Refinancing a Mortgage
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| jason@wodlinger.com | 416.899.2750 |
- What is a Refinance vs a Renewal?
- Why refinance?
- What are the best refinancing rates?
- When should you refinance?
- Can you afford a refinance?
- Risks to refinancing?
- How can a mortgage agent help?
What is a Refinance vs a Renewal?
- Renewals occur when your current term ends.
- …..you start a new 1 – 5 year term without increasing your balance.
- A Refinance occurs when you increase the mortgage balance.
- A renewal usually approves you automatically with no re-qualification.
- A refinance requires re-qualification.
Why Refinance?
- Debt consolidation (improved cashflow)
- Moving high interest debt to low interest mortgage (improved cashflow)
- Renovation costs
- Downpayment on a new property
- Large purchases (car, trip)
- Investment purchases
- Paying CRA taxes
Best Refinancing Rates
- The rate you can get depends on several factors:
- Debt to income ratio
- Credit score
- Property Location
- Loan to value
- Owner Occupied vs Rental property
- Type of income (salaried, self-employed…etc)
- The better these metrics are, the better your mortgage rate.
- Your mortgage agent can estimate your rate based on these factors.
- For definitions of terms, click here.
When should you refinance
- If no urgent changes to your situation, you should refinance at the end of your current term.
- Start the refinance process at least 3 months before the end of current term.
- Why refinance BEFORE your term ends?
- lock in lower rates before they rise.
- cashflow is declining and you might default on debt payments.
- high interest debt is larger than your lower interest mortgage.
- you lost your job and need new debt restructure to increase cashflow.
- an investment opportunity starts before your mortgage term ends.
- There is usually an administration fee for ending your current term early.
- Our mortgage agents can estimate costs
| Agents Available Now | Call us Now |
| jason@wodlinger.com | 416.899.2750 |
Can you Afford a Refinance
- Debt to Income ratio is an important metric Banks use to qualify you.
- Banks review total debt (not just mortgage) including credit cards, all loans, alimony…etc).
- Estimate what mortgage payment your monthly budget can handle
- Moving credit card debt into your mortgage can increase debt to income ratio and improve approveability
Risks to Refinancing
- Increasing the mortgage amount can prohibit access to other loans later on.
- If your house value decreases, this can prohibit you from refinancing later on.
- Multiple lenders checking your credit can lower your credit score.
- A mortgage agent can check your credit once and show to multiple lenders without doing multiple checks
How our Mortgage Agents can Help
- Find lowest rates for your financial profile
- Lower payments via Brokerage volume discounts
- Negotiate with banks for the best terms to preserve your cashflow
- Offer complementary solutions (line of credit, payment forgiveness, portability)
- Present multiple Lender offers from which you can choose
- Estimate your max loan, rate and payments
- Explain to banks non-traditional income
- Find lenders for rural locations
- Find lenders who work with lower income Borrowers or bruised credit applications
- Find private lenders to stop a Power of Sale
| Credit Cards | CRA Tax | Lines of Credit |
| Student Loans | Car Loans | Liens |
Definitions
- Debt to Income Ratio
- calculates your total monthly debt (loans, credit cards, alimony, etc)
- by your total monthly income
- below 44% = AAA banks
- 44% – 50% = AAA and/or Alternative Banks
- 50-60% = Alt or Private Lender
- Loan to Value
- Your total mortgage amount divided by the property value
- 50% – 75% = best rates
- 75 – 80% = slightly higher rates
- 80% = only Private lenders “may” go above 80% with very high fees
- Owner Occupied vs Rental Property
- Owner Occupied refers to the mortgage Borrower living in the mortgaged property
- Rental refers to a property in which only tenants live in property
Mortgage Refinancing Next Steps
- Here is how Mortgage Refinancing works:
First the Mortgage Agent will review the consolidation of your debts and calculate your potential cashflow increase. - We then calculate your home equity to understand how much can be accessed.
- We analyze your finances to determine how much equity you can use relative to your income.
- We work with our lenders to find the best solution to improve your financial health.
What does it cost to use a Mortgage Agent?
- Nothing if you use a AAA bank.
- JWM agents are paid through commission by the Lender with whom you authorize us to work.
- There may be Brokerage fees if you use Alt or Private lenders
- But – in most cases – if you are refinancing into a standard conventional mortgage, there is no extra payment required to the mortgage agent.
| Agents Available Now | Call us Now |
|---|---|
| jason@wodlinger.com | 416.899.2750 |
Get Pre-Qualified Now
We’ll compare your profile against
our top lenders’ requirements.
Begin here
We will never sell or share your data with any third party. Only employees of JWM will contact you to see if we can help.
Our Solutions
Mortgage Rates
(assumes credit score >600)
| Term | Mortgage Rate |
| 2 year term | 4.24% |
| 3 year term | 3.79% |
| 4 year term | 3.94% |
| 5 year term | 3.99% |
| Variable Rates | 3.54% |
| 1 year term | Our Private Lenders offer short terms |
| credit score <600 | Our Lenders can help with bruised credit. |
updated January 19, 2026
Understanding the
Pre-Qualifying Process
- Pre-qualifying ensures we respect your time. If there is a high probability (no guarantees) to solve your situation we’ll tell you right away. If we can’t help at least we’ve saved you some time.
- Our system compares the information you provide in this online questionnaire against the requirements of our top lenders.
- Pre-qualified means your file will be prioritized ahead of any other client who has not been pre-qualified.
- Funds can be received faster when one is pre-qualified.
- A critical element of the analysis includes whether your total debt load is under 75% of your house value. To understand more about this analysis, contact us.
Next Steps in the process
- After submission, one of our agents will contact you before 5pm today.
- Our agents will speak with you to learn more about your situation.
- We will request a few documents.
- When documents are received, we can provide a conditional mortgage approval in 24 hours.
- After issuing the conditional approval, the lender may ask other questions and requst more documents.
- Upon receipt of all documents you can receive funding in 48 hours.
Mortgage Agent Referral Database
How Does it Work?
- Describe your situation
- We search our database for Agents who specialize with purchases
- We match Agents to your needs
- Agent(s) contact you within 5 minutes
FAQs
Begin here…
Private Lenders
| AltaWest Capital | AW Capital |
| CMI Group | Firm Capital |
| Fisgard Mortgage | PHL Capital |
| Premhome | RiverRock |
| Sequence Capital | Tribecca Finance |
| VWR Capital | Gentai Capital |
And many many more……
Alternative Lenders
| CWB Optimum | Equitable |
| Hometrust | First National |
| B2B Bank | MCAN Financial |
| MCAP Financial | Haventree |
| RFA Mortgages | Effort Trust |
| Strive Capital | First Ontario |
And many many more……
Note 2: example assumes high interest debt charged 15% interest rate per year; low debt interest rate charge is 4%
