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Mortgage Refinance Toronto

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Refinance Mortgage Toronto

Mortgage refinancing pays the current mortgage or other credits or debts against your property and creates a new mortgage. There is transferring, renewing, and porting involved in the process among other things. There are times when it makes financial sense to refinance your mortgage on your Toronto home. A refinancing occurs when you take out a new mortgage on your property with a whole new set of terms and conditions, and at a new interest rate. This may be an alternative to taking a more expensive second mortgage to cover expenses such an education or renovation of your home. Under some circumstances, it can be cheaper to opt out of your current mortgage and renegotiate a mortgage at terms and rates that suit your current circumstances.

Why Do People Refinance Their Mortgages?

  • To take advantage of lower interest rates. A small rate reduction can have a huge impact on what you pay over the term of the mortgage.
  • To obtain access to home equity. You can use up to 85% of the equity in your home to finance renovations, pay for education or consolidate high-interest debt. Equity in your home is the current market value of your home less the unpaid balance of mortgages against it. Interest rates on loans covered by home equity are a lot lower and these loans can be used to consolidate more expensive debts. If the equity in your home is less than 20% this is not a feasible option.
  • Change the amortization period in accordance with current financial realities. For example, shortening your amortization period can save you thousands of dollars over time or you may wish to extend the period to reduce the monthly payments.

Refinancing Options

  • Early closure of the current mortgage
  • Add a home equity line of credit HELOC – This revolving credit option allows you to take out as much as 65% of the equity in your home. You use what you need and pay interest only on the amount that you have borrowed. You can pay back and borrow from the HELOC as required
  • Blend and extend – Sometimes called early renewal. It blends current rates with existing rates and is then extended back to the fixed term of the mortgage

Some Of The Main Reasons To Refinance Your Mortgage

Proper Refinance Provides You With An Additional Fund Of Money

Mortgage refinancing pays the current mortgage or other credits or debts against your property and creates a new mortgage. There is transferring, renewing, and porting involved in the process among other things. Refinancing the mortgage is a good option for many different situations and people. Typically if refinancing is done properly, it provides you with an additional fund of money.

  • icon Debt Consolidation
  • icon Renovation
  • icon Other Property Investment
  • icon Education
  • icon Wedding
  • icon And Other Situations
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Compare the Costs and Benefits of Refinancing the Mortgage on Your Toronto Home

You must compare the penalty costs of breaking the contract with the benefits obtained by so doing. The penalties on a variable rate mortgage are three months interest and on a fixed term mortgage it will be three months’ interest or the interest rate differential whichever is higher. The interest differential is more often than not the higher of the two. It is the difference between the current rate and the posted rate at the time of the mortgage.
Don’t let penalties put you off.
The consultants at Certified Mortgage Brokers Toronto can help you to calculate the savings and costs of changing. A change could save you a fortune.

Working With Us Means

We Will Take Care Of Following:


  • Legal Fees
  • Appraisal
  • CMHC/GE Capital Premium
  • PST
  • Title Insurance
  • Discharge Penalties

We Won’t Let You Pay Fees That You Can Avoid

There are both pros and cons of refinancing and costs related to the process. By working with us you will become familiar with all the information and feel good about making a decision. At Toronto Mortgage Brokerage you will not be tricked into paying fees that you can avoid.

We Create A Unique Plan That Reflects Your Conditions

We provide a vast variety of financing options so don’t hesitate to speak with us. Our expert staff will create a unique plan that reflects your situation. Let us know what you are interested in and we will make it happen.

Google Reviews

Certified Mortgage Brokers
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Sean Hammond
2019-08-29

I had to port a mortgage to a new condo, Leon had excellent knowledge to get me through the approval process. When the bank made an error, Leon was quick to contact them to make sure everything was done right and on time. He is very professional and courteous and I recommend his service to anyone who wishes to apply for a mortgage.

Ronald McDonald
2019-08-27

Giving them 5/5 stars. Massoud helped me with my mortgage and he never missed a beat. He made the process very straightforward as a first time home buyer. Shopped around for other mortgages but he was always the first to get things for me. Highly recommend him

Shannon Jones
2019-08-23

I was looking to renew my mortgage and my previous lender was less than willing to do anything to keep my business. So I started to look for another brokerage to do business with and Certified Mortgage Broker stood out purely based on my interactions with Massoud. Massoud was professional and clearly had a keen sense of customer service; which I make a high priority when doing business with anyone since I'm in the customer service business myself. Peter rolled out the red carpet for me, walked me through my options, inquired about my plans with my current property, give me opinions and facts about rentals in the area, sales/purchases. In some respects he gave me more information about real estate than my real estate agent has!

Glen Plummer
2019-08-20

Selling and buying a home is a stressful experience and Leon with CMB in North York took all of the stress out of arranging the financing. He was very professional and clear about what I needed to provide to him. He used this information to arrange the best mortgage option on our new home, arranged the bridge loan to cover the closing period differential, and arranged closing out the mortgage with the previous lender.. Our experience with Leon is far better than the local in-person brokers that we contacted previously and Leon has helped us with a mortgage renewal in the past with the same excellent experience.

Colleen Power
2019-07-31

Leon returned my called from a missed call within 15 minutes of my call and I left no message. Leon and his team were fantastic. Even with the money issues we had Leon made me feel important and valued as a person.

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