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Refinancing Your Home... Mortgage Refinancing in Canada is the process that pays the existing mortgage and/or any other legal claims against the property and arranges a brand new mortgage. There are many reasons to why you should consider refinancing your mortgage. Refinance a First & Second Mortgage into a new First Mortgage:If you have two mortgages on the same property, you can combine them into a new first mortgage, as long as the total amount does not exceed 90% of the value of the property. If the new mortgage is over 75% of the value of the property, normal CMHC/GE insurance premiums and guidelines may apply. Financing a Renovation:If you plan major renovations (spending over $10,000), it could be less painful to add to your existing mortgage as opposed to a loan or line of credit. Financing the purchase of other investments:You can use the equity in your home to finance the purchase of investments, and benefit from the lower carrying costs of a secured line of credit or mortgage and also write-off the interest costs against the taxable incomes. Financing the purchase of investment property:If you have the equity and have a desire to be a landlord, you could take equity out of your property by refinancing the mortgage to use towards the purchase of an investment property.
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