Refinances
A mortgage refinance allows homeowners to replace their existing mortgage with a new one. This new mortgage typically comes with different terms, interest rates, and sometimes even a different lender.
We offer refinances at preferred rates up to 80% of your properties value on your residential, second homes or rentals. Use the funds for home renovation, debt consolidation, investment use or a fun new purchase!
People consider mortgage refinancing for various reasons, including:
Lowering Interest Rates: One of the primary reasons for refinancing a mortgage is to take advantage of lower interest rates. If interest rates have dropped since you initially obtained your mortgage, refinancing can help you secure a lower interest rate, reducing your monthly payments and potentially saving you money over the life of the loan.
Changing the Type of Mortgage: Homeowners might want to switch from a variable-rate mortgage to a fixed-rate mortgage or vice versa. A fixed-rate mortgage offers stable monthly payments, while a variable-rate mortgage can fluctuate with market interest rates.
Accessing Equity: Refinancing can allow homeowners to access the equity they've built up in their homes. This can be used for various purposes, such as home improvements, debt consolidation, education expenses, or investments.
Consolidating Debt: Some homeowners choose to refinance their mortgages to consolidate high-interest debt, like credit card balances or personal loans, into their mortgage. This can result in lower overall interest costs.
Extending or Shortening the Loan Term: Borrowers can adjust the term of their mortgage when refinancing. Extending the term can lower monthly payments but may increase the total interest paid over time, while shortening the term can increase monthly payments but reduce the overall interest paid.
Removing or Adding a Co-Borrower: Refinancing can be an opportunity to remove or add a co-borrower to the mortgage, which can affect the terms and responsibilities of the loan.
It's important to note that there may be costs associated with refinancing, such as mortgage discharge fees, legal fees, and appraisal fees. It's essential to carefully consider the costs and benefits before proceeding with a mortgage refinance in Canada. Additionally, mortgage regulations and requirements may change, so it's advisable to consult with a financial advisor or mortgage professional for the most up-to-date information and guidance.