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    Refinance


    What is a Mortgage Refinance?

    Simply put, a mortgage refinance is when you break your current mortgage and replace it with another one. Your new mortgage may be for the same amount as your old one – in which case the new mortgage simply pays off the old mortgage and you start making payments on the new mortgage.

    Or if you’d like to borrow from your home equity – then your new mortgage is for a higher amount than your old mortgage. The new mortgage pays off the old mortgage and any amount above that is paid out to you in a lump sum of cash. Most lenders will allow you to borrow up to 80% of your home equity, so the amount of cash that you can borrow with a mortgage refinance can be quite substantial.

    A mortgage refinance usually has a lower interest rate than other options like a second mortgage, however it is important to remember that there will be a financial penalty for breaking your first mortgage. Overall, however, this may still be a better option for you and your mortgage broker can run the appropriate calculations to determine whether a mortgage refinance or a second mortgage will ultimately be the more affordable option for you.

    Why should you choose a Mortgage Refinance?

    Canadians choose to refinance their mortgages for a number of reasons. Among the most common reasons for a mortgage refinance are:

    To lower the amount of interest they are paying on their mortgage (either because interest rates have dropped or because they have repaired their credit and can now qualify for a better rate).

    To borrow from their home equity in order to consolidate higher interest debt. (This can help you lower how much you have to make on your debt payment each month’s or get out of debt faster – or possibly even both!)

    To borrow from their home equity in order to pay for a large expense such as a home renovation or a down payment on another property.

    To move away from a lender that they are unhappy with.

    Why You Should Use Dan Mizrahi To Get Your Mortgage

    I am a seasoned mortgage broker with 8+ years of experience. As a four-time winner of the Top Producer Award in 2019, 2020, 2021 and 2022, I’m committed to providing every customer with the best care and service when purchasing or refinancing the home of their dreams.
    Before becoming a mortgage agent, I spent 18 years as a former interest rate trader, including 3 years on the floor of the Montreal exchange pit. This experience has given me valuable insights into the financial industry, and I use this knowledge to benefit my clients. With this, I am committed to providing exceptional service and exceeding your expectations.
    Contact me today to discuss your mortgage needs, and let’s make a difference in your next mortgage transaction!

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    647-691-9257

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    FSCO #M16001564 | Adamas Financial Corp. #13266

    Contact Details

    Mona Randhawa
    Mortgage Broker
    Mortgage Alliance 

    Mortgage Alliance  Company
    Of Canada Inc. – License# 10530
    An Independently Owned & Operated

    Corporate office address: 200-2005 Sheppard Avenue E, Toronto, ON, M2J 5B4