Home Refinancing

A Home Mortgage Refinance is simply taking out a new mortgage to replace an existing mortgage.

Now is a great time to refinance your Ontario Mortgage with Mortgage interest rates at their lowest. Many Canadians are taking advantage of record low interest rates and applying for mortgage refinancing. For some it is a matter of being able to keep on track with their financial goals and of course save thousands of dollars in unnecessary interest payments. For others it’s a way of financing a luxury item such as a new boat, cottage or even a world cruise. Maybe you just feel like your finances are just a constant revolving door – money in your wallet one minute and gone the next! If you feel like you are just never getting ahead and are losing sleep, then a refinance could be the relief you need.

Why refinance? By using the equity in your home, refinancing your existing mortgage can be very advantageous and turns your home into a affordable source of extra financing. Here are some examples:

– Your current mortgage has a high interest rate and you can obtain a lower interest rate with a new mortgage. After expenses involved with the refinance you still come out ahead.

– To improve your most important assist – your home. Use equity in your home and a low interest mortgage refinance to renovate! This is an excellent way to increase the market value of your home

– Your current monthly payment is too high. You may want to refinance your mortgage with a longer amortization period and lower monthly payment.

– You may wish to borrow more money. So you refinance at a higher amount, pay back the original mortgage and keep the difference.

– To purchase an investment property using existing equity in your current home.

– To top-up your RRSP investments and at the same time receive an income tax credit!

– To buy a big ticket item at a lower interest rate that more traditional financing e.g. auto financing, or personal loans etc.

– To help pay for your child’s college or university tuition.

– To build your home equity faster. If a recent change in your financial situation has made it possible for you increase your monthly payments, you might want to refinance your mortgage with a shorter term. The higher payments will enable you to pay off your home more quickly and to save substantially on long-term interest charges.

However there is another way of borrowing more money through a second mortgage. Here you keep your original mortgage intact and do a second mortgage for the additional fund you want to borrow. Which option is best will depend on the interest rate at the time and the expenses involved with the two options. Your lender or mortgage broker will be able to advise you on the better option.

You will find that lenders and brokers are keen to refinance your mortgage. On any given day lenders and brokers quote different prices to consumers for the same term loan. You will save thousands of dollars therefore if you check with several lenders or mortgage brokers and make them compete for your business.


We are here to help you secure the best possible home refinance mortgage loan. As a mortgage broker, it is my job to get you the loan on the best terms and for lowest payments possible. Contact me today or call at 416-402-7264 for a free consultation!

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