Refinancing a Mortgage with the Best Mortgage Rates in Ontario
By : Edi Marinescu
Getting access to the best mortgage rates in Ontario is the perfect reason to refinance your mortgage. It’s worth refinancing when interest rates drop. You could potentially save thousands over the lifetime of the loan. Refinancing can also be used as a valuable financial tool, such as when you apply for a home equity line of credit.
Mortgage Capital Investment can help with refinancing a mortgage, giving you options with the best mortgage rates in Ontario.
Refinance With the Best Mortgage Lenders in Ontario
The prime reason to refinance is to access the best mortgage rates in Ontario. You can also go with a shorter term while taking advantage of the best mortgage rates in Ontario, helping you to build equity quicker.
The best mortgage rates in Ontario mean a more affordable mortgage and a faster route to your financial freedom and security in retirement.
We have access to the best mortgage lenders in Ontario and have options available that go beyond the large lenders and major banks. For trusted options and a simpler way to refinance, choose a broker for the best mortgage lenders in Ontario.
Has Your Creditworthiness Improved? You Could Get the Lowest Mortgage Rates in Ontario
Even if the mortgage market looks similar to when you signed for your mortgage, other factors may have changed. If you have improved your creditworthiness since closing your mortgage, then refinancing could give you a rate that is lower than the market average, and significantly lower than the current rate that you’re on.
Lending risk is used to determine not only your eligibility for a mortgage but also the rate that is offered. If you have reduced lending risk today due to a higher credit score, a higher income, less overall debt, increased equity in your home, or other factors, then you could get the lowest mortgage rates in Ontario.
As a licensed broker, Mortgage Capital Investment can look at your financial situation to determine if refinancing would leave you in a better position. With the potential to get the lowest mortgage rates in Ontario, refinancing is an important option to consider.
Change the Term and Type of Your Loan with Mortgage Lenders in Ontario
Your initial mortgage may have been the only option available to you at the time. You might not have been offered the lowest mortgage rates in Ontario, but you did get the home you wanted and have started to build equity in it.
It’s natural that, over time, you would find things in your current mortgage that you are no longer happy with. You might not be happy with the term, or maybe you are on a fixed loan and want to refinance to a variable rate. Whatever the reason, you can change the type and terms of your mortgage by refinancing with the lowest mortgage rates in Ontario.
Mortgage Capital Investment is here to work as your mortgage advocate. We will explore the market on your behalf. Through our vast network of trusted mortgage lenders in Ontario, we can find mortgage options quickly, with the lowest mortgage rates in Ontario.
Are You Looking for a Home Equity Line of Credit?
There’s a financial solution available that allows you to refinance with mortgage lenders in Ontario. It’s called a home equity line of credit, also known simply as a HELOC.
This is a revolving credit line. It’s secured by your home and the rate is much lower than a traditional line of credit. You can access up to 65% of your home’s value through this line of credit. This is the limit set by Canadian law.
Because a home equity line of credit is revolving, it isn’t advanced upfront. You can access it whenever you need to, borrowing as much as necessary. With this structure, you’ll only pay interest on the amount that you withdraw from the home equity line of credit. The rate is variable and calculated daily.
While the rate is often higher than that of a traditional mortgage, the advantage is that you will be able to gain affordable credit in an emergency, or for home improvements that raise its value. If you have already paid for your home in full, or if you have built up a significant amount of equity, a home equity line of credit is worth considering.
We can help you to get the lowest mortgage rates in Ontario for a home equity line of credit.
Talk to a Licensed Mortgage Broker for the Best Refinancing Options
Refinance your mortgage with an experienced mortgage broker in Toronto. We can find the best solutions that save you money and help you to reach your financial goals. Whether you want to refinance and consolidate, find the best mortgage rates in Ontario, or open a HELOC, we are ready to begin the consultation process.
Talk to our mortgage brokers and start your free consultation with no obligation.
Lowest Residential Mortgage Rates in Canada*
Term | OUR RATE | Bank Rate |
3 Year Fixed/ 25 yrs | 5.04% | 5.39% |
3 Year Variable/ 25 yrs | 5.60% Promo | 5.95% |
4 Year Fixed/25 yrs | 4.89% Promo | 5.04 |
5 Year Fixed/ 25 yrs | 4.69% Promo | 5.04% |
5 Year Variable/ 25 yrs | 5.70% Promo | 6.45% |
5 Year Fixed/ 30 yrs | 4.60% Promo | 5.14% |
5 Year Variable/30 yr | 6.20% | 6.55% |
4 Year Fixed/30yr | 4.64% Promo | 5.14% |
3 Year Fixed/30yr | 4.80% Promo | 5.24% |
**NEW RENTAL 5 Year Fixed /30yr | 4.75% Promo | 5.19% |
** NEW RENTAL 3 Year Fixed /30yr | 4.90% Promo | 5.29% |
Updated: May 26 , 2023
* Current promotion rates may provide an additional 0.05% discount or may be anytime discontinued at the Lender discretion . Rates may vary between geographic regions and the posted rates on this website may not be available in your area. Please contact our MCI office for more details and current promotions.
LOWEST REGULAR RATES IN CANADA* * Current promotion rates may provide an additional 0.10% discount. Rates may vary between geographic regions and the posted rates on this website may not be available in your area. Please contact our MCI office for more details and current promotions.