Refinancing
Refinancing
For Barrie-area homeowners who want to use equity, consolidate debt, or change their terms: the cost of breaking your current mortgage is the number most often missed, so we estimate it first.
What we cover
Refinancing replaces your current mortgage with a new one, often with different terms, a different rate, or a higher balance that lets you access built-up equity. It can be a smart move, but the costs and timing need to make sense for your situation.
We help Barrie and Simcoe County homeowners understand the true cost of refinancing, compare it against staying with their current mortgage, and decide if it is the right step.
If you mainly want to move your mortgage to a different lender, see our page on switching lenders.
- Access home equity for renovations, education, or other goals
- Consolidate higher-interest debt into your mortgage
- Adjust your payment schedule, amortization, or term
- Review prepayment penalties and break costs before deciding
- Understand the net benefit after legal and appraisal fees
What to prepare
A few details help us model your options quickly. We can fill in the gaps together during our conversation.
- Current mortgage balance and lender name
- Approximate property value
- Remaining term and maturity date
- Your goals (debt consolidation, renovation, lower payments, etc.)
- Your preferred timeline
Documents you will need
The documents required depend on your mortgage type. This is a general guide. We confirm your specific list once we start working together.
- Government-issued photo ID
- Employment letter
- Most recent 2 paystubs
- T4 slips (last 2 years)
- Current mortgage statement
- Property tax bill
Self-employed? You may also need Notices of Assessment (2 years), T1 Generals, and business financial statements.
How it works
Step 1: Assess
We review your current mortgage, equity position, and goals to see if refinancing makes sense.
Step 2: Compare
We model different scenarios (new rate, new term, cash out) so you can see the numbers side by side.
Step 3: Execute
Once you decide, we coordinate with the new lender, lawyers, and your current lender to close the refinance.
Questions people ask about refinancing
Is there a cost to work with The Taylor Team?
For most transactions there is no cost to you. Lenders pay us when your mortgage closes. In some lending situations a broker fee may apply, and it is disclosed and agreed in writing before any commitment. You will never be surprised by a fee.
How long does the mortgage process take?
For a purchase, expect 2 to 6 weeks from pre-approval to closing, depending on the lender and property type. Renewals and refinances typically take 2 to 4 weeks. We outline each step and confirm the timeline for your situation.
Should I choose a fixed or variable rate?
It depends on your risk tolerance and financial situation. Fixed rates lock in your payment for the full term, giving you certainty. Variable rates may start lower but move with the Bank of Canada's overnight rate. We model both so you can see the potential cost difference over your term.
What information should I have ready?
To get started we need the basics: your target purchase price or current mortgage details, down payment amount, timeline, employment information and an estimate of monthly debts. Documents such as pay stubs, tax returns and bank statements come later, once we move to a formal application.
What happens if I break my mortgage early?
Breaking a mortgage before the end of your term usually triggers a prepayment penalty: either three months of interest or an interest rate differential (IRD), whichever is higher. The cost varies widely by lender and product. We can estimate your penalty before you decide.
Can I refinance to consolidate debt?
Yes. If you have enough equity in your home, you can refinance to pay off higher-interest debts such as credit cards or car loans. This can lower your overall monthly payments, but it also means you are securing that debt against your home. We review the numbers carefully to make sure it makes sense for your situation.
Ready to review refinancing options?
Share your details and we will show you what is possible.