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Refinancing and debt consolidation · British Columbia
Refinance to pay off debt, renovate or lower your payments
Your home equity can replace high-interest credit cards and loans with one lower payment, or fund a renovation. I'll show you whether it saves you money, including any penalty.
Service in English, Punjabi and Hindi · ਪੰਜਾਬੀ · हिन्दी
When it helps
Reasons to refinance
- Debt consolidation: roll cards, car loans and lines of credit into your mortgage.
- Renovations or adding a suite.
- Lower monthly payments by extending your amortization.
- Taking out equity to help family or buy another property.
How much
How much you can borrow
With a regular refinance you can usually borrow up to 80% of your home's value, minus what you owe. The lender qualifies you again on income, credit and an appraisal. If a bank says no, a second mortgage can be an option.
The honest part
Check the full cost first
Breaking your mortgage mid-term can mean a prepayment penalty, plus legal and appraisal costs. Spreading short-term debt over a long mortgage can also cost more in total interest. I put the numbers side by side so you can decide. If your term is ending soon, see renewals.
Questions
Frequently asked questions
Will I pay a penalty to refinance?
If you break your mortgage before the term ends, usually yes. The amount depends on your lender and mortgage type. I will get the number before you decide.
Can I refinance with bad credit?
Sometimes. Alternative and private lenders look more at your equity. It costs more, so we plan how to move back to a bank later.
Is a HELOC better than a refinance?
It depends on whether you need the money all at once or over time. See the HELOC page, and I can compare both for you.
Paying too much interest?
Send me your balances and I will show you what a refinance could save. Service in English, Punjabi and Hindi.