You’ve worked hard to build equity in your home, now make that equity work for you. You can refinance up to 80% of your home’s value, with no CMHC.
A mortgage refinance can lower your monthly mortgage payments, and make available funds for a renovation, special event, debt consolidation, education, investments, retirement planning, or that dream holiday!
Eligible properties include existing properties, owner occupied, rentals, and new construction. Things to consider when refinancing include:
- Reducing the term of the mortgage
- Switching from a fixed-rate mortgage to variable-rate mortgage
- Consolidating your first and second mortgages
Your credit rating will be important, so check to see that it’s in good standing so there’s no surprises when a lender does so (which they will do). You will also need to provide some information on your current mortgage, such as your current lender’s details, how much you owe on your current mortgage loan, gross monthly income and the value of your home.
From there, let our experienced mortgage brokers shop the market for you, because just one or two points off your existing mortgage rate can save you huge amounts of cash over the life of your mortgage.
Once you’re ready to choose a lender, we’ll work with you to compile the documents you’ll need to prove your income and ability to repay the mortgage. We can answer your questions, help determine your needs, and take you through the process quickly and painlessly.