Mortgage Refinancing in Mississauga & Brampton

The majority of house owners attempting to refinance a mortgage are looking to accomplish one among the following:

Consolidate Debt (credit cards/loans),
Taking advantage of lower interest rates,
or Access funds for other important projects, such as
- Home renovations investment/rental property,
- Buy an investment/rental property,
- Planning for your children’s future education, or
- Dreaming about great vacation.

Put your home equity to work for you…

You have worked hard to build the equity in your home and now might be the time to get the equity, working for you. You may qualify to up to 95%* value of your home (Normally 80%) – One of your biggest assets in life.

1. To take advantage of low-interest rates

Don’t let penalties deter you; first, know the numbers. Breaking your contract for a lower interest rate can save you money over time, depending on the penalty and the size of your outstanding mortgage. If you hold a variable rate mortgage, then expect to pay a penalty of three months interest, and if you hold a fixed rate mortgage, then you will pay the greater of three months interest or interest rate differential penalty (IRD).

2. To access equity (cash) in your home

Through refinancing, you can increase up to 80 percent of your house's value less any outstanding mortgages. That’s extra money for investment opportunities, home renovations, or your children’s education. There are several ways to access this equity including breaking your mortgage, taking on a home equity line of credit or blending and extending your mortgage to your current lender.

3. To consolidate debt

If you have enough equity in your home, you will be able to pay-out high-interest debt through a refinance. For example, if you have a number of outstanding debts, such as a car loan, a line of credit, or credit card bills, you may be able to consolidate all of the debt through the variety of refinancing options available.

Methods of refinancing your mortgage

There are several options available to you when considering a refinance which include: breaking your mortgage contract early, taking out a home equity line of credit or blending and extending your mortgage to your current lender.

1. Break your existing mortgage contract early:

You would consider breaking your mortgage early if you wanted to obtain a lower interest rate or access equity from your home. In this case, you can do away with your existing mortgage and take on a brand new one with any lender.

2. Add a home equity line of credit:

A home equity line of credit gives you access to the equity in your home at your own discretion. You are responsible for interest-only payments each month on the outstanding balance. You can access a home equity line of credit through your existing lender and a small subset of other lenders.

3. Blend and extend your existing mortgage:

Your current mortgage granter might offer you a ‘blended rate’; essentially, a ‘blend’ of your current mortgage rate plus any additional money you borrow at current market rates. Blended rates are almost always higher than the most competitive mortgage rates on the market, so make sure you compare the blended rate against the savings if you break your mortgage.

We work with many lenders to get you the best rate, best term and the features you want so you can use the equity in your home. It’s just one way we can get your mortgage working for you!

FAQ’s that is common about refinancing Mortgage

How much does it cost to refinance my mortgage?

The cost to refinance your mortgage depends on the strategy you use to access equity or lower your interest rate. No matter which strategy you use you will always incur legal costs as a lawyer must change the financing on title. The good news is if your mortgage balance is greater than $200,000, many brokers and/or lenders will cover this cost. If you are breaking your mortgage in the middle of your term to access equity or lower your interest rate your lender will charge you a prepayment penalty. Well, for fixed mortgage rates this penalty is the larger of 3 months interest or the Interest Rate Differential payment (IRD). For variable mortgage rates this is simply three months interest.

Client Testimonials

The experience with AKAL Mortgages is great!!! I recently got approved for a business loan thought them and the agent that helped me with the process was outstanding. I am impressed with the convenience and very helpful service. I hear their agents on the radio all the time making consumer aware of the options available about mortgages and loans. And, they way they do, touch my heart. So honest and ethical. My colleagues and friends had told me that when AKAL Mortgages commits to any thing they make it happen. And, they did! I'll always go to AKAL Mortgages for all my residential and business financing needs. Many many thanks.

Jas Bath

My wife and I visited AKAL mortgages due to their reputation in the market. We were attended in a timely fashion to discuss our mortgage and line of credit needs. We are so glad that we were provided with great options and solutions to choose from. We are very happy and satisfied from the services provided by AKAL mortgages. We definitely recommend their services to our family and friends.

Raman Sall

Unsecured Business Loan… I heard an ad on the radio about $100,000 unsecured business loan and went to AKAL Mortgages to check it out. I didn’t have time to go to the bank in person and found that the application experience was smooth, professional and quick. We run transportation business and were looking to expand our website and equipment to attract more clients. This injection of quick cash enables us to extend our reach and develop more online business. Thank you AKAL Mortgages. I highly recommend your services. If AKAK Mortgages can’t get you a business loan or finance for any deal, it is probably a deal you should not be doing!

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We have just completed our second home purchase with mortgage financing from AKAL Mortgages. Our mortgage brokers, Mohinder Pal Singh and Kuljit Singh could not have looked after us any better. They are very detail oriented (being a health professional I know how important details are) and guided us throughout the process from pre-approval till we moved-in our new home. They worked hard to ensure we received the best possible mortgage with options exactly what we wanted and best rate available in the market. All in all, we definitely recommend AKAL Mortgages to all our friends and family if they are looking for high quality mortgage financing services.

Satnam Gill

My wife and I got referral for AKAL Mortgages to do our mortgage renewal. We drove from Kitchener to meet Mohinder Pal Singh and Kuljit Singh. The two gentlemen were able to attend to our need for a mortgage in record time and to our total satisfaction. We're extremely happy for the service and options we have received. Don't think twice to choose them for your mortgage needs. We highly recommend AKAL mortgages.

Jass Sandeep Sandhu