Refinancing

Refinancing a mortgage in Ontario refers to the process of taking out a new mortgage loan to pay off an existing mortgage. Refinancing can be a good option if you are able to find a mortgage with better terms or a lower interest rate than your current mortgage.

To refinance your mortgage in Ontario, you will need to go through the mortgage application process again, which may include providing documentation, undergoing a credit check, and paying closing costs. You may also need to pay a penalty for breaking your current mortgage contract early, known as a prepayment penalty.

It's important to carefully consider the pros and cons of refinancing before deciding to do so. It may be helpful to work with a mortgage broker or financial advisor who can help you understand your options and find the best mortgage solution for your needs. Some factors to consider when deciding whether to refinance your mortgage include the length of your current mortgage term, the current interest rate environment, and any potential costs associated with refinancing.