Unlock the Wealth in Your Home: Mortgage Refinance Ottawa
Access up to 80% of your home's value. Lower your interest rate, consolidate high-interest debt, or fund renovations with your home equity.
Put Your Home Equity to Work for You
If you have owned your home in Ottawa for more than a few years, you likely have significant equity built up due to market appreciation. Refinancing allows you to access this wealth without selling your home.
Whether you want to pay off 19% interest credit cards, build that dream kitchen, or buy a rental property, our Ottawa mortgage refinance team finds the lowest rates to make it happen.
See How Much You Can BorrowWhy Refinance Now?
Smart Ottawa homeowners are using refinancing to improve their financial health.
Crushing Debt
Carrying credit card balances at 19-29% interest? Refinance them into your mortgage at a much lower rate and save hundreds monthly.
Renovation Dreams
Don't use high-interest loans for home improvements. Use your equity to fund renovations that increase your property value even more.
Better Cash Flow
Stretch your amortization back to 25 or 30 years to lower your monthly mortgage payments and free up cash for daily life.
What is Mortgage Refinancing?
Mortgage refinancing involves breaking your current mortgage contract and replacing it with a new one, usually for a higher amount than what you currently owe. The difference between the new mortgage amount and your old balance is given to you in tax-free cash.
In Ottawa, you can typically refinance up to 80% of your home's appraised value. For example, if your home is worth $700,000 and you owe $400,000, you could potentially access up to $160,000 in equity.
Common uses for refinance funds include:
- Debt Consolidation: Paying off high-interest loans and credit cards.
- Home Improvement: Kitchens, basements, or adding a secondary suite.
- Investment: Using the funds as a down payment for a rental property or cottage.
- Life Events: Funding education, weddings, or divorce settlements.
- A 12-month interest-only term to give you breathing room.
Our team works with major banks, credit unions, and alternative lenders to ensure you get the best refinance terms in Ottawa.
Benefits of Refinancing With Us
We analyze the math to ensure breaking your mortgage saves you money in the long run.
⚡ Lower Interest Cost
Replacing 20% credit card debt with a low mortgage rate saves you thousands in interest payments every year.
🛡️ One Simple Payment
Combine your mortgage, car loans, and credit cards into one manageable monthly payment.
🤝 Access 80% LTV
We help you maximize the amount of equity you can withdraw from your Ottawa property.
📉 Improve Credit
Paying off maxed-out credit cards via refinance lowers your utilization ratio and boosts your credit score.
🗓️ Flexible Terms
Choose between fixed or variable rates, or add a Home Equity Line of Credit (HELOC) for future flexibility.
🇨🇦 Local Appraisers
We work with appraisers who understand Ottawa's market value, ensuring you get the highest valuation possible.
The Refinance Process
From application to cash in hand in 4 steps.
Application
Apply online or call us. We review your current mortgage statement and credit profile.
Home Appraisal
We order an appraisal to determine exactly what your Ottawa home is worth in today's market.
Approval & Terms
We present you with the best refinance options, showing you the rate, cash out amount, and savings.
Funding
The lawyer pays off your old mortgage and debts, and the remaining funds are deposited into your account.
Eligibility Requirements
Can you refinance? Here is what lenders look for.
- ✅ Must own a property in Ottawa or surrounding area.
- ✅ You must have at least 20% equity remaining *after* the refinance.
- ✅ Proof of income (T4s, Paystubs) is required for "A" lenders.
- ✅ If self-employed or bruised credit, we have "B" lender options available.
Frequently Asked Questions
Common questions about accessing home equity.
How much money can I take out?
In Canada, you can refinance up to 80% of your home's value. If your home is worth $500k, the total mortgage can be $400k. If you currently owe $250k, you can withdraw $150k (minus fees/penalties).
Is there a penalty to refinance?
If you break your mortgage before the term ends, there is usually a penalty. However, we calculate if the interest savings from debt consolidation outweigh the penalty cost. Often, the savings are much higher than the penalty.
Does refinancing hurt my credit score?
Initially, there is a small dip due to the credit check. However, if you use the funds to pay off high-utilization credit cards, your score usually shoots up significantly shortly after the refinance closes.
Can I refinance with bad credit?
Yes. While major banks require good credit, we work with "B" lenders and private lenders who focus on your equity rather than your credit score. Rates will be slightly higher, but you can still access cash.
What are the costs involved?
Costs typically include an appraisal fee ($300-$500) and legal fees ($800-$1200) to register the new mortgage. These can often be deducted from the mortgage proceeds so you don't pay out of pocket.
How long does it take?
A typical refinance takes 2 to 4 weeks to complete, as it involves an appraisal and legal work. If you need funds urgently, ask us about a private second mortgage which can fund in days.
Is a HELOC better than a refinance?
A HELOC (Line of Credit) gives you flexible access to funds, while a refinance gives you a lump sum. We can help you decide which structure is best for your specific goals.
Your Equity is Waiting.
Consolidate debt, renovate your home, or invest in your future. Let us show you the numbers today.