Guide: Refinance Mortgage BC, Manitoba, Ontario & Alberta

People need to refinance mortgages for all kinds of reasons. They might be going through a divorce, and they want to take one name off the title of the property. They might need to take out some equity to send a child off to college, or to purchase a vacation home. They might just want to take advantage of lower interest rates that have become available to them. Because of Canadian law, a mortgage that is amortized over 20, 25, or 30 years has to go through multiple renewals because of the limits on the length of the term of any loan.

Refinance Articles

Take a look at the different articles we’ve put together about various situations that can involve refinancing. Many customers have posed the queries that we have collected into a Frequently Asked Questions section at the bottom of the page. If you are curious about your own situation, we’re available by live chat, email or phone – and we also have an online application that you can fill out to see if you would pre-qualify with one of our providers.

Rent to Own Overview & the IPR Agreement

A “rent to own / lease to own”, agreement is exactly what it sounds like – a tenant lives in a dwelling and starts paying rent on it – but at a predetermined point in time he will have the option to purchase that property at a previously agreed price ...
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What if you or your bank don’t Renew Your Mortgage

Wondering what happens if you don't renew your mortgage? The mortgage process in Canada can be difficult for home buyers to negotiate, as the loan you take out is only designed to take you part of the way toward completing the purchase of the home. In most cases, mortgage payments ...
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Refinance Mortgage With Consumer Proposal

If you are in debt over your head and realize that making your mortgage payments is not going to be possible, you can refinance your mortgage with a consumer proposal, through a program sponsored by the Canadian government. It is currently the only program that Canada’s government administers, and it ...
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Interest Only Mortgage Refinance

If you take an interest only mortgage out on a home, you only make payments on the interest on the note. This is a common short-term situation, because when you are done with the note, you haven't made any progress against the principal. You're still the owner according to the ...
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Rent to Own Programs and Financing Options

One of the most flexible strategies for purchasing a house is renting to own or leasing with an option to buy. How does rent to own work? The process is much like it sounds. A homeowner or investor rents a property to a tenant or tenants, giving the tenant the ...
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Did the bank refuse your application?

Has the bank refused your application even with high income and down payment? You can still get approved for a private mortgage, loan or refinance. Heres How: When you apply to a traditional lender for a mortgage, two of the more consistent metrics are a proven income stream and a ...
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Looking to refinance a mortgage with arrears?

The year 2018 brought in some even tougher lending rules for institutions looking to provide mortgages, as Canadians had to go through a “stress test” to qualify for funding, even if they had a down payment of 20 percent or more to put toward the purchase. Before 2018, the only ...
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When Mortgage Refinancing Options are Limited

What to Do When Mortgage Refinancing Options are Limited No one enters a mortgage planning to head into foreclosure. When you sit at the table at closing, your primary feelings should include optimism and excitement about your new dwelling, as you focus on ways you plan to make this new ...
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Rent to Own Refinance in Canada

If you are looking for a flexible option for staying in a house when you have lost control of mortgage payments, received a demand notice from your lender, facing potential foreclosure, or you are within your redemption period after a Statement of Claim has been issued, then a Rent-to-Own Refinance ...
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We Love Providing Private Equity & Second Mortgages

Do you want an Equity or 2nd Mortgage? We Love providing them! Seems like a good fit. If your request makes sense, we can help! A common question is... What is the difference between an Equity Mortgage and a 2nd Mortgage? Answer; Nothing. Both mortgages use the built up equity ...
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Quitclaim Deeds and Refinancing

Quitclaim Deed Definition: A quitclaim deed is a document most commonly associated with the dissolution of a joint mortgage. Particularly with residential mortgages, the most frequent use of the quitclaim deed happens during the divorce process. As part of resolving the property portion of a divorce, generally one party or ...
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Refinancing to pay off debts to CRA back taxes.

South of the border, one of the most beloved country singers in the U.S. is Willie Nelson. Now almost 82 years old, the legend has recorded more than 60 albums in the studio, 10 more as a live performer, 37 compilation albums, two soundtracks for films and 27 collaborations. However, ...
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Prevent Bankruptcy with Refinance or Equity Takeout

Debt is a reality for more and more of us with each passing year. Costs for education keep rising, as well as costs for other necessities, while incomes remain stagnant for many people. In situations like that, debt can spiral out of control, and bankruptcy might emerge as the only ...
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Has Your Current Lender Refused to Renew?

One of the elements of Canadian law is that no current loan can have a term for longer than 10 years. So if you take out a typical mortgage, you will likely assume a term that runs between 15 and 25 years – which means that you will have to ...
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Requesting Home Mortgage Loan Modifications

When people are having a hard time making their mortgage payments each month, a couple of strategies that often come to mind are refinancing the note or going to the bank to request a loan modification. Both of these processes have a similar outcome -- namely, you keep the house, ...
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Canada Home Equity Line Of Credit Vs Mortgage Refinancing

When you own a home, you are not only making an investment in your own future, you are also stuffing money into a giant savings back that is there if you need it. If you’ve owned your own home and lived in for more than a few years, you’ve probably ...
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Refinancing Mortgage After Divorce

When you are going through a divorce, one of the most contentious items that has to be resolved between couples is the fate of the house they have purchased together. There are a lot of emotions that go into settling a divorce case, in most cases, and settling all of ...
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5 Important Points To Consider When Refinancing Your Mortgage

Table of Contents Your Credit Score and Debt-To-Income Ratios Your Current Equity Cost of Refinancing Current Interest Rate The Right Mortgage for You Many Canadians use mortgage refinancing to get rid of debt, get a lower interest rate, or pay for big projects and investments. If you want to get ...
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Mortgage Refinances: The Latest COVID-19 Impact

When you need to refinance a mortgage in Canada, there can be a lot of headaches. The information in this article relates primarily to traditional non-private lenders. If you find that you’ve hit many obstacles and cannot secure a traditional refinance, then a private mortgage may be the fast and ...
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Understanding Mortgage Refinancing in Canada

When you're already in the middle of a mortgage, and you're seeing interest rates in the paper or online that are significantly lower than what you're paying, it's tempting to think about Mortgage Refinancing in Canada. This is essentially what happens when you do a Refinance; you're paying off the ...
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Understanding IPR Agreements: FAQ

When it comes to setting up IPR agreements, there are several common questions that we get from our clients. We’ve put together this page to help clients find basic information as they start exploring the process. If you have other questions, reach out to our mortgage specialists so that we ...
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How to take out a Second Mortgage even with Bad Credit

Taking Out a Second Mortgage Bad Credit Loan Is your credit score about to go below 650 or even 600? If you are going through a layoff or some other work interruption or other financial turmoil, your car payments are probably also behind, and your credit cards are likely to be at ...
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Renewing Mortgage with Bad Credit

Are you Renewing a Mortgage with Bad Credit? Are Banks saying NO? There are several factors involved in order to renew mortgage with bad credit. When you come to the end of an interim mortgage period with your lender, the mortgage renewal process takes place. For borrowers in Canada, the ...
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Refinance Mortgage Documents Checklist

Mortgage Refinancing Checklist to Organize your Mortgage refinancing efforts. Identification 1 piece on non-expired Government Issued ID (One must be photo – Driver’s or Passport) – may require a second piece of ID at a later date depending on lender Corporate Documents, GST Licence (if self employed) Income Verification Job Letter – confirming position held, start date, ...
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