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Mortgage refinancing

Reduce your rate, consolidate your debts, or access the equity in your property.

What is mortgage refinancing?

Mortgage refinancing involves replacing your current mortgage with a new loan, often on more favorable terms or to meet new financial needs.

This may include obtaining a lower interest rate, debt consolidation, or access to the equity built up in your property.

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Why refinance your mortgage?

1. Lower Your Interest Rate

If market rates have fallen since you took out your mortgage, refinancing can allow you to benefit from a lower rate and save thousands of dollars over the life of your loan.

2. Consolidate Your Debt

Combine your credit cards, personal loans, and other high-interest debts into a single monthly payment at a much lower rate. This simplifies your finances and can significantly reduce your monthly payments.

3. Access Your Home Equity

Use the equity in your home to fund renovation projects, investments, your children's education, or any other major project.

4. Adjust Your Amortization

Extend your amortization to lower monthly payments, or shorten it to pay off your debt faster and save on interest.

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When should you consider refinancing?

  • When interest rates have fallen significantly compared to your current rate
  • When you have high-interest debts to consolidate
  • When you need cash for a major project
  • When your financial situation has improved and you may qualify for better terms
  • When your mortgage term is coming to an end and you want to review your options
  • When you want to remove a co-borrower from your mortgage

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Refinancing costs to consider

Early Repayment Penalty

If you refinance before the end of your term, your current lender may require a penalty. This is typically calculated as the greater of 3 months' interest or the interest rate differential (IRD).

Notary Fees

A new mortgage requires notarial services for registration and documentation. These fees typically range between $1,000 and $1,500.

Property Appraisal

The lender may require a new appraisal of your property to determine its current value. Cost: about $300 to $400.

Other Possible Fees

Title insurance, administrative fees, or other charges may apply depending on your situation.

Important: As a mortgage broker, I will help you calculate all costs and determine whether refinancing is truly advantageous for you.

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The refinancing process

Step 1: Initial Consultation

We discuss your financial goals and analyze your current situation to determine if refinancing is the right solution.

Step 2: Cost-Benefit Analysis

I calculate all associated costs and potential savings to ensure that refinancing is advantageous.

Step 3: Pre-Approval

I submit your file to lenders to obtain pre-approval and confirm the best available terms.

Step 4: Property Appraisal

If necessary, an appraiser assesses your property to determine its current market value.

Step 5: Final Approval and Signing

Once approved, you meet with the notary to sign the documents for the new mortgage and finalize the transaction.

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Why choose a broker for your refinancing?

As a mortgage broker, I have access to multiple lenders and products that you won’t find by going directly to your bank.

  • Impartial comparison of offers from over 26 lenders
  • Expert negotiation to secure the best rates and terms for you
  • Personalized support throughout the process
  • Comprehensive cost analysis to ensure refinancing is financially advantageous
  • Time savings - I handle all the paperwork and coordination
  • No cost for you for a standard refinance (I am paid by the lender)

Let me help you determine whether refinancing is right for you and find the best solution for your situation.

Francis Lavallée's profile picture, Mortgage broker, Planiprêt

Francis LavalléeMortgage broker - AMF: 248693

Planiprêt

flavallee@bonsaisf.com
+1 (819) 609-4471

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