A HELOC and a refinance are not the same tool
A line of credit sits alongside your mortgage and you draw from it as needed. A refinance rewrites the mortgage itself. Which one fits depends on whether you need a lump sum or ongoing access.
ADMortgages
Thinking about refinancing?
Put the equity you have already built to work
Refinancing can fund a renovation, an investment, or a change in your term. Aly runs the numbers on what it opens up and what it costs, so the decision is made on real figures.
Mortgage Agent Level 1 · License #M24003098 · Mortgage Intelligence Inc. · Access to over 50 lenders · No cost to talk, no obligation
Aly Daya Mortgage Agent Level 1
Your latest mortgage statement
Bring your current statement and Aly works out what your equity can do from there.
Aly compares options across over 50 lenders, from the big banks to regional and alternative lenders, at no cost to talk and no obligation. Serving Markham, Richmond Hill, Stouffville, Aurora, Newmarket, Ajax, Pickering, Oshawa and Whitby.
Your bank can only show you its own shelf. The comparison worth having is the one you cannot see from inside a single lender.
Aly lines up refinance and line-of-credit options across lenders and shows the real cost of each before you commit to anything.
Equity is only useful once you know the trade-off
There is more than one way to reach it, and they don't cost the same thing.
Breaking mid-term has a cost
Refinancing before your term ends usually means a prepayment charge. Sometimes what you gain is worth more than the charge and sometimes it is not, which is exactly the calculation worth doing first.
Rental income can count
If your plan involves a secondary suite or an investment property, many lenders will count a portion of the rental income toward qualifying.
The comparison, in three short steps
Here is how Aly gets you real numbers.
Aly Daya You send
Your latest mortgage statement and a sentence on what the money is for.
You talk
Refinance and line of credit side by side, with the monthly cost of each on your actual balance.
You decide
The comparison comes back in writing, so you can weigh it without anyone on the phone.
What we offer
- Mortgage renewals and switches
- First-time home buyers
- Refinancing and equity take-out
- Debt consolidation
- Self-employed and business-for-self
- New to Canada
Frequently asked questions
How much can I take out?
Refinancing generally lets you borrow up to a set share of your home's appraised value, less what you still owe. The exact figure depends on the lender, the property and your application.
Should I wait for my renewal instead?
Often that avoids a prepayment charge entirely. If your renewal is close, waiting can be the cheaper route, and Aly will say so rather than write the deal now.
Will I need an appraisal?
Usually, yes. Lenders want a current value on the property before releasing equity against it.
Thinking about refinancing?
Request a callback
Leave your details and ADMortgages gets back to you directly to set up a time that works for you.
- Mortgage Agent Level 1 · License #M24003098
- Mortgage Intelligence Inc.
- Access to over 50 lenders
- No cost to talk, no obligation
You'll be speaking with Aly Prefer to talk? Call (416) 897-2387.
Send your details
Takes under a minute
Thanks, you're all set. ADMortgages gets back to you directly to set things up.
Prefer to talk now? Call (416) 897-2387.