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Mortgage services / Refinancing

Refinancing and renewals

Plan your next mortgage around what matters now. Speak with Puneet Mann, a Mortgage Agent Level 2 in Brampton.

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Is this you?

01Your term is endingCompare your renewal offer with other lender options.

02You want to renovateExplore how available home equity could fund your plans.

03You want one debt paymentSee how consolidation affects payments and total cost.

04You’re buying another propertyAvailable equity may support the down payment.

How lenders see

Refinancing can change the amount or terms of your mortgage and may let you borrow against your home equity. Lenders review your income, debts, credit, home value and current mortgage balance to assess the new loan.

Renewal comes at the end of your mortgage term. You can review your current lender’s offer alongside other options. Switching lenders may mean a new application and costs; refinancing before the term ends may also bring a prepayment charge.

Which lender fits?

A lenders: Banks and credit unionsA lender will assess your income, credit and property for a switch or refinance. Appraisal and transfer costs may apply.
B lenders: Alternative lendersMay consider different income or credit circumstances for a refinance. Terms, borrowing costs and conditions vary.
C lenders: Private lendersOften offer short-term, interest-only financing at a higher cost. A realistic plan to refinance, sell or repay at the end of the term is essential.

A, B and C lending explained

The application process

Puneet’s Level 2 licence covers bank, alternative and private lending. These are the main stages of an application.

1Review your mortgageGather your mortgage statement, renewal notice, income details, debts and estimated home value. These show the starting point for a renewal, switch or refinance and the equity you may be able to use.

2Compare the optionsReview the payment, term, total borrowing cost, any prepayment charge and setup costs for each route. A renewal, lender switch and refinance can serve different goals and carry different conditions.

3Confirm the termsIf you renew, review your lender’s offer before signing. If you switch or refinance, provide the income and property documents the lender requests and meet conditions before the change takes effect.

Questions people ask

When should I start looking at my renewal?

Start a few months before your term ends. That gives you time to review your lender’s offer, compare other options and allow for documents or transfer steps if you decide to switch.

Can I switch lenders at renewal?

Yes, subject to the new lender’s approval. A switch may require a new application, an appraisal and transfer costs. Ask whether the new lender will cover any of those costs. If you also increase the amount borrowed, the requirements and costs may change.

How much equity can I access?

Home equity is the difference between your home’s value and what you owe against it. The amount you may be able to borrow depends on the lender’s rules, the property’s value, your existing mortgage, income, debts and credit.

Does refinancing cost anything?

It may involve appraisal, legal or registration costs. Refinancing before your current term ends may also trigger a prepayment charge. Ask for the full cost and weigh it against what the change would allow you to do.

Can I bring my other debts into my mortgage?

A refinance may let you pay off other debts and combine them into one mortgage payment. Compare the total borrowing cost as well as the payment. Spreading a debt over a longer period can increase the interest you pay overall.

What documents will I need?

A renewal with your current lender may need fewer documents than a switch or refinance. For a new application, common starting points include: