Refinancing ...

Home Renovations
Debt Consolidation
Purchasing another Property
Withdraw Equity

If you are looking to take equity out of your home for a large project, lower your interest rate or consolidate debts to save on interest, refinancing could be the right option. As a mortgage broker, I will assess your mortgage needs to determine the best product for you. Just look at some of the various mortgages we have available.

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Refinance Your Mortgage

Accessing your homes equity is a smart way to borrow. A new negotiated mortgage replaces your existing mortgage with additional funds being added to consolidate debt or fund other large projects. This creates a single payment and takes advantage of your low mortgage rate.

Withdraw Equity

Withdraw up to 80% of your home's equity.

Home Renovations

Accessing your home's equity for improvements or repairs.

Home Purchase

Use equity to purchase a second home or rental property.

Debt Consolidation

Use equity to pay out high-interest loans, credit cards and lines of credit.

Education

Cover major expenses like tuition or other expenses.

Invest

Have your money grow in an investment opportunity.

Large Purchase

Use the equity in your home rather than financing a vehicle.

Lower Your Payments

Extend the amortization and lower your mortgage payment.

It's all about Equity

Refinancing

The home is an asset, securing the mortgage loan. These loans are based on loan-to-value, the current mortgage balance over the home's value.

For example, if we have a mortgage balance of $100,000 and the home's value is $250,000, then we have a loan-to-value of 40% or 40%LTV.

In a typical mortgage, over time, the mortgage balance decreases and the equity increases. Tapping into this equity is the smartest way to borrow, meaning it has the lowest cost or less interest paid.

To access this equity, the home needs a certain amount of equity in the first place. The policies require that 20% of the home's equity stay in place to secure the mortgage. With 20% securing the mortgage, this allows access up to 80% of the home's value.

The process of refinancing a mortgage is to negotiate a new mortgage that replaces your existing mortgage with the additional funds coming from the home's equity.

How Much Can I Access?

Up to

1 %

of your homes appraised value

Access Equity

Tap Into Your Home's Equity

If you are looking for a

CONSOLIDATE

Lower Payments, Less Interest

Consolidating debts into the mortgage is a common refinancing method where we payout additional debts, typically those with high-interest rates, and roll the balance into the new mortgage. This creates a single, easily managed payment.

If the goal is to lower the payment amount, we can extend the mortgage amortization. If the goal is to reduce the interest paid, we can roll the debt without adjusting the amortization. Or we may land somewhere in the middle, depending on your budget.

Current Mortgage
Homes Value	$325,000
Mortgage Balance	$225,000
Mortgage Rate	3.10%
Amortization	170 Months
Monthly Mortgage Payment	$1,674.37
Additional Debts
Line of Credit (9.00%)	$35,000	$1,050/Month
Credit Card 1 (17.99%)	$7,000	$210/Month
Credit Card 2 (19.99%)	$13,000	$390/Month
Totals	$55,000	$1,650/Month
Total Monthly Payment	$3,204.77

Consolidated Mortgage	(Low Payment)
Homes Value	$325,000
Mortgage Balance	$280,000
Mortgage Rate	3.25%
Amortization	360 Months
Monthly Mortgage Payment	$1,215.23

Consolidated Mortgage	(Less Interest)
Homes Value	$325,000
Mortgage Balance	$280,000
Mortgage Rate	3.25%
Amortization	170 Months
Monthly Mortgage Payment	$1,964.51

HOME EQUITY LINE OF CREDIT

HELOC

Another option available is a Home Equity Line of Credit or HELOC. Like refinancing, 20% secures the home, while the remaining 80% is available as a line of credit. Some homeowners prefer this over a traditional mortgage if they want access to funds as they need them.

$325,000

Appraised Home Value

80%

$260,000

Available Equity based on 80% of the Appraised Value

$125,000

Current Mortgage Balance

For the mortgage being paid out

$135,000

Accessable Equity

The maximum amount we can withdraw

HOME EQUITY BANK

CHIP REVERSE MORTGAGE

One of the greatest fears about retirement is being forced out of your home because there is insufficient income to keep up with the principle and interest payments. Bunny slippers were created for people who love home comfort and don’t want to leave, and so were reverse mortgages. They let you remain in your home and access up to 55% of your home’s value to finance your retirement.

Selecting a mortgage option best suited to the unique needs of senior homeowners, especially if they have no or reduced monthly income options is a definite challenge. Bob, our reverse mortgage expert, has compared the features of traditional and reverse mortgages to help senior homeowners in Canada identify reverse mortgages as a possible option while planning for additional funds post retirement.

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