A mortgage refinance replaces your existing mortgage with a new one at a higher balance, giving you access to your home equity as a lump sum. Toronto and GTA homeowners use refinancing to fund renovations, finance investment purchases, and gift down payment funds to children. At Everything Mortgages, we compare options across 50+ lenders and identify the right structure for your specific goal.
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About
The Challenge of Mortgage Refinancing
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How We Assess It
Services Offered
Why Choose Us
How to Get Started
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A mortgage refinance advances the difference between your new mortgage amount and your existing balance as cash at closing. Most lenders allow refinancing to a maximum of 80% of the property’s appraised value.
Refinancing mid-term on a fixed-rate mortgage triggers a prepayment penalty that needs to be factored into the total cost. Refinancing at renewal avoids that penalty entirely.
Toronto homeowners refinance to fund renovations, access capital for investments, gift funds to children for a down payment, and roll high-interest debt into the mortgage through a debt consolidation refinance. Each use case has different qualification requirements, which is why we assess the specific purpose before recommending a structure.
The Challenge of Mortgage Refinancing
Refinancing for Renovations
Renovation funds accessed through a refinance are advanced as a lump sum at closing with no draw schedule or inspection requirement. For homeowners mid-term on a fixed-rate mortgage, we compare the prepayment penalty against the renovation budget to confirm whether refinancing now or using a home equity line of credit produces the better outcome.
Refinancing for Investment Purposes
Equity from a primary residence can fund the 20% down payment required for an investment property in Ontario. Qualification requires demonstrating you can service both the increased primary mortgage and the new investment mortgage simultaneously. We assess the combined debt service position before recommending this structure.
Refinancing to Gift Funds to Children
Toronto homeowners access equity through a refinance and gift the funds to a child as a down payment. Most lenders accept gifted down payments from immediate family with a signed gift letter confirming no repayment is expected. We assess both the parent’s refinance and the child’s purchase mortgage together to ensure both transactions close without issues.
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For homeowners mid-term with a meaningful penalty, a second mortgage accesses equity without breaking the first mortgage. For phased renovation costs where the total is uncertain, a HELOC is more flexible than a lump-sum refinance.
What It Costs to Refinance
Costs include the prepayment penalty if breaking a fixed-rate mid-term, legal fees of approximately $1,000 to $1,500, and an appraisal fee. We model the total cost against the benefit of accessing equity now so the decision is based on actual numbers.
How We Assess It
We start by calculating whether refinancing mid-term or waiting for renewal produces the better outcome given your prepayment penalty. For homeowners at or near renewal, the refinance is straightforward. For those mid-term, we compare the IRD penalty against the benefit of accessing equity now.
We then match the file to the lender whose qualification criteria suit the specific refinance purpose. Renovation, investment, and gift-fund refinances all have different income and debt service considerations across lenders.
Services Offered
Penalty and Timing Analysis
We calculate the prepayment penalty and determine whether refinancing now or at renewal produces the better total cost outcome.
Equity and Qualification Assessment
We confirm how much equity is accessible at 80% LTV and whether your income supports the higher refinanced balance before any application is submitted.
Lender Selection
We identify which lenders in our network of 50+ institutions are most favorable for your specific refinance purpose and structure the application accordingly.
Closing Management
We manage the full application through to funding. For clients refinancing to fund a simultaneous transaction, we coordinate timing across both closings.
Why Choose Us
We Model the Full Cost First
We calculate the total cost of the refinance including penalty, legal fees, and appraisal before recommending it. If the numbers do not support refinancing now, we say so.
Access to 50+ Lenders
Different refinance purposes attract different lender criteria. We identify the right lender for each specific file rather than defaulting to a single option.
No Credit Pull on Initial Review
We assess your equity position and refinance purpose first and submit a credit application only when an approval path is confirmed.
How to Get Started
Ready to take the first step toward refinancing your mortgage? Here’s how to get started:
1
Share your current mortgage balance, remaining term, estimated property value, and the purpose of the refinance. This gives us what we need to calculate accessible equity and estimate any prepayment penalty before our first conversation.
2
We compare current refinance rates across our lender network for your specific purpose and present options with full cost transparency including the penalty calculation.
