Refinancing

Ready to access some of that hard earned equity in your home? Let us show you how.

Access to Equity

If you purchased a home in Southwestern Ontario in the last 5-10 years, chances are you’ve already built up some impressive equity. While this looks great on paper, how do you make it work for you? Refinancing your mortgage is an excellent way to access this equity and use it for:

  • Renovations or upgrades

  • Building your dream backyard

  • Funding post secondary education

  • Purchasing an investment property

  • Generational wealth

Debt Solutions

Life can be unpredictable, and even the best financial plans can encounter unexpected expenses. High-interest debt, like credit cards, can negatively impact your credit score, cost you thousands in interest, and create significant mental stress.

Refinancing your mortgage can help by consolidating your debts into one manageable payment at a much lower interest rate. This strategy allows you to:

  • Pay off debt faster

  • Save money on interest

  • Break free from the cycle of high-interest payments

Home Equity Line of Credit

Refinancing into a product that includes a Home Equity Line of Credit (HELOC) opens up opportunities for:

  • Real estate or stock market investments

  • Funding post-secondary education

  • Home upgrades and more

A HELOC, also known as a “secured” line of credit, is a revolving credit facility. Here’s how it works:

  • You are approved for a combined limit between your mortgage and the secured line of credit.

  • As you pay down your mortgage, you build available credit on the HELOC.

This flexible option grows with you, making it a valuable tool for achieving financial goals.

Understanding Prepayment Penalties

Breaking your mortgage term early or prepaying more than your contract allows can result in a prepayment penalty from your lender. However, not all penalties are calculated the same way. Understanding your lender’s formula for these fees could save you thousands of dollars.

When considering refinancing or early repayment, make sure to consult with a mortgage expert to fully understand the potential costs and benefits.

It’s not a calculator, it’s a conversation

Getting the best mortgage is not just about the rate. An indi mortgage expert can show you why the type of mortgage product you choose can make all the difference. The potential to save thousands of dollars while securing a competitive rate? Sign us up.