01. Honest break-even math
Every refinance has a cost - penalty, legal, appraisal. I tell you exactly how many months it takes for the savings to overtake the cost.
Your home's equity, put to work.
Refinancing can fund a renovation, consolidate high-interest debt, free up cash for an investment, or just restructure into a better mortgage. It can also be a mistake if the math doesn't work. I'll run both scenarios honestly before recommending anything.
Refinancing is a math problem first and a strategy second. I do the math, you make the call.
Every refinance has a cost - penalty, legal, appraisal. I tell you exactly how many months it takes for the savings to overtake the cost.
IRD vs three-months-interest. Banks calculate these differently and rarely show their work. I'll show you the formula and the number.
How much equity can you pull, at what cost, and what's the smartest way to use it - cash, HELOC, second mortgage, or a blend.
If you're rolling high-interest debt into your mortgage, I'll show you the lifetime savings vs the longer amortization trade-off.
Purchase-plus-improvements, draw mortgages, or a HELOC top-up. Different reno timelines call for different tools.
Sometimes the right answer is 'wait for renewal.' If your penalty kills the math, I'll tell you.
A renovation, a debt clean-up, and a down payment for an investment property are three very different situations.
Up to $400K+ unlocked
Canadian rules let you refinance up to 80% of your home's appraised value.
Up to 65% LTV
Revolving credit line secured against your home. Lower rate than unsecured debt, draw as you need it.
Common 5-15% savings
Rolling credit cards (18-22%) and lines of credit (8-12%) into your mortgage rate (4-6%) can save hundreds a month.
Up to $40K added
We can roll the renovation cost into the mortgage at closing, based on a 'completed value' appraisal.
Specific uses
Pull cash for a down payment on an investment property, fund a business, or cover tuition.
Stay with current lender
Some lenders let you blend your current rate with a new one to extend your term without paying a penalty.
“A refinance should solve a specific problem - not just feel like progress. We'll talk about the problem before we talk about the product.”- Jeremy LaHaie
Refinancing gets pitched a lot. Banks push it because it locks you in for another term. Brokers push it because it's a paycheck. I push it when, and only when, the math works for you.
That means starting with the actual problem: high-interest debt eating your cash flow, a renovation you've been putting off, an investment property you want to buy. The right tool depends on the problem.
The cost side matters too. If you're mid-term, breaking your mortgage carries a penalty - Big-5 IRD calculations are notorious, most mortgage finance companies use 3 months' interest instead.
Once we know the real cost and the real benefit, the decision usually makes itself.
Three buckets: the prepayment penalty if breaking mid-term, legal fees of $800-$1,200, and an appraisal of $400-$500. Some lenders cover legal and appraisal on switch refinances.
Canadian rules cap a refinance at 80% loan-to-value. So a $500,000 home means a max $400,000 mortgage.
Often yes, but you're amortizing that debt over 20-25 years instead of 2-3. We'll model both the cash-flow win and the lifetime cost.
A revolving credit line secured against your home, usually prime + 0.5%. Great for ongoing or unpredictable expenses; a refinance is cheaper for a one-time lump sum.
Yes - it changes which lenders we use. A-lenders prefer stronger credit; alternative and B-lenders are more flexible at slightly higher rates.
Depends on the penalty. Variable with a mortgage finance company is often just 3 months' interest; a Big-5 fixed mid-term can carry a brutal IRD penalty.
Questions answered by Jeremy LaHaie, mortgage professional with INVIS Inc., serving Winnipeg, Ste Anne, Steinbach, and all of Southeast Manitoba. Call or text (204) 995-7336.