Canadians today face many reasons to refinance their mortgage. For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate. Refinancing is also a good option to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.

Popular Reasons for Refinancing include: 

  • Getting a better deal – if the current mortgage is no longer suitable and there are “better deals” available
  • Home renovations – refinancing your mortgage to cover renovation costs 
  • Rebuilding – finance to cover the initial costs of building a new home 
  • Consolidating debts – refinancing to consolidate personal loans, car loans and credit card debts into your mortgage to take advantage of the lower interest rate; and 
  • Changing lenders – if you are not satisfied with your current lender 

Getting a Better Deal

If you want to take advantage of today's lower interest rates, you could either Refinance or you could Switch (or Transfer) your mortgage.  Refinancing  would typically include additional cash on top of your current mortgage balnce to cover penalties, legal fees, debt consolidation, etc.  However, if you don't need any additional cash, you could simply Switch your mortgage to a new lender at a lower interest rate.  When you Switch lenders, the new lender will usually cover any legal fees (and may allow up to $1,000 new cash) but will not cover any penalties to break your current mortgage.  Your ecMORTGAGE broker will be able to help you find the best solution for your needs.

Refinance + Renovations:

If you would like to refinance your mortgage to do some home improvement renovations to your home, often, if the renovations are substantial, they will increase the value of your home. Then we can finance up to 80% of the improved value of your home!

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Required Documentation

When applying for a mortgage, your ecMORTGAGE broker will need to obtain some documentation from you in order to complete your credit application accurately.  Please download a copy of our Required Document Checklist.

Borrowing on Home Equity Guide

The Financial Consumer Agency of Canada has prepared a guide to help you make an informed decision.  You can download the Borrowing On Home Equity guide.

Paying Off Your Mortgage Faster

There are a number of ways that you can pay off your mortgage faster.  Your ecMORTGAGE broker will discuss these Pre-Payment Privleges with you when you are signing your mortgage approval documents.  However, if you would like to do a little reading now, you can click this link to download a Free copy of the Financial Consumer Agency of Canada's Paying Off Your Mortgage Faster Guide.