Mortgage Refinance

Refinancing is a process of paying off an existing loan by taking a new loan using the same property as security.

There may be different reasons to refinance the existing mortgage:

1.Take advantage of low-interest rates:

Know the numbers. Breaking your contract for a lower interest rate can save you money over time, depending on the penalty and size of the outstanding mortgage and lower your monthly payments. If you have a variable rate mortgage, then expect to pay a three month’s penalty and if you have a fixed rate mortgage, then you will pay the greater of three months interest or interest rate differential penalty (IRD). Contact Us for a free, no obligation, analysis of your current situation.

2.To access the equity in your home:

By refinancing, you can access up to 80% of your home’s value less any outstanding mortgage(s). This extra money can be used for investment opportunities, home renovations, or your children’s education. Home renovations and improvements are very common today.

3.Debt Consolidation:

If you have enough equity in your home, you will be able to pay out high-interest debt through a refinance. For example, if you have a number of outstanding debts, such as a car loan, an unsecured line of credit, or a high amount outstanding on a credit card, you may be able to consolidate all of them through mortgage refinance.  

With a higher cost of the second mortgage, people are also choosing to combine existing first and second mortgages to improve their cash flow.

Please Contact us for free Consultation.

Serving the Greater Toronto Area in Canada

The GTA, including Toronto, Etobicoke, Mississauga, Streetsville, Oakville, Burlington, Milton, Hamilton, Ancaster, Georgetown, Brampton, Markham, Vaughn, Cambridge, Waterloo, Kitchener, Stoney Creek, Grimsby, Welland, St Catharines and Niagara Falls.

Mortgage originated as a FSCO licensed agent #M16001628

Mortgage Brokerage – Mortgage Allies license #12358

Head Office: 2345 Wyecroft Rd, Unit 1, Oakville, ON, L6L 6L8