Access Your Home Equity Through Refinancing
Like many Canadians, your home is a terrific repository of wealth. Accessing your home equity through a refinance
(min 20% home equity) is an easy, low-cost way to get needed funds. Refinancing your mortgage means replacing your
existing mortgage with a new one at a different and sometimes better interest rate.
5 reasons why refinancing can help you
- Get a fresh start. If you have too much high-interest debt, you may be able to roll everything into one manageable monthly payment on a low-interest mortgage. You can get a financial re-set and can potentially save thousands of dollars in interest.
- Buy your dream home. If you’ve found the perfect cottage, chalet, or the retirement home of your dreams, refining may be the way to make that purchase happen now if you’re not quite ready to sell your primary residence.
- Renovate your home. Renovating your home is often a less expensive option than moving, and the right renovations can improve the quality of your life and increase the value of your home.
- Build your wealth. Using your home equity to purchase a rental property can be a great wealth-building opportunity and a source of retirement income. Or you may want to invest in a new business venture.
- Make a large purchase. You may be able to get the funds you need for major expenses (tuition, wedding, etc.), which is a better strategy than loading it all onto high-interest credit cards.
How does mortgage refinancing work?
When you choose to refinance your mortgage, you replace your existing mortgage with a new one on different terms. To find out how much of your home equity you qualify for, your lender will review the balance owing on your mortgage and any other debts secured by your property into the current value of your property. If your total balance owing and other debt obligations are less than 80% of the value of your home, you can refinance.
If you’re refinancing before your existing mortgage term has ended (breaking your contract), be sure to understand all of the cost implications that could be involved.
We can provide you with a personalized analysis so you can determine whether a refinance makes sense.
How we help you refinance?
- Get access to dozens of trusted lenders, including alternative lenders that are not subject to the new rules and have less stringent qualification guidelines.
- You’ll get a comprehensive financial review to ensure you’re getting the best rate and options that meet your financial goals.
- Fast, reliable services – we’re always accessible if you have a question 7 days a week.
Learn more about your mortgage refinancing options today
Refinance and get a great rate. We provide customized solutions with proven results, the best rates, and trusted lenders.
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