MORTGAGE REFINANCING
ONTARIO

The process of refinancing a mortgage loan involves replacing your existing agreement with a new one. There are two refinancing arrangements to consider — within your term and at the end of the period.

Choosing to access your mortgage through rate refinance within your term is often used to procure a lower interest rate or access equity in your home. Homeowners often choose the end of the term to access equity solely as they would likely already be eligible to shop for those low rates.

Refinancing a mortgage in Ontario involves working with a bank or brokerage to replace the existing payments on your home with a new payment plan and interest rate.

Working with a financial institution directly involves extensive paperwork and a reliable credit standing. At Burke Financial, we believe every homeowner deserves the chance to take advantage of their refinancing benefits. We negotiate on your behalf and shop your application to multiple lenders to get you the most competitive rates and terms.

There are several reasons why you, as a homeowner, may choose to refinance your Ontario mortgage. For one, you can choose to take advantage of the lower interest rates available. This can often help save money over time and put you in a stronger financial position. Some homeowners may also take advantage of the equity in their home, usually to pay for another investment, such as a child’s education or a major renovation on their home.

If interest rates have lowered, you could benefit from speaking with a brokerage about refinancing your home loan. We recommend reviewing your mortgage with a professional every year, so you don’t miss an opportunity to take advantage of changing interest rates.

There are no executive rules around the number of times you can refinance a mortgage in Toronto or throughout Ontario. However, lenders often have guidelines that they follow before they’re able to offer another loan. We’ll tap into our network to find the answers to your questions and match you with the lender that can meet your needs.

If you’re seeking out a loan from your current bank, the process will vary from institution to institution. A brokerage like Burke Financial has the resources and network to put money in your pocket in as little as 48 hours. Our goal is to deliver the best possible results for our clients and deliver them fast.

By refinancing, you can access up to 85% of your home’s value — except for any outstanding mortgages. We work with multiple lenders to find you the best options available for refinancing your home loan and negotiate the lowest rates on your behalf.

Absolutely! At Burke Financial, we understand that building and maintaining good credit is easier said than done — especially if you’re living in a city like Toronto, where the cost of living continues to rise. Refinancing offers homeowners the chance to use the equity in their home that they’ve earned, even if their bank has previously denied their application., We have a growing network of investors, institutions, and private lenders who can help you take the next step, even if your credit score is below 650.