Refinancing Your Mortgage

The amount depends on your own financial situation and the value of your property  

When refinancing your mortgage your new mortgage amount can not exceed 80% of the value of your property. 

For example, if you own a property appraised at $500,000, the maximum amount of your old mortgage plus the amount of equity being withdrawn from your property can not exceed $400,000. In this example, if the outstanding balance of your mortgage is $350,000, then the maximum amount of equity you can withdrawal is $50,000 ($350,000 mortgage + $50,000 equity withdrawal =$400,000. 

In addition to property value, the amount of equity you are eligible to withdrawal from your property may be limited by one or more other factors, such as your credit score, mortgage repayment history, income, or debt ratios. 

For more information please contact us.

An appraisal is a comprehensive report that describes your property 

An appraisal is a comprehensive report that describes the characteristics and location of your property and is used to estimate your property's current market value. An appraiser will estimate the value of your property based on numerous characteristics including, but not limited to, location, recent sales for similar properties in the area, gross living space, and the property’s physical condition.

Yes.  

Appraisals are generally required for refinances. During the application process you will be advised of your specific appraisal requirements.

You may incur a prepayment penalty on your old mortgage or incur other expenses. 

To break your existing mortgage, prepayment penalties or fees may apply. We encourage you to read the terms contained in your existing mortgage document and to contact us for more information about refinancing your existing mortgage. 

In addition to prepayment fees, you may incur other expenses including, but not limited to, the cost of an appraisal and the cost of lawyer fees and disbursements required to discharge your old mortgage and register your new refinanced mortgage.