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Refinance

Helping homeowners navigate their equity

A Refinance is when you withdraw money out of a property that you already own.

 

20% equity needs to remain in the home. So if you take the value of your home and multiply by 80% - that is the maximum mortgage/s you can have against that home. 

REFINANCING YOUR MORTGAGE

How much does a mortgage refinance cost?

This involves new legal documents and title re-registration; either can be used to facilitate:


a) FCT* or FNF** which are not lawyers, but they are able to process the legal documents for refinances. I would budget $550-$750 for this.  


b) If a lawyer needs to complete the transaction I would budget approx. $1,200-$1,500. (Nikole will advise your options)

 

The other cost will be for an appraisal which is approx. $300.

 

*FCT - First Canadian Title 

**FNF - FNF Canada

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Ready?

 If you have any questions while completing the application, please don’t hesitate to reach out.