Refinance for Fall Funds

As the leaves fall, get out from under a pile of higher prices and rising debt.

One mortgage payment at a lower rate may offer you the chance to tidy up your finances for now and later.

Sep 07, 2023

Rake it in or spread it out.

It happens to the best of us. Spending in the first half of the year can translate into getting your debt back in line in the second half.

Or, with the summer holidays all spent, maybe you need access to extra funds for education or investment purposes.

Or you may feel buried by higher prices and need a funding rescue to help get clear.

A mortgage refinance can offer you a one-payment, lower-rate chance to gather your leaves (aka consolidate debt) or sprinkle them where they count most (aka cover larger costs) — to help simplify your financial plans while saving on interest.

At True North Mortgage, we're seeing these 5 reasons for a fall refinance:

What you need How a refinance may help
1. 'Un-rack' racked-up sources of debt With a much lower interest rate than a credit card, bring your debts together in one place to save money and time
2. Get out from under higher prices all around Break out of your budget funk with a home-equity-funded reprieve
3. A leg up on home upgrades or investment plans Get ahead of the curve on updating your home or planning your retirement
4. Additional income sources Invest in a rental property, or upgrade an area of your home or add a tiny home to your property to rent out
5. Upgrade your education (or fund your kid's or grandkid's) Support your personal or family goals through one mortgage payment

How does a refinance work?

By accessing the equity built up in your home, our highly trained, salaried True North Mortgage brokers can help you borrow the amount you need (depending on your home equity room and qualification details).

With a refinance, the funds you want to withdraw are added to your mortgage balance and paid along with your monthly mortgage payment. That makes it simple to pay back, rather than tracking all your other payments or possibly dealing with ballooning interest charges (on several debts).

A refinance means 'breaking' your mortgage contract to start a new one, either with the same lender or a different one.

You'll need to be re-approved for your new mortgage loan amount. Plus, if you're not refinancing at renewal time, possible pre-payment penalties and fees may be incurred (depending on your contract terms and rate type). These costs can often be rolled over into the mortgage, and you may still come out ahead for savings depending on your situation.

Some lenders have lower pre-payment penalties or cover some fees — we're here to help make your process simple and seamless with full transparency along the way.

Rake in the benefits of extra fall funds.

In the midst of economic turmoil, some funding relief may help you save more later, and stress less now to focus on other important things in your life.

Refinance rates may be higher than normal renewal rates. But with our volume rate discount and access to several lenders, we can find the right solution for your needs at the lowest cost — certainly lower than other credit sources, such as credit cards, personal loans or some lines of credit.

We're here to help you save the most, for free and with no obligation. You'll get fast answers, an even faster process, and all your questions answered.

With over 13,000 5-star reviews and counting, we're your fallback for exceptional mortgage support.

Anywhere you are in Canada, apply with us online, over the phone, send an email, or drop by a nearby store to start your refinance conversation.

Need a fall refinance? Start here