Unlock Your Home’s Potential
Refinancing your mortgage can be a powerful financial tool. Whether you want to access your home equity, lower your payments, or consolidate debt, refinancing opens up new possibilities.
Reasons to Refinance
Access Home Equity
- Home renovations and improvements
- Investment opportunities
- Education expenses
- Emergency funds
Debt Consolidation
- Pay off high-interest credit cards
- Consolidate multiple loans into one payment
- Reduce overall interest costs
- Simplify your finances
Better Terms
- Lower interest rate
- Change from variable to fixed rate
- Extend or shorten your amortization
- Remove a co-signer or add a spouse
How Much Equity Can You Access?
In Canada, you can typically refinance up to 80% of your home’s value. For example:
| Home Value | Maximum Mortgage | Available Equity |
|---|---|---|
| $400,000 | $320,000 | Current mortgage balance vs $320,000 |
| $500,000 | $400,000 | Current mortgage balance vs $400,000 |
| $600,000 | $480,000 | Current mortgage balance vs $480,000 |
Costs to Consider
Refinancing before your term ends may involve:
- Prepayment penalty - Usually 3 months’ interest or IRD
- Appraisal fee - To confirm current property value
- Legal fees - For new mortgage registration
- Discharge fee - From your current lender
Often, the long-term savings outweigh these upfront costs.
Is Refinancing Right for You?
Consider refinancing if:
- ✓ You have significant equity in your home
- ✓ Interest rates have dropped since you got your mortgage
- ✓ You have high-interest debt to consolidate
- ✓ You need funds for a major expense
- ✓ Your financial situation has improved
The Refinancing Process
- Consultation - We discuss your goals and situation
- Application - Submit your refinance application
- Appraisal - Confirm your home’s current value
- Approval - Receive your new mortgage terms
- Closing - Sign documents and receive funds
Let’s review your situation and see if refinancing makes sense for you.