Home Mortgage Refinancing

We offer refinancing up to 85% anywhere in Ontario provided the applicant meets mortgage insurer guidelines (CMHC/Genworth). For clients with bad credit, we offer mortgage refinancing up to 85% in the GTA, 80% in most major urban centres and up to 75% in rural areas and in select cities. Below are guidelines applicants can use to see if they meet mortgage insurers guidelines.

Clients who are employed, have 2 years of clean credit and have 2 credit lines (credit card, car loan, line of credit) open for at least 1 year (on both lines) and meet minimum beacon score requirements should qualify for a refinance up to 85%. Provided their income supports their debt load. Beacon score requirements: 80.01%-85% minimum score of 600, 60.01%–80% minimum score of 580, LTV < 60%: No minimum score required.

Self employed borrowers (with or without 3rd party income validation), have 2 years of clean credit, have 2 credit lines (credit card, car loan, line of credit) open for at least 1 year (on both lines) and meet minimum beacon score requirements should qualify for a refinance up to 85%. Provided their income supports their debt load. Beacon score requirements: 80.01%-85% minimum score of 600, 60.01%–80% minimum score of 580, LTV < 60%: No minimum score required.

Bad Credit. Borrowers who do not meet the mortgage insurers guidelines, have unproveable income, a poor credit history, including bankruptcy and consumer proposals can still refinance a home as high as 85% in the GTA, 80% in major urban centres and 75% in rural areas and select cities.

Rental Property – 1-4 units non owner occupied. Borrowers who are employed or self employed (with 3rd party validation and proveable income for 2 years), have 2 years of clean credit, have 2 credit lines (credit card, car loan, line of credit) open for at least 1 year (on both lines) and a minimum beacon score of 580 should qualify for a refinance up to 80%. Provided their income supports their debt load.

Rental Property – 1-2 units owner occupied.. Borrowers who are employed or self employed (with 3rd party validation and proveable income for 2 years), have 2 years of clean credit, have 2 credit lines (credit card, car loan, line of credit) open for at least 1 year (on both lines) and meet minimum beacon score requirements should qualify for a refinance up to 85%. Provided their income supports their debt load. Beacon score requirements: 80.01%-85% minimum score of 600, 60.01%–80% minimum score of 580, LTV < 60%: No minimum score required. Self employed borrowers who do not have proveable income and less then 3 years of business operation can also qualify.

Rental Property – 3-4 Units owner occupied. Borrowers who are employed or self employed (with proveable income for 2 years), have 2 years of clean credit, have 2 credit lines (credit card, car loan, line of credit) open for at least 1 year (on both lines) and meet minimum beacon score requirements should qualify for a refinance up to 85%. Provided their income supports their debt load. Beacon score requirements: 80.01%-85% minimum score of 600, 60.01%–80% minimum score of 580, LTV < 60%: No minimum score required. Not available to self employed with no 3rd party income validation.

Newcomers (permanent residents) to Canada with proveable income (employed or self employed for 2 years with 3rd party validation), and meet minimum beacon score requirements should qualify for a refinance up to 85% for 1-4 units. Provided their income supports their debt load. Beacon score requirements: 80.01%-85% minimum score of 600, 60.01%–80% minimum score of 580, LTV < 60%: No minimum score required. 3-4 unit properties are not available to Newcomers with self employed income without 3rd party validation.

Non-permanent residents do not qualify to refinance through the mortgage insurers. We can still obtain refinancing up to 85% in the GTA, 80% in most major urban centres and up to 75% in rural areas and in select cities. Higher rates should be expected. A second mortgage may be a better option for non-permanent residents who initially qualified for the purchase under CMHC/Genworth programs.

Amortization’s up to 30 years available for up to 80% LTV and up to 40 years for less the 80% LTV

If you are considering home mortgage refinancing, call today or apply online. I would be happy to help discuss your options.

It is a good idea to contact your current mortgage holder first to find out if there are penalties for breaking your mortgage early (if applicable). There will often be a 3 month interest penalty or an IRD (interest rate differential) calculation for breaking your mortgage. The penalty can often be incorporated into the new mortgage. The exact cost will depend on how your lender calculates the fee (IRD versus 3 month penalty), your interest rate and the length of time left on the mortgage. See IRD calculation.