Mortgage Refinancing:
The Basics Of Renewing Your Mortgage

Learn more about refinancing a mortgage in Ontario, Canada, and how we can help.

What Is Mortgage Refinancing?

Mortgage refinancing refers to the process wherein a homeowner gets a new mortgage loan to replace their current loan. The new loan comes with a new principal and a different interest rate. Then, your lender uses the new mortgage to pay off the old one, leaving you with one loan and one payment each month.

The Benefits Of Mortgage Refinancing

There are many benefits to mortgage refinancing, including:

Low Interest Rate, Low Monthly Payment

A lower interest rate means lower monthly payments, allowing you to save thousands of dollars over the course of the term. Your savings also enable you to pay off other debts, add money to your savings account, or add to your retirement fund. 

A Better Mortgage Rate

If mortgage rates have fallen since you first took out the loan, you can refinance your mortgage into a new home at the current rates. 

Predictable Payments

If you first decided on an ARM (adjustable-rate mortgage), you may find that locking your rate with a fixed-rate loan is a great benefit. With a fixed-rate loan, your monthly payments won’t increase if rates should rise.

Shorter Payment Terms

It’s not uncommon for borrowers to start with a 30-year loan term, then refinance down to a shorter loan term after a couple of years. This way, they pay off the mortgage faster and save money in interest. 

Extra Money

With a cash-out refinance, you can gain direct access to the equity you’ve built over time. The extra money can be spent on home improvements, repairs, or paying off significant expenses such as college and medical costs.

Why The Mortgage Firm?

We are happy to have helped hundreds of families in the London Area over the past 25 years with their mortgages and property financing needs.

Jay Rahn

Google Review

“This is my second time dealing with them and they are fantastic! Dani Hanna and his team make you feel like it’s the easiest thing you’ve ever done and communication throughout the process is quick and easy.

All around great company and would highly recommend!”

Jessa Patino-Pizarro

Facebook Review

“Just a few weeks ago, we were lost, confused and desperate. Buyers of our home refused to close. Our situation is rare. I googled mortgage brokers in London and luckily I found RMA. In just few minutes, I got a call back and explain our situation. Thank you for saving our dream home. We were able to close on our purchase and thank you so much for helping us! Thank you as well to Brandon and Ken! All the best and luck to your team!!!”

Heather OLeary

Google Review

“I am so happy that we found Dani at RMA! He is knowledgeable, honest and friendly! He offers excellent advice and goes above and beyond to provide you with outstanding, professional service! I highly recommend Dani at RMA!!!”

Lets Chat Mortgage Refinancing

Is your current interest rate a little high? Need some extra money? Living in Ontario, Canada? Get in touch with us today for your free, no-obligation quote.