Refinancing
Use your equity with a plan.
Is this you?
Who this is for
- You want to renovate or add a suite
- You're carrying credit card or loan balances at high rates
- You want to change your amortization or payment
How it goes
Step by step
- 01
What it's for
The reason matters. It changes which option is cheapest.
- 02
The numbers
Your equity, your penalty if you're mid-term, and what the new payment looks like.
- 03
The options
Refinance, a line of credit, or a second mortgage. Each has trade-offs.
- 04
Done
Appraisal, lawyer, funds. I coordinate it.
Numbers to know
The rules, in plain English
Most you can refinance
80%
Of your home's value, including what you already owe. A federal program for adding secondary suites can go higher.
Source: Bank Act, s. 418 (Justice Laws): loans over 80% of value must be insured. Checked Oct 8, 2026.
The stress test
5.25% or rate + 2%
Lenders check you could afford the payment at whichever is higher. It's a safety check, not the rate you'll pay.
Source: OSFI, Minimum qualifying rate for uninsured mortgages (modified 2026-01-29). Checked Nov 3, 2026.
What to have ready
Documents most lenders ask for
- Government photo ID
- Proof of income
- Your current mortgage statement and property tax notice
- Statements for any debts you want to pay off
Don't email these.
When it's time, you'll upload them through the brokerage's secure application. Every lender is a bit different, so I'll send you an exact list.
Calculators
Try the numbers
Questions
Common questions
How much can I borrow against my home?
For a regular refinance, lenders cap it at 80% of your home's value, minus what you owe. A government program for adding secondary suites can go higher. Ask me about it.
Will I pay a penalty?
If you refinance before your term is up, usually yes. I'll get the actual number from your lender so we're not guessing.
Ryan Grafton, Mortgage Broker | Mortgage Architects
Got a question? Ask it.
Fifteen minutes on the phone usually clears it up. No pressure.