Mortgages for Refinance

​​The equity in our homes can be a great source of inexpensive funding to renovate, educate our kids, pay down debt, pay for a wedding, fund an investment and the list goes on. 

Currently in Canada in most cases the maximum borrowing for refinancing is 80% of the value of the home. The current morgage must be paid out and the balance remaining is available to meet the needs of the borrower. Althougth the interest rate is likely to be the lowest of any borrowings it's important to consider the cost of penalties, legal and appraisal fees. 

CMHC and Genworth no longer offer lenders default insurance on any refinance mortgages which has caused a negative impact in refinancing of homes in rural areas a distance from a major center. Start Ventures works with lenders continuing to offer conventional mortgage refinances.