Akal Mortgages

Mortgage Refinancing
Made Simple

All Credit types Accepted

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    Min $ 300,000

    Min $ 25,000

    Best Mortgage Rates

    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 the biggest assets you may own.

    Lendevi Expert Advice

    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.

    To take advantage of low-interest rates

    10% on the next $200,000 = $20,000

    A total of $25,000 + $20,000 = $45,000


    If you plan to live in the home for more than five years, you need not worry about portability that is, shifting the mortgage to a new property.

    Low-Frills Mortgages

    If you don’t plan on moving, refinancing or making huge prepayments in the upcoming five years, you can consider low-frills mortgages.


    Most first-timer buyers opt for a 5-year fixed rate because they cannot afford an interest risk.

    Hybrid Mortgages:

    If you do go variable, look for one that maintains your payment the same regardless of interest rate variations. It’s easier for budgeting and gives you peace of mind if rates start climbing.

    Break your existing mortgage contract early

    You can consider breaking your mortgage early if you want 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. AKAL Mortgages Inc. can get you offers with up to 95% LTV.

    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.

    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.

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    Frequently Asked Questions

    For all the first time home buyers, to canalize their mortgages, there are a number government programs available. Once you are eligible for these programs, you can acquire any one of them. The government has some programs like First-time home buyers’ credit, RRSP home buyers’ plan (HBP), 5% down payment program, HST new housing rebate and Land transfer tax rebates.
    5% down payment is available to you for homes up to $500,000 as the purchase price. First time Home Buyers will have to put 10% “on the portion” of the price over $500,000. For instance On a purchasing a home for the price of $700,000, the minimum down payment the buyer has to pay will be calculated as 5% on the first $500,000 payments that will be around $25,000 and 10% on the next $200,000 which would be around $10,000. So the total down payment will sum up to $35,000.