Consolidate debt
Replace credit card and loan payments with one mortgage payment at a lower rate, and see the monthly difference before you commit.
Refinance & home equity
Put your home's equity
to work for you.
Roll high-interest debt into one lower payment, fund a renovation or free up cash, with the full cost worked out before you decide.
Refinancing at a glance
- Maximum refinanceUp to 80% of your home's value
- Home equity line of creditRevolving portion up to 65% of value
- Typical reasonsDebt consolidation, renovations, investing
- Check firstThe penalty to break your current mortgage
Mortgage Assurance Inc. · FSRA #13812
Reasons to refinance
Good reasons, and the numbers that prove them.
Renovate
Finance a kitchen, a basement suite or a major repair against your home, often at a lower cost than unsecured borrowing.
Lower your payment
Extend your amortization or change your rate type to ease monthly cash flow when life changes.
Invest or help family
Use equity for a down payment on a rental property, a business or a child's first home.
Change your terms
Move from variable to fixed, add or remove a co-borrower, or restructure after a separation.
Home equity line of credit
Set up a line you can draw on when needed and pay interest only on what you use.
Is it worth it?
The penalty test comes first.
Breaking a mortgage mid-term usually means a prepayment penalty. On a variable rate it's typically three months' interest. On a fixed rate it's the greater of three months' interest or the interest rate differential, which can be much larger.
I get your exact penalty from your lender and set it against what you'd save. If the savings don't clearly beat the cost, I'll tell you to wait until renewal.
- Your current balance, rate and remaining term
- The lender's written penalty figure
- Your home's realistic current value
- New payment and total cost, compared with staying put
How a refinance works
Four steps, usually a few weeks from start to funds.
- 01
Review
We look at your mortgage statement, your debts and your goal, and I request your penalty.
- 02
Compare
You see staying put, refinancing and a home equity line side by side.
- 03
Approve
The lender orders an appraisal if needed and issues a commitment.
- 04
Fund
Your lawyer pays out the old mortgage and any debts, and the balance goes to you.
Questions
Refinance questions, answered.
How much equity can I take out?
Lenders generally refinance up to 80% of your home's appraised value, less what you still owe. The equity calculator gives you a quick estimate.
Refinance or home equity line of credit?
A refinance gives a lump sum at a mortgage rate with fixed payments. A line of credit is flexible and interest-only on what you use, usually at a higher rate. Sometimes a combination works best.
Will I need an appraisal?
Often, yes. The lender needs to confirm the home's value. I tell you the expected cost before it's ordered.
Can I refinance with bruised credit?
Possibly. Alternative lenders look at the whole picture, especially when there's good equity in the home. I'll be clear about the rate and cost difference.
Let's talk it through
See what your equity can do.
A 20-minute call is enough to know where you stand and what your next step is.