Home Refinance

A Refinance is when you withdraw money out of a property that you already own. 20% equity needs to remain in the home.

How much equity can I potentially access in a Refinance?

a) the home value * 80% = x

b) x - existing mortgage/loans against home = y

If "y" is positive, that is the amount that may be drawn out. (oac)

If "y" is negative, it is not time (yet) to do a refinance.

REFINANCING YOUR MORTGAGE

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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 $1200 for this.

b) If a lawyer needs to complete the transaction I would budget approx. $1,500-$2,000.

The other cost will be for an appraisal which is approx. $350.

*FCT - First Canadian Title

**FNF - FNF Canada