Mortgage Refinance Toronto

Mortgage refinance allows you to receive a loan that amounts to as much as 80% of your home’s appraised value.
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Mortgage Refinance Toronto


According to the Financial Consumer Agency of Canada, you can do mortgage refinance through breaking your current mortgage and getting a second loan that you secure with your home equity, by accessing your home’s equity through a home equity line of credit (HELOC), or by extending or blending your mortgage with your current lender, or through reverse mortgage (for those over the age of 55).


Mortgage Offers
pick the one thats right for you.
  • get
    $ 2,000
    on purchase over
    $500, 000
  • Receive
    $ 1,400
    when you transfer
    your mortgage of over $500,000
  • complimentary
    12 months
    Home service plan
    fint out more

Common reasons people go for mortgage refinance


Lower interest rates: Breaking your current mortgage contract for one with a lower interest rate can save you money over time. At Approved Mortgage Broker, we will consider the penalties you will incur for breaking your current mortgage and help you do the math to determine if you will save money at the end of the day. Note you will pay a 3-month interest penalty for a variable rate mortgage and IRD (interest rate differential penalty) for a fixed-rate mortgage. Access to equity in your home: Mortgage refinance allows you to access up to 80% of the value of your home less outstanding mortgages. You can use the extra money for home renovations, investment opportunities, emergencies, education, and other uses. Debt consolidation: Having enough equity in your home combined with paying off high-interest debt through refinance will help improve your credit score. There are refinance options that allow you to combine different outstanding debts such as lines of credit, credit card bills, and car loans. If you are stuck with a variable rate mortgage and you prefer a fixed-rate mortgage or vice versa, or if you want to lower your monthly repayments, mortgage refinance is the best option. We also consider the additional fees that you will incur. Whatever the refinance option you go for, you will incur legal costs since a lawyer is needed to change the financing of the title. Another common fee is bank fees to facilitate the paperwork. We will assist you to avoid or counteract these fees by shopping around for free refinance or low bank fees. Other applicable fees are home appraisal fees, title insurance fees, and title search fees.


Featured Rates
Fixed
  • Lender
  • Rate
  • Term
  • Toronto-Dominion
    2.74%
    5 years
  • Scotiabank
    2.64%
    2 years
  • CMLS
    2.84%
    3 years
  • RFA
    2.84%
    5 years
  • First National Bank
    2.84%
    5 years
  • DUCA
    3.64%
    1 year
  • B2B
    2.94%
    2 years
  • Meridian
    2.89%
    5 years
  • RMG Mortgage
    2.89%
    5 years
Variable
  • Lender
  • Rate
  • Manulife Bank
    2.45%
    5 years
  • Home Trust
    4.49%
    5 years
  • Mcap
    2.45%
    5 years
Other
  • Type
  • Rate
  • Secured line of credit
    2.95%
  • Private mortgages
    5.99%
Questions?
We Are Here to Help

You could go directly to a lender for mortgage refinance, but we advise against this because this means you will not get the best possible rate. At Approved Mortgage Broker, we have developed a working relationship with most mortgage lenders in Toronto, which opens doors and allows us to negotiate for the lowest rates. Comparing different mortgage refinance options from lenders can be time and energy-consuming; hiring us gives you unparalleled convenience.
Purchase or Refinance
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What our CLients Say
Approved Mortgage Brokers
  • Avatar Hirad Asnafi ★★★★★
    I'm writing this review based on my personal experience with Approved Mortgage Brokers North York, and specifically Masoud. He responded quickly to my inquiry and was very helpful during the process. He provides great advice and maintains a high level of professionalism. Thank you Masoud for all your hard work.
    I highly recommend this business for your mortgage needs. Give Masoud a call. You won't be disappointed.
  • Avatar Amir Abbasfar ★★★★★
    Approved mortgage helped me through both a new purchase and refinance process, finding me great rates in both situations. Really great team of guys.
  • Avatar bardia ` shojaei ★★★★★
    Thank you so much for helping us get our home refinanced. You were professional, friendly and very helpful. I will recommend to all my friends
  • Avatar Gregory Chen ★★★★★
    Masoud gave me great advice and fair rates to process my mortgage. His assistant, was quick getting back to me and explained any questions about documents. Would highly recommend these guys..
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