Ontario mortgage help
Mortgage refinancing and debt consolidation in Ontario
A refinance should be compared by total cost and remaining balance—not only by the change in monthly payment.
What to do first
Request the current mortgage payout amount and prepayment penalty.
List legal, appraisal, discharge, lender, and brokerage costs that may apply.
Compare interest paid and mortgage balances over the same period under both options.
Check whether the new amortization extends the date when the debt will be repaid.
Important considerations
Payment savings can be misleadingMoving short-term debts into a long amortization can reduce monthly payments while increasing the time and interest required to repay them.
Breaking a closed mortgage can be expensivePrepayment penalties and transaction costs can total thousands of dollars.
Qualification still appliesEquity alone does not establish approval. Income, credit, debts, the property, and lender policy remain relevant.