Mortgage Refinance

There are many great reasons to refinance your home, we have listed a few important topics below:

Consolidate debt

Most unsecured debt is priced by your bank at a higher rate than your mortgage, in order to compensate for the higher risk of loss if you default. You can use available home equity to pay out your debt, as it can reduce interest costs significantly. If the total of the existing mortgage and the debt to be refinanced is less than 80% of the value of your home, and you qualify for an increased loan amount, you can apply to refinance your mortgage.

Renovations and home improvements

If you want to spend money to improve your home, you may be able to take out equity from your home to accomplish your goal. The Ingram Mortgage Team can advise you through the process.

Introducing The Purchase Plus Improvements Mortgage

You can take out up to a max of 80% of your homes worth, up to 25 years, during your refinance for home improvements.

The Purchase Plus Improvements mortgage is a great option for homeowners looking to make large improvements.

Here's how the program works:

  • The amount allowed for improvements is typically 10% – 20% of the purchase price, or up to $50,000 maximum. The money is to be used for “improvements” or “upgrades”, not repairs like leaks or structure issues
  • You will need quotes for the cost of the improvements you wish to make
  • The money is given to you upon completion of the renovations
  • You cannot claim the cost of your own labour as part of the renovation costs
  • An inspection report from an appraiser is required after the work is completed
  • If the final costs end up being less than expected, the leftover money is applied back against the mortgage’s principal balance

    This program is available at both fixed and variable rates.

  • Take advantage of today’s low rates

    Many people are refinancing their homes to take advantage of today’s historically low interest rates. If you are currently in a fixed rate, closed product, there will likely be a penalty to pay out your mortgage early. In some cases these penalties can be extremely high, due to the “fine print” in your mortgage commitment. An Ingram Mortgage Team professional will be able to analyze your situation and help you decide whether it will be worth it for you in the long run to pay this penalty.

    You can also use our calculator to look at what the current market refinance rate is.

    Home equity / Line of Credit

    Securing a loan against the existing equity in your home for home renovations, a vacation, a new car, or your dream vacation home, is a popular option. Refinancing, whether it be a relatively straightforward refinance of your existing mortgage balance, or utilizing your home equity for any other purpose desired, is a strategic financial decision that requires the assistance of a mortgage expert to get you the best deal from the hundreds of options available. Whether you want to:

  • lower your monthly payment
  • consolidate debt
  • make home renovations
  • pull cash out of your home
  • increase your flexibility with a credit line
  • break your mortgage
  • Refinance Calculators

    Ultimate Variable Rate Mortgage (UVRM) Guarantee

    The Ingram Mortgage Team guarantees that when it comes time to lock in a variable rate mortgage, the team will offer their best discounted fixed rates available.
    What is the Ingram Mortgage Team UVRM Guarantee?

    1. The team will keep an eye on mortgage rates! Whenever a rate changes, the team will inform you AND tell you when it’s a good time to lock-in to a fixed rate.
    2. When locking-in a mortgage to a fixed rate the team GUARANTEEs the lender's best fixed rates OR the team will pay your breakage fee to get out of the mortgage to find a better rate.

    This “Broker Rate Lock in Guarantee” means that the service doesn’t stop when your mortgage documents are signed—the team continues to look for the best mortgage options for as long as you have your mortgage with the Ingram Mortgage Team
    Eligible Lenders: First National, Merix, Street Capital, Scotia, TD, Home Trust, Eq Bank, Canadiana Standard, CFF, ICICI, MCAP Standard, B2B, NBC, Coast Capital Savings.
    • Colby & Shannon Smith
      My wife and I were struggling with credit card debt.  We were making our payments, but we weren’t making any progress.  We went to the bank we had our mortgage with and they told us they couldn’t do anything for us.  I spoke to Jeff about our problem and he was able to use the equity in our mortgage through a refinance and he got us a rate that was much better than what any of the banks were offering.  Now, we are able to focus our money where we want it and are saving hundreds in interest, all thanks to the IMT.
      Colby & Shannon Smith

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