Mortgages

mortgages

Refinancing Your Mortgage

Refinancing lets you access your home’s equity or secure better terms on your mortgage.

Common Reasons to Refinance

1. Debt Consolidation:

• Combine high-interest debts (like credit cards or loans) into your mortgage for a lower interest rate and a single monthly payment.

1. Home Improvements:

• Use your equity to fund renovations that increase your property’s value or enhance your living space.

1. Investing:

• Access funds to invest in other properties, education, or retirement planning.

1. Lower Monthly Payments:

• Extend your amortization period or secure a lower interest rate to reduce your payments and improve cash flow.

1. Emergency Funds:

• Access your equity to cover unexpected expenses, medical costs, or major purchases.



Common Questions About Refinancing

1. How much equity can I access?

• In Canada, you can refinance up to 80% of your home’s appraised value, minus your remaining mortgage balance.

1. What are the costs of refinancing?

• Costs may include appraisal fees, legal fees, and possible penalties for breaking your current mortgage term early.

1. How do I know if refinancing is right for me?

• Consider your financial goals, current interest rates, and the costs associated with refinancing. We’ll help you evaluate the benefits and drawbacks.

1. Can I refinance if I have bad credit?

• Yes, but your options may be limited, and the interest rate might be higher. We’ll help you explore alternative lenders or strategies.

1. How long does refinancing take?

• The process typically takes 2–4 weeks, depending on the complexity of your situation and the lender’s requirements.