Refinance Mortgage Ontario

Has the time come to refinance your mortgage in Ontario or elsewhere in Canada? There are two distinct reasons to consider if you should refinance a mortgage.

  1. To take advantage of a lower interest rate
  2. To obtain equity from your home or property

If you want to refinance your mortgage in Ontario because the interest rates have fallen and your mortgage has not reached maturity, you must consider the penalty associated with refinancing. If there is a two percent spread between your current interest rate and the new rates, and you have two or less years remaining, than it could be beneficial for you to refinance your Ontario mortgage. Analyze the savings versus the cost and the length of time it will take to recoup the penalty you will have to pay. Rates are at a 40-year low, so now is a good time to refinance a mortgage in Ontario.

You can refinance your mortgage to obtain equity from your home up. You can refinance your mortgage up to 90% of it's appraised value through a CMHC insured mortgage for any purpose. You can also obtain up to 100% of your equity through a non-CMHC insured lender. Also, you can blend your costs into the refinancing.

The second reason to refinance your mortgage is to obtain equity from your home or property investment.

A question to ask yourself about refinancing your mortgage is:

Do you refinance your existing mortgage or use a line of credit?

Weigh the alternatives carefully. A line of credit will often have a higher interest rate payable. In some cases you may even want to look at the option of blending in other debts so you are paying a lower interest rate on debts you are carrying on credit cards or other forms of credit.


Please contact us for a free analysis of your particular situation. We have been in business for 25 years and have helped many people across Canada. Many clients rely on us to give them the advice that will make money for them, not the lending institution. If we cannot recommend a better alternative than that offered by your current lender, then you will know you have the best possible financing in the marketplace. To obtain a quick overview email us or fill out our online form or phone us at (416) 223-8111.

 

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