Mortgage refinancing allows homeowners to pull equity from their home and use the money for any number of things including renovations, debt consolidation, investments and even college tuition. Mortgage refinancing can also be worthwhile when your mortgage rate is high and you would like to take advantage of the lower rates in the market.

Here are a few of the options you have when considering doing a refinance:


Updating a home is a great way to increase its market appeal as well as its value.
Financing renovations through a construction loan or line of credit can leave you burdened with high monthly payments and no sign of being free of these high interest obligations.
By refinancing your house to fund a renovation project, you are borrowing against the property that you’re investing in, keeping everything under the same roof and simplifying your monthly debt obligations.
A renovation project is also a great way to extend the usability of a home instead of having to move.

Consolidate Debt

Sometimes the expenses of life overwhelm us and debt accumulates quicker than we had thought possible. Often it isn’t until the monthly debt obligation becomes difficult to handle that we realize hitting the reset button is needed.

By refinancing the mortgage and paying off debts, you consolidate your debt into the mortgage payment, reducing your monthly debt obligations and putting a stop to the never-ending interest charges incurred through lines of credit and credit cards.

By reducing your monthly debt obligations, you have more funds available for managing your financial situation and even paying down your mortgage more quickly.

Getting a Better Mortgage Rate

If the rates are significantly lower than your current interest rate, it can be worthwhile to investigate whether or not breaking your current mortgage and taking on the current market rates will be beneficial.

In some situations, our client’s have saved upwards of $10,000 in interest by breaking their mortgage, paying the penalty and taking a lower interest rate.

Renewals and Switch Transfers

On renewals whether you’d like to stay with your current lender or have us shop all the lenders, please contact us 120 days in advance of your renewal date to discuss your options

A switch mortgage or transfer mortgage involves moving your current mortgage from one lender to another without changing anything except for the term and interest rate.
A switch is beneficial when you want to take advantage of lower rates in the market without changing any other aspect of your mortgage.


A port is when you move your current mortgage from your existing home which has sold to a new property you have purchased
when porting, often the mortgage will have to increase in order to account for the difference in value – in these circumstances, you can increase the mortgage and the new funds will be based on the current market rate and blended with your existing mortgage
all mortgages we offer have this feature.


Did you know that you don’t always have to get a brand new mortgage product when switch/porting or refinancing? You can avoid your penalty AND blend your current rate with the markets best rate. You can also keep your term the same! Call us to learn more about blending 905 304 6963

Reverse Mortgage

We believe the best place to retire is in your own home. If you are a Canadian homeowner 55 or over, you can turn up to 55% of the value of your home into tax-free cash. Visit our consumer website to learn more about how CHIP reverse mortgages can help you retire on your own terms.

Link to home Equity Trust Mortgage Calculator


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R.D.M. Financial Consultants

FSRA Licence #10716

440 Niagara St, Unit 6A

Welland, Ontario L3C1L5




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