Ottawa Mortgage Refinance
The equity in your home can be used in many ways to enhance your standard of living. At a time of historically low interest rates, it makes sense to take advantage of this opportunity. You must own a home and you must have equity in your home to qualify. You can refinance up to a maximum 80% of the value of your home. For example, if your home is worth $400,000 today, you could refinance up to a maximum mortgage of $320,000.
Top 5 Reasons to Refinance Your Mortgage
Lower Your Interest Rate
and Payments
Today’s record low interest rates provide a great opportunity to home owners to lock in a new mortgage rate for a new term. This will provide you with long term security, a lower mortgage payment, and save you thousands in interest over the life of your mortgage!
Consolidate High Interest
Rate Debts
Consolidate debts such as credit cards, loans, or lines of credit. If your monthly bills have gotten out of control, you might be able to refinance your home and pay them off. The advantage of doing this is to lower your total monthly payments and interest costs.
Finance Your Home
Renovation Project
If you have already or plan to renovate your home, you will realize this can be a costly endeavour. Whether you are developing your basement or renovating your kitchen, the costs can add up and the most cost effective solution is adding this to your mortgage.
Purchase an Investment Property
Mortgage rules now require a minimum 20% down payment to purchase investment properties. If you don’t have the funds available in liquid cash, refinancing your existing property to access your current equity is a great way to get started.
Purchase a Second
Family Home
If you are looking to buy a vacation home, using the equity in your home may be the easiest and most cost effective solution. Using your home equity to buy property in other countries such as the United States or Mexico is easier than acquiring foreign financing.
Lowest Mortgage Refinance Rates in Ottawa
We guarantee to get you the lowest mortgage rate from over 40 lenders across Canada!
***Rates are subject to change at anytime and restrictions may apply. Contact a mortgage broker for the most up-to-date rates.***
We Find You Canada’s Lowest Mortgage Rates from Every Major Lender
Debt Consolidation Scenario
We have helped many clients leverage the equity in their home to consolidate debt and lower their overall payments. The following example was the case for one of our recent clients. Refinancing paid off two high interest rate debts and lowered their total monthly payments by $709!
| Before Debt Consolidation | After Debt Consolidation | ||
|---|---|---|---|
| Existing Mortgage | New Mortgage | ||
| Property Value | $400,000 | Property Value | $400,000 |
| Mortgage Balance | $250,000 | Mortgage Balance | $280,000 |
| Interest Rate | 3.89% | Interest Rate | 2.45% |
| Mortgage Payment | $1,300/month | Mortgage Payment | $1,247/month |
| Monthly Debt Payments | Monthly Debt Payments | ||
| Credit Cards $10,000 @ 19.9% | $265/month | Credit Cards $0 @ 19.9% | $0/month |
| Car Loan $20,000 @ 6.5% | $391/month | Car Loan $0 @ 6.5% | $0/month |
| Total Payments | $1,956/month | Total Payments | $1,247/month |
Will Refinancing Work For You?
Their is no cost or obligation to inquire about a mortgage refinance. Our team is here to run the numbers for you to determine if refinancing your mortgage makes financial sense for you and your family. Simply complete the mortgage application or contact our team and we will do the rest!
Top 5 Reasons to Refinance Your Mortgage
Mortgage Refinance Product Options
FREE Refinance Inquiry
Find Out What You Could Save!
Get a Mortgage Pre-Approval in 5 Minutes!
Click Apply Now below to open a secure online mortgage application to safely and securely submit an application for your mortgage pre-approval. Our Ottawa mortgage team will review your information and contact you to complete your official mortgage pre-approval!
