Refinance Mortgage Program

Take advantage of low rates and spread your renovation financing repayment over a long period of time by refinancing your mortgage for up to 80% loan to value. Replace your existing mortgage with a new one on different terms. The lender will require income proof such as job letter, two recent pay stubs, T4 or Notice of assessment to qualify the mortgage. IF you consider refinancing into a term with more prepayment privileges, such as open mortgage or if interest rate dropped, you can refinance to fix rate mortgage to lock in the lower rates. The risks and cost of refinancing ; appraisal cost , legal fee , if you switch lender possibly prepayment charges.