Services / Renewals & Refinancing / Refinancing
Refinancing replaces your existing mortgage with a new one, often to access equity, change your terms or lower your overall cost of borrowing. We help you weigh the savings against any costs, so the decision is clear.
Refinancing at a glance
Guide
Max borrowing
Common uses
Timing
Penalty review
Figures are general guidelines; your options depend on your situation.
Clear communication at every step, so you always know what's happening next.
We discuss what you want to accomplish and your timeline.
We review your value, balance, penalty and new payment.
We compare lenders and structures side by side.
We manage the appraisal, lender and lawyer through to funding.
A few key points we'll walk through with you before you make any decisions.
You can generally refinance up to 80% of your home's appraised value, minus your existing mortgage balance.
Breaking your mortgage early usually means a penalty. Sometimes the savings outweigh it; sometimes waiting until renewal is better.
A refinance is a new mortgage, so you'll need to qualify under current income and stress-test rules.
Don’t see your question here? Give us a call — we’re happy to talk it through.
Up to 80% of your home's value minus what you owe. For a $900,000 home with $500,000 owing, that's up to $220,000 before costs.
It depends on your penalty, your current rate and how urgent your goal is. We'll run both scenarios.
There's a credit check, which has a small short-term effect. Paying down high-interest debt can help your credit over time.
This page is for general information only and isn’t financial advice. Mortgage rules, program limits and lender requirements change and depend on your situation; all financing is subject to lender approval. Koru Financial Group Inc. — FSRA Brokerage #12726.