A refinance is essentially a brand new mortgage.  The new mortgage will replace your existing mortgage and/or other registered encumbrances either with your current lender or a new lender.  If you own your home clear title, a new mortgage will be registered on your title.  You have the option of keeping your mortgage amount the same or increasing it to take out extra cash.  By refinancing you may be able to secure a lower interest rate and / or better terms.

MONEY SAVING TIP:  Refinance your home to pay off high interest credit card balances, and other consumer loans as mortgage rates are historically very low.  You will save money by consolidating these debts into your mortgage and have all of your debts covered by one monthly payment. 

Synergy will help you to obtain lower interest rates and better terms on your new mortgage for either owner occupied homes, rental properties, or 2nd homes.

  • Refinance to Consolidate Your Debts: Pay off high interest credit cards and other debts.
  • Cash Equity:  Use your cash for investment purposes and / or personal spending such as a vacation.
  • Renovations: Home improvements, and repairs.
  • Major Purchase: Use your equity to buy a 2ndhome, Car, Boat, or Vacation Property etc.
  • Combining a 1st & 2nd Mortgage: To obtain a lower interest rate and/or better terms.

Maximum Loan Amount: Must not exceed 80% of the current appraised value of your home. Your lender and/or mortgage broker will arrange for an appraisal to determine the lending value. You may refinance up to a maximum of 85% of the value of your home providing it is insured mortgage through CMHC or Genworth.  The lender will require an electronic or physical inspection appraisal to determine the lending value.

Penalty:  Unless you have a fully open mortgage, or your mortgage is up for renewal, the lender will generally charge a 3 month interest penalty or the interest rate differential, whichever is greater.  Interest rate differential penalties can be difficult to calculate and will change without notice based on lender’s current rate changes.  It is imperative to determine your penalty using the assistance of your Mortgage Broker and lender.

Costs:  For legal quotes pertaining to your specific transaction please contact a lawyer or notary for a quote.  We will provide you with a list of lender approved lawyers / Notaries.  Legal fees will range from approximately $500.00 – $1000.00 and appraisal cost will be approximately $275.00.  Discharge / Administration Fees may range from approximately $75.00 – $500.00.