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Refinancing Your Mortgage

Many of our clients are applying for mortgage refinancing in order to keep on track with their financial goals. A home refinance can be beneficial in many ways when todays’ mortgage rates are at historically low levels and you have available equity in your home. We use a refinance calculator to determine your monthly savings.  Home equity loans are a great way to save money and lower your monthly mortgage costs.

– Payoff High Interest Credit Cards / Loans
– Lower Your Monthly Payments
– Use Refinancing to Renovate Your Home
– Get Cash Out for Any Purpose

Refinancing Debts – Improve Cash Flow

Mortgage $500,000 @ 3%Mortgage Balance $570,000 @ 1.5%
Car Loan $20,000 @ 5% Car Loan $0
Credit Cards $30,000 @ 14%Credit Cards $0
Personal Loan $20,000 @ 10%Personal Loan $0
Total Monthly Payments $3500Total Payments $1965 = $1535 Monthly Savings!


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Mortgage Refinance Info and Tips

One way to greatly improve your overall financial health is to consider a mortgage refinance. Lenders in Canada can offer a debt consolidation refinance as a strategy to eliminate existing debts and consolidate them in full. Doing this can result in benefits that will make changes to your overall financial scenario and monthly cash flow will probably be improved dramatically , especially when property loan rates are at very low levels. The usual debts that are paid off include credit cards and lines of credit ,car loans, personal loans, consumer proposals or any debt that is costing you monthly in both high payments and interest. As credit card & credit line lenders charge over 10% interest on average , these things are a priority to pay off. Monthly installments are typically 3% on the outstanding balance and due to the interest charges, the balance is paid off very slowly when minimum payments are made. The higher payment and interest rate items that you have should be considered a priority to pay off first. Make a list of your debts and choose the ones that are costing you the most on a monthly basis.

We will use a refinancing calculator and software to determine your monthly savings.

Let’s look at how you should consider when its time to refinance your home and save money. A mortgage borrower should consider applying to refinance a home loan once the combined balance in revolving debts is somewhere around $25,000, or when monthly payments reach $500 or more for example. Otherwise these outstanding debts can begin to severely affect monthly cash flow. On average, you can probably look at saving $1000+ a month when reducing payments from credit cards, , credit lines , consumer proposals , other debts and higher rate mortgages. Also consider including car loans when you remortgage your home. These loans tend to have payments averaging $400 – $1000 monthly , at rates around 6% to 13%. You can also refinance your mortgage to payout an existing consumer proposal balance. Improve your credit score years ahead of schedule and consider doing so today, visit this page refinance consumer proposal . We have a large network of private mortgage lenders. If you are behind on your mortgage payments we can help you stop a power of sale.

Save money today and start taking advantage of the benefits provided from home loan refinancing. We can look at your debt balances, interest rates and monthly payments being charged , including your existing house loan. An estimate can easily be worked out for you as to how much money you will save. Fees are commonly minimal to cancel your existing mortgage loan and 99% of the time, brokers do not charge you a fee for arranging your refinance as they are compensated by the lender. You will need a lawyer in Canada to process the remortgage transaction. Legal fees for refinancing transactions are around the $1200 mark. Some lenders have promotions currently where legal fees are covered by them if you are using their provided legal service, while still offering competitive low property finance loan rates. Lenders will require either a full appraisal of your house to determine the current market value or a computer based automated appraisal where there is no actual visit to your property by an appraiser.


Refinancing a Mortgage – A Simple & Efficient Process

Step 1: Complete the online application so we can begin to review your basic information including employment and income history, credit rating, existing mortgage and property details. We will confirm your new refinance details with you before submitting the application to one of our lenders.

Step 2: A mortgage approval will be obtained for you in approximately 24 hours on average. The refinance approval will be sent to you by email so you can review & confirm the details.

Step 3: You will digitally or manually sign & accept the mortgage refinance approval along with some other related forms. You will receive a secure upload link to send us any required documents that the lender specifies on the approval. These documents usually include income confirmation via employment letter & recent paystub, copy of existing mortgage statement, property tax statement, void cheque for new mortgage payments and your lawyers contact information.

Step 4: We will submit your documentation to the lender who will review to make sure all conditions are satisfied. The lender will then send the new mortgage instructions to your lawyer’s office so they can begin to prepare the refinance for closing. Your lawyer will take care of discharging your existing mortgage by contacting your current lender.

Watch our Youtube video on mortgage refinancing, click here.

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