your mortgage.
If you're looking to refinance your mortgage, working with an independent mortgage professional will save you money and provide you with better options than dealing with a single financial institution.
If you’re looking to complete some home renovations but don’t quite have enough cash to move forward, consider refinancing your home. Use the equity you have built up to increase the value of your home.
If you’re a homeowner looking to optimize your finances, consider taking advantage of your home’s equity to reposition any existing debts you may have.
If you’ve been a homeowner for many years, likely your property value has increased significantly. One advantage of homeownership is the opportunity to build equity. Learn about how you can access that equity.
After a bankruptcy or consumer proposal, the key to financial success is getting your finances under control as quickly as possible. If you're looking to refinance your mortgage, these principles apply to you!
If you’ve missed a payment on your credit card or line of credit and you’re wondering how to handle things and if this will impact your creditworthiness down the road, here’s the plan for you to follow.
When arranging mortgage financing, your mortgage lender will register your mortgage in one of two ways. Either with a standard charge mortgage or a collateral charge mortgage. Learn more about the differences here.
Choosing a mortgage with a low rate is part of reducing your overall borrowing costs, but it’s certainly not the only factor. Learn more about what you should consider when securing mortgage financing.
Online mortgage calculators should never be relied on for mortgage qualification purposes. Lenders consider much more than numbers when assessing your suitability for a mortgage.