Have your mortgage reviewed, before you resign.

A Mortgage Refinance is When You Obtain

A New Mortgage Which Replaces The Existing One Prior To The Maturity Date.

This can be done with the same lender you have now or switching to another one. There are many reasons to consider a refinance, such as:

  • Consolidate debt
  • Obtain a lower rate
  • Access equity in your home for upgrades, emergencies, down payment on another property, investments, or a life event such as a wedding or your child’s tuition

When deciding whether to refinance you must weigh the costs involved. In most cases, there will be a penalty to break the existing mortgage along with legal costs to have a lawyer setup the new one. In many cases, such as with debt consolidation, these costs can be mitigated or even offset when factoring in the savings on the debt being paid out. In some cases, it may be possible to avoid the penalty to break a mortgage by using a “blended term” or in other cases, you might want to consider adding on a Home Equity Line of Credit rather than setting up a new mortgage. Each situation is different so it’s best to have yours reviewed to see what options are available.

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1 Hunter Street East
Hamilton, ON
L8N 3W1

Agent Licence Number 10002154. Brokerage Licence Number 10346.

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