If you purchased your home more than two years ago or your house was a new-build and one of the following scenarios applies to you, you may be a great candidate for refinancing your home. 

  • Have high-interest debt
  • Would like to lower your monthly bills
  • Want a better interest rate
  • Want to access cash for any reason at all – Personal reasons, renovations, investments, emergency fund, or to purchase another property.
  • Want to remove somebody off your mortgage and title. Spouse/divorce, Co-signer, or anybody else. 
  • Coming up for renewal

Most of the money that Canadians have is in their home, refinancing allows you to access it at a cost-effective price. You can access up to 80% of the value of your home by refinancing and this allows you to achieve your financial goals much faster. Whether you’re looking to refinance your home to pay off your high-interest debts or looking to access equity to invest in your home or elsewhere, refinancing may save you thousands of dollars or provide you with an excellent return on your investment. 

Refinance to consolidate debts and take out equity

The example below outlines how a real client refinanced his property to consolidate debts. This saved him thousands of dollars in interest, reduced his monthly bills by more than $2,500.00, and he was able to put more than $40,000.00 into his emergency fund. 

Refinance to take out equity. 

Refinancing your home can be an excellent way to fund a major renovation, purchase a second property, purchase a rental property, or simply access your cash. 

This is an example of refinancing to access equity. 

Value of your home: $600,000.00 refinanced at 80% loan-to-value.

Total Mortgage: $480,000.00

Pay off existing mortgage: $300,000.00

Approximate Lawyer Cost: $1,000.00 

Approximate cash paid to you: $179,000.00 

Monthly Payment: This will be based on your credit and overall application. 

There are many different reasons to refinance your property so we couldn’t include 

every scenario in this post. If you think that you may benefit from refinancing and would like 

some additional information, please contact us now.