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Refinance Mortgage Toronto

Mortgage refinancing pays the current mortgage or other credits or debts against your property and creates a new mortgage. There is transferring, renewing, and porting involved in the process among other things.

There are times when it makes financial sense to refinance your mortgage on your Toronto home. A refinancing occurs when you take out a new mortgage on your property with a whole new set of terms and conditions, and at a new interest rate.
This may be an alternative to taking a more expensive second mortgage to cover expenses such an education or renovation of your home. Under some circumstances, it can be cheaper to opt out of your current mortgage and renegotiate a mortgage at terms and rates that suit your current circumstances.

Why do People Refinance Their Mortgages?

  • To take advantage of lower interest rates. A small rate reduction can have a huge impact on what you pay over the term of the mortgage.
  • To obtain access to home equity. You can use up to 85% of the equity in your home to finance renovations, pay for education or consolidate high-interest debt. Equity in your home is the current market value of your home less the unpaid balance of mortgages against it. Interest rates on loans covered by home equity are a lot lower and these loans can be used to consolidate more expensive debts. If the equity in your home is less than 20% this is not a feasible option.
  • Change the amortization period in accordance with current financial realities. For example, shortening your amortization period can save you thousands of dollars over time or you may wish to extend the period to reduce the monthly payments.

Refinancing Options

  • Early closure of the current mortgage
  • Add a home equity line of credit HELOC – This revolving credit option allows you to take out as much as 65% of the equity in your home. You use what you need and pay interest only on the amount that you have borrowed. You can pay back and borrow from the HELOC as required
  • Blend and extend – Sometimes called early renewal. It blends current rates with existing rates and is then extended back to the fixed term of the mortgage

Some Of The Main Reasons To Refinance Your Mortgage

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Debt Consolidation

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Renovation

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Other Property Investment

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Education

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Wedding

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And Other Situations

Proper Refinance Provides You With An Additional Fund Of Money

Mortgage refinancing pays the current mortgage or other credits or debts against your property and creates a new mortgage. There is transferring, renewing, and porting involved in the process among other things. Refinancing the mortgage is a good option for many different situations and people. Typically if refinancing is done properly, it provides you with an additional fund of money.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

2.39%

5-Year
Mortgage First National Bank RateFirst National Financial

2.69%

4-Year
Mortgage RMG RateRMG Mortgages

2.64%

3-Year
Mortgage Street Capital RateStreet Capital Bank

1.99%

2-Year
Mortgage TD Bank RateTD Bank

2.69%

1-Year

VARIABLE

TermRate
5-Year Variable

2.85%

3-Year Variable

3.10%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

Compare the Costs and Benefits of Refinancing the Mortgage on Your Toronto Home

You must compare the penalty costs of breaking the contract with the benefits obtained by so doing. The penalties on a variable rate mortgage are three months interest and on a fixed term mortgage it will be three months’ interest or the interest rate differential whichever is higher. The interest differential is more often than not the higher of the two. It is the difference between the current rate and the posted rate at the time of the mortgage.
Don’t let penalties put you off.
The consultants at Certified Mortgage Brokers Toronto can help you to calculate the savings and costs of changing. A change could save you a fortune.

Working with Us Means

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Legal Fees

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Appraisal

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CMHC/GE Capital Premium

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PST

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Title Insurance

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Discharge Penalties

We Won’t Let You Pay Fees That You Can Avoid

There are both pros and cons of refinancing and costs related to the process. By working with us you will become familiar with all the information and feel good about making a decision. At Toronto Mortgage Brokerage you will not be tricked into paying fees that you can avoid.

We Create A Unique Plan That Reflects Your Conditions

We provide a vast variety of financing options so don’t hesitate to speak with us. Our expert staff will create a unique plan that reflects your situation. Let us know what you are interested in and we will make it happen.

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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