There are many reasons why you might want to refinance, or increase, your existing mortgage – to consolidate non-mortgage debt, to finance improvements to your home, etc. Let us help you negotiate with your existing lender or switch to a new lender who will give you a more favourable rate. There are many factors to consider when refinancing your mortgage. 

Here's what you need to know: 

Taking out equity in your home 
Consolidate other debt 
Renovations and home improvements 

Consolidating existing financing 
Combining mortgages 
Breaking a closed mortgage to transfer to a new lender 
 

Consolidate other debt
Most unsecured debt is priced by your bank at a higher rate than your mortgage in order to compensate them for the higher risk of loss if you default. For many people it only makes sense to use available home equity to pay out this debt, as it typically reduces interest costs significantly. If the total of the existing mortgage and the debt to be refinanced is less than 80% of the value of your home, and you qualify in terms of income and credit standing, you should typically be able to refinance your first mortgage. 

Renovations and home improvements
If you want to spend a significant amount of money on improving your home, you may be able to take out a lot more equity than you realize! We can advise you through this process. All three insurers – CMHC, Genworth and AIG, will insure new mortgages which are "topped up" for this purpose, when the total of your current mortgage and the new funds exceeds 80% of the current home value. Not all improvements are eligible, however. Pools and spas are typical "over-improvements" which may not qualify for a high-ratio equity take-out. Of course, if the total requirement is less than 80% of your home's current value, you should have little trouble getting the "top up" you need – regardless of the degree of luxury you plan to add. 

Combining existing mortgages
Where the combined mortgages result in one "high ratio" mortgage: 
Do you have more than one existing mortgage possibly with higher interest rates,  and would like to explore the option of consolidating both of them into one low monthly payment and a better interest rate.

Contact me today at lisaalentajano@invis.ca.

Where the combined mortgages result in a new "conventional" mortgage: 
High ratio insurance is not required. As long as you qualify with your income and credit standing, I will help you achieve this quickly and conveniently. 

Breaking a closed mortgage to transfer to a new lender
Many closed mortgages have the feature that allows the balance to be paid out with a penalty after a certain time has elapsed on the mortgage. Check the "prepayment" clause in your mortgage to determine your own situation, or better still, call your financial institution and ask them the cost of paying out in full. Then feel free to contact me and I would be more than happy to review your options and make sure it makes sense for you to do so.