Mortgage Refinancing

How Do I Get Started?

Suppose you have done your homework about refinancing your mortgage and you know what your financial goals are. But do you know which refinance options best suit your needs or how to get the best mortgage refinancing rates? It is important that you receive sound, quality, expert advice from a trusted mortgage broker.

Independent mortgage brokers are not affiliated with any one bank or lending institution and have the freedom to shop your mortgage application around to get you the best rate, the best terms, and the best service. Bank employees are obligated to offer you their bank’s products, which may or may not be the best fit. Independent brokers save you time and money by comparing options and rates for you. This can be a complicated task for any individual so asking lots of questions and thoroughly understanding your options is essential. This is where we can help!

Reasons to Refinance Your Mortgage

Mortgage Rates are now lower than the Current Rate you have on Your Mortgage
Your Mortgage has two years to run at a rate of 4% and current rates are now at 2.5%. What should you do? Well in many cases it’s worth breaking your mortgage, paying the penalty and refinancing for a lower rate. However this is very technical and best left up to a mortgage specialist who can complete the calculations and give you unbiased advice. Will your bank be honest with you about the best option? As an independent consultant, we are best positioned to give you unbiased advice.

Lower Your Monthly Mortgage Payment
Lowering your interest rate by just one half to three quarters of a percentage point can significantly lower your monthly mortgage payment. There are a few different ways you can do this:

  • Refinance to a lower interest rate. A lower rate generally means a lower monthly payment.
  • Change the amortization of your mortgage. For instance, you can lengthen your 15-year amortization to 30 or up to 35 years. Since the balance of your mortgage is spread out over a longer period of time, your monthly mortgage payment is lower. This might be something you need temporarily to get you through some budgetary issues, but you can always increase your payment once your situation improves.

Refinancing for Unexpected or Planned Costs
Many Canadians have used their equity in their homes when faced with a large expense that their savings don’t quite cover. You may have to cover your child’s university costs or need the money for a home renovation project.

Raising the money by refinancing your mortgage might not be the best option because of the fees involved, but in many cases it can be cost beneficial. We can easily walk you through the pros and cons or refinancing and come up with some options that will suit your needs.

Consolidating other Debts, Loans and Credit Cards
Rolling your other debts and loans into your mortgage can be very financially beneficial. Having multiple loans can sometimes be a burden – refinancing can be a good way to consolidate your debt and simplify your life. Take charge and pay your high interest debt with one easy, low interest rate payment.

Determining which debts to consolidate can be tricky. The percentage equity you have in your home will determine the least costly way to structure the refinance – this is where our creativity comes into play.

Refinance to Buy a Second Property or Investment
You may have enough equity in your home to purchase a recreational property, second home or an investment property.

By refinancing your current mortgage, you can free up funds for a down payment on your next property – it’s like making your purchase with “No Money Down”. We recommend you have at least 50% equity before you decide to do this – Mortgage for Less can help you with the right advice to get the most out of your home refinance.


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