3
Once a lender is selected, we manage the application, appraisal, and closing through to funding and coordinate timing across any simultaneous transactions.
Amy Asadullah
Toronto, Ontario
A++++.
I had the pleasure of working with Manzeel at Everything Mortgages. After dealing with 2 other brokers, Manzeel made this purchase happen for me and my family. He has been professional, approachable and sincere. I couldn’t be happier and highly recommend him.
Hovig Tchaderian
Toronto, Ontario
I was extremely pleased with the service I received!! The communication from start to finish could not have been any better.
I would recommend the whole team for anyone that’s looking for a mortgage!!
Thanks again!
Sarah Paul
Toronto, Ontario
My experience with Everything Mortgages was excellent. My mortgage broker was very knowledgeable, professional, and personable. Also, the process was smooth and uncomplicated. I would recommend Everything Mortgages for any type of buyer, new or seasoned, residential or commercial.
Varun Kalia
Canada, Toronto
Manzeel and his team at Everything Mortgages are fantastic! Buying a house can be quite an ordeal but these guys made it stress free and painless. Not only did they take the time to answer all the questions I had but they were also respectful and diligent in keeping me informed through out the closing process. They were mindful of my time and worked around my schedule. It was an excellent experience from end to end. I highly recommend them for anyone in need of a mortgage. Thanks Manzeel and team!
Rahee G
Canada, Toronto
My experience with Everything Mortgages was excellent. Manzeel and his team are best in class. They were very professional and really simplified the process for me. I would recommend Everything Mortgages for everyone!
Melissa Emond
Toronto, Ontario
I’ve personally dealt with Everything Mortgages for years now and they have done many transactions for me (purchases and refinances). They are competitive, tech savvy, and trustworthy. I highly recommend them for all your mortgages needs.
A renewal renegotiates the rate and term on your existing balance with no change to the loan amount. A refinance changes the loan amount to access equity and can happen at renewal or mid-term. Refinancing mid-term on a fixed-rate mortgage triggers a prepayment penalty that does not apply at renewal.
Yes. Costs include legal fees of around $1,000 to $1,500, an appraisal fee, and a prepayment penalty if breaking a fixed-rate mortgage mid-term. The IRD penalty can be substantial on fixed-rate mortgages. We calculate the full cost before recommending a refinance.
Yes. A refinance gives you access to up to 80% of your home’s appraised value minus the existing balance as a lump sum at closing, usable for any renovation without a draw schedule. We compare the prepayment penalty against the renovation budget to confirm whether refinancing now or waiting for renewal makes more financial sense.
Yes. Homeowners with sufficient equity can access it through a refinance and gift those funds as a down payment. Most lenders accept gifted funds from immediate family with a signed gift letter. We assess both the parent’s refinance and the child’s purchase mortgage together to ensure both close without issues.
Yes. Equity from a primary residence can fund the 20% down payment required for an investment property in Ontario. Qualification requires servicing both the increased primary mortgage and the new investment mortgage. We assess the combined debt service position before any application is submitted.
A consumer proposal doesn't have to keep you out of the housing market. We work with lenders across Toronto and the GTA who look past the R7 rating on your credit bureau, whether you're still making payments or already discharged. If the bank says no, we say yes.
A discharge doesn't have to mean years on the sidelines. We place GTA borrowers with the right lender at each stage of recovery, from private financing the week after discharge to bank-rate approvals once credit is rebuilt.
If the CRA has registered a lien on your home, or your property taxes have fallen behind, refinancing can pay the debt in full at closing. We connect GTA homeowners with lenders who look at the equity in your home first and the lien second.
Private mortgage lenders in Toronto approve applications that banks and B lenders decline. Approval is based primarily on property equity and loan-to-value ratio rather than credit score or income documentation. At Everything Mortgages, we connect borrowers with private mortgage lenders across Toronto and Ontario, structure the application to present the file in the strongest light, and manage the process through to funding.
A second mortgage in Toronto lets you access your home equity without breaking your existing first mortgage or triggering a prepayment penalty. It sits behind your first mortgage on title and advances funds as a lump sum at closing. At Everything Mortgages, we place second mortgages for Toronto and GTA homeowners with strong credit and those with bruised credit, accessing B lenders, private lenders, and MICs to find the right fit for each file.