Alternatives to Refinancing: What to Consider Before Breaking Your Mortgage
Refinancing your mortgage can be a smart move—especially when interest rates drop or your financial needs change. But it’s not always the best or most cost-effective solution. In Ontario, refinancing often comes with penalties, legal fees, and qualification hurdles. That’s why it’s important to understand the alternatives to refinancing—and how to decide which option truly fits your goals.
Mortgage Arrears in Ontario: What Else You Need to Know
If you’ve fallen behind on your mortgage payments—or are at risk—it’s important to understand more than just how to stop a power of sale. Mortgage arrears are serious, but not always irreversible. Here’s what many borrowers overlook when navigating arrears in Ontario.
First, Second, and Third Mortgages Explained
Here’s a full breakdown of first, second, and third mortgages—how they differ, what they have in common, and when each makes sense.
What Is a Third Mortgage and How to Get One?
While most homeowners are familiar with first and second mortgages, third mortgages are lesser-known tools that can offer short-term financial relief in specific situations. In Ontario’s increasingly expensive housing market, a third mortgage can help access much-needed funds—but it comes with significant risks. Here’s what you need to know, and how a mortgage broker can help you use this strategy wisely.
What Are B Lenders?
B lenders are alternative mortgage lenders who serve clients that don’t meet the strict qualifications of A lenders (like big banks and credit unions). They include:
How Refinancing Works – Step by Step
Here’s a simple breakdown of how refinancing works in Ontario.
When Is a Good Time to Refinance?
A good time to refinance your mortgage depends on your goals and market conditions. Here are the most common situations when refinancing makes financial sense for homeowners in Ontario:
What Is a Cash-Out Refinance?
A cash-out refinance is when you replace your existing mortgage with a new, larger mortgage and receive the difference in cash. This allows you to tap into the equity you’ve built up in your home without taking out a second mortgage.
Financial Action Plan: How to Deal with Mortgage Arrears in Ontario
Here is a practical and realistic Financial Action Plan for a homeowner in Ontario dealing with mortgage arrears. This plan helps you assess the situation, take immediate action, and explore your options to avoid losing your home.
How a Mortgage Broker Can Help Stop a Power of Sale
A mortgage broker can be a critical ally if you’ve missed a mortgage payment in Ontario—especially if you’re at risk of default or already facing a Notice of Sale. Here’s how they can help at each stage:
