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Mortgage Refinancing

Mortgage Refinancing can be done at either time of renewal or before maturity. Each option carries different risks and requires different solutions.

  • When refinancing happens before maturity, it is advisable to charge a second mortgage behind the first one.

  • When refinancing happens at the time of renewal, it is usually best to renegotiate the lending terms with the current lender before considering different mortgage lenders.

Most homeowners take advantage of mortgage refinancing at the time of mortgage renewal to renegotiate the terms of their mortgage and draw the available equity from the property at a better rate and amortization period.

There are a few things that borrowers would want to know more about this mortgage solution. Contact your local mortgage broker or book a free consultation with one of ours for more details.

Charge a 2nd Mortgage

Charging a 2nd mortgage against the property is a suitable solution for borrowers who are looking to take equity out of the property while the first mortgage has not reached its Term maturity date yet.

Bruised Credit Not A Problem

Borrowers with bruised credit can qualify for a mortgage refinance. There are conventional and alternative lenders who will work with the borrower's financial situation.

Renegotiate and Refinance

Renegotiating the mortgage terms with the current lender is best done closer to the mortgage renewal date. Most borrowers either request for additional equity take out, extended amortization period, or both.

Trusted Lenders

At Richmond Hill Mortgage Broker, we work with lenders who are reputable and have established outstanding levels of customer service, integrity, and compliance with regulatory authorities.

What To Know About
Mortgage Refinancing in Richmond Hill

When it comes to refinancing a home, there are many factors to consider. These include the current mortgage terms and overall market conditions. Homeowners can consider a few things to determine whether it makes sense to do a mortgage refinance.

Make Sure You Have a Good Exit Strategy

Mortgage refinancing is a way to make your home ownership experience easier. It can also save you thousands in interest over the life of your loan when you refinance at a lower interest rate.

You should compare mortgage refinancing options and the costs and fees associated with each one to make sure you are making an informed decision. Work with a mortgage broker to perform a break-even analysis that can show you how long it takes to recoup the costs of a refinance. Also, remember that a lower interest rate means you will pay less over the loan's lifetime and can help you pay off your mortgage sooner. Refinancing can make sense if you plan on staying in your home for a long time.

Refinancing your home can also unlock the available equity in the property and turn it into cash that you can spend for any purpose, such as making home improvements, repaying high-interest debt or making a down payment toward a rental property. Whatever the reasons for taking equity out of your property, be sure you can afford the new mortgage payment amount and avoid defaulting. Before you refinance, ensure that you have a good credit score and at least 20% equity in your home.

Rate Shopping With a Mortgage Broker

When considering refinancing, you will want to get three to four quotes from lenders with the help of a mortgage broker. Also, it doesn't hurt to check with your current lender for their best offer.

When deciding on a refinance, you need to determine if the new loan offers to help you achieve your real estate goals and keep your debt burden affordable. There are a variety of mortgage refinance typ
es, including

  • a second mortgage Equity-Take-Out

  • a third mortgage with a private lender

  • a Home Equity Line of Credit (HELOC)

  • a combination of a Fixed mortgage term and HELOC


Choosing the most suitable type of refinancing can significantly affect your financial health for as long as you have the mortgage. Therefore, it is best to find a reputable lender with better rates. In addition, choose a lender that allows you to re-roll the closing cost into your new loan. This solution helps you to avoid paying out of pocket for the closing costs.

How To Be Prepared for Mortgage Refinancing

Mortgage refinancing is unique to each homeowner, and you should always expect a personalized solution that fits your current financial situation. Nevertheless, there are things that you can prepare to make the entire refinancing process smooth and ensure you get the best offer in the market. Your mortgage broker will walk you through each step during the refinancing process.
For help with your mortgage refinancing, the Richmond Hill Mortgage Broker team can be an excellent resource. You are working with Matrix Mortgage Global mortgage agents and brokers who deeply understand the mortgage industry and will work smart to get you the best possible deal. Additionally, Matrix Mortgage Global has made the history of a $2.3 billion mortgage funded since 2008. We have the solution to your mortgage problem.

FAQ on Mortgage Refinancing

Is it Better to Go Through a Local Bank Or Mortgage Broker?

When it comes to a mortgage refinance, you have more options than when you first qualified for a mortgage to purchase a house. For this reason, it is essential to make sure you shop around. Spending the time to find the best interest rate and lending terms can save you thousands of dollars over the life of your loan.


Many people choose to work with their current lender to refinance their house to avoid the legwork of getting an estimate from different lenders. However, shopping around from other lenders is the only way to ensure you get the best offer in the market, particularly when it comes to finding the best mortgage refinancing terms. Therefore, it is better to go through a mortgage broker to find the best mortgage refinancing term. 

Mortgage brokers are licensed professionals to broker the different lending solutions available in the market that is best suited for your financial situation. They are like the human version of a search engine when you need to find the best mortgage.

Everyone can reverse engineer the process by visiting different lenders on their own and one at a time. However, some lenders with promotional rates and volume discounts only extend these exclusive incentives to a few mortgage brokers with a long-standing history in the mortgage brokering industry.

Whether you are a new homeowner or a savvy real estate investor, working with mortgage brokers is an effective option to find the best mortgage quickly. 

Does Mortgage Refinancing Hurt Your Credit?

Refinancing can be a great way to lower your debt and save money. However, when you request a quote from multiple lenders to find the best rate and authorize a separate credit check for each lender, every request for a credit check from different lenders can hurt your credit.


For instance, if you request a quote from your local credit union, they will ask you to check your credit score and credit history. When you authorize a credit check from a new lender, it is one hard-hit to your credit score. Subsequent credit checks by every new lender will result in another hard-hit to your credit score. Your credit score can significantly drop due to the frequent hard-hit for multiple credit checks. 

​However, you can still get the best mortgage refinancing rate and term without sacrificing your credit score due to multiple hard-hit. Work with a mortgage broker in your local area because when you authorize a mortgage broker to check your credit score, the various lenders provide their quote based on the same credit report pulled once by the broker. This solution protects you from the damage of multiple requests to check your credit score. With a mortgage broker, one credit check does it all. 

Smiling Man

Justin W, Richmond Hill

As a first time home buyer I was very nervous about buying a home. The professional staff at Matrix Mortgage Global took the time to answer my questions even after hours. I was very pleased with the service and how I was treated.

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Jignesh S, Toronto

I'm a self-employed cab driver. I was devastated when my bank, with whom I've been banking with for years turned me down for a mortgage. My business is mainly cash, and I didn't meet the bank's criteria for proving my income. I found Matrix Mortgage Global online and decided to give them a call. I was surprised that I got approved. I thought that if my bank turned me down everyone would. Thanks!


Andrea C, Markham

I had 2 yrs left on my consumer proposal, with the 2nd mortgage offer by Matrix Mortgage Global I was able to pay off the proposal and re-establish my credit

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