Refinance Mortgages
More than just lower rates—a strategic financial tool
Refinancing your mortgage isn’t just about securing a better interest rate—it’s a powerful financial strategy that can help you build wealth, increase financial flexibility, and navigate life’s challenges. At Better Mortgage Select, we’ve helped countless homeowners and investors leverage refinancing to achieve their financial goals, whether that’s reducing monthly payments, funding major life expenses, consolidating debt, or expanding an investment portfolio.
Our expertise in real estate investment financing means we don’t just refinance mortgages—we structure them for maximum financial advantage. Whether you’re looking to optimize cash flow, free up equity, or prepare for future opportunities, our refinancing strategies are tailored to your unique needs.
The many benefits of refinancing
Refinancing can be a game-changer in several ways. Here’s how it has helped our clients:
- Lower monthly payments: Many homeowners refinance to secure a lower interest rate or extend their amortization period, resulting in more manageable payments and improved cash flow.
- Debt consolidation: High-interest debts—such as credit cards, personal loans, or lines of credit—can be rolled into a mortgage at a significantly lower rate, helping clients reduce financial strain and simplify payments.
- Access to home equity for major expenses: Whether it’s home renovations, a child’s education, medical expenses, or even launching a business, refinancing can provide the funds you need without resorting to high-cost borrowing.
- Investment property expansion: Many real estate investors use refinancing to pull equity from existing properties and acquire additional rental properties, allowing them to build and scale their portfolio effectively.
- Mortgage restructuring: Refinancing can help align your mortgage with your evolving financial goals—whether it’s switching from a variable to a fixed rate, adjusting loan terms, or paying off your mortgage sooner.
Case study:
How refinancing has helped real clients
Growing a real estate portfolio
Sarah and Mark, seasoned real estate investors, owned three rental properties but wanted to expand. By refinancing their primary residence and one of their investment properties, they unlocked $300,000 in equity—enough to secure financing for two additional rental properties. This move increased their passive income and accelerated their long-term wealth-building strategy.
Reducing financial strain
A family struggling with high-interest credit card debt was paying over $2,000 per month in minimum payments alone. By refinancing their mortgage and rolling $80,000 of credit card debt into their home loan at a significantly lower rate, they reduced their monthly payments by over 50%, allowing them to regain financial stability and breathe easier.
Renovating to increase property value
A homeowner wanted to complete major renovations to boost the value of their property before selling but didn’t want to take on expensive personal loans. Refinancing allowed them to access $100,000 in home equity, renovate their property, and sell it at a significantly higher price—resulting in a profitable return on investment.
Refinancing options
At Better Mortgage Select, we tailor refinancing solutions to fit your needs.
Here are some of the most common refinancing options:
Rate and term refinance
- Ideal for homeowners looking to lower their interest rate, adjust their loan term, or both.
- Can reduce monthly payments and help pay off a mortgage faster.
Cash-out refinance
- Allows you to access your home’s equity in the form of cash for major expenses like home improvements, debt consolidation, or investments.
- Can be used to purchase additional investment properties, leveraging real estate as a wealth-building tool.
Cash-in refinance
- Beneficial for those looking to lower their loan-to-value ratio and secure a better mortgage rate.
- Helps reduce interest payments and build equity faster.
Why Better Mortgage Select for refinancing?
- Investor-focused expertise: Our deep understanding of real estate investing allows us to structure refinancing solutions that help clients expand their portfolios and increase cash flow.
- Strategic financial planning: We don’t just look at the numbers—we work with you to develop a refinancing plan that aligns with your short- and long-term financial objectives.
- Access to the best rates & lenders: We work with a broad network of lenders to secure competitive rates and flexible terms.
- Seamless process & personalized service: We handle every detail of your refinancing journey, ensuring a smooth and stress-free experience from start to finish.
Alternative refinance solutions: Home equity loans & government-backed programs
For some homeowners, a traditional mortgage refinance may not be the best fit. If you’re looking to access the equity in your home while keeping your current mortgage intact, alternative financing options such as home equity loans can provide the flexibility you need.
Home equity loan options
A home equity loan allows you to leverage the built-up value in your property without replacing your primary mortgage. This can be a powerful financial tool for renovations, investments, or consolidating high-interest debt.
1. Home equity line of credit (HELOC)
A HELOC is a revolving credit line secured by your home’s equity, giving you access to funds when you need them. This option provides maximum flexibility, allowing you to borrow and repay on your terms while only paying interest on the amount used.
Best uses for a HELOC:
- Home renovations or property improvements
- Funding education or medical expenses
- Managing cash flow for self-employed individuals or real estate investors
- Providing a financial cushion for unexpected expenses
2. Home equity loan (Second mortgage)
A home equity loan provides a lump sum payment upfront, making it ideal for major planned expenses. Unlike a HELOC, which functions as a revolving line of credit, this loan is disbursed all at once and repaid in fixed installments.
Common uses for a home equity loan:
- Large-scale renovations that increase property value
- Expanding a real estate portfolio with additional property purchases
- Debt consolidation at lower interest rates
- Business expansion or startup funding
Key considerations: Second mortgages often carry higher interest rates than primary mortgages due to the lender’s increased risk, but they offer an excellent alternative for those needing access to significant funds without refinancing their first mortgage.
New CMHC refinance program for secondary units
As part of Canada Mortgage and Housing Corporation’s (CMHC) latest initiatives, homeowners now have a unique opportunity to refinance up to 90% of their home’s value for the purpose of adding secondary units. This program is designed to support homeowners in expanding their property’s utility while also addressing Canada’s growing need for additional housing.
How this program works:
Increased refinancing limit
Homeowners can refinance up to 90% of the “as improved” value of their property (up to $2 million) to fund renovations and improvements.
Eligibility criteria
Funds must be used to create legal secondary units, such as basement apartments, garden suites, or laneway homes, and must meet local zoning requirements.
Extended amortization terms
Borrowers can select repayment terms of up to 30 years, making payments more manageable for long-term projects.
Why consider the CMHC Program?
- Unlock rental income potential:
Adding a legal secondary unit can provide passive rental income, helping offset mortgage payments and increase cash flow. - Boost property value:
Homes with legal secondary units often see higher market valuations, improving long-term wealth-building strategies. - Government-backed financing:
Enjoy favorable refinancing terms while contributing to the country’s need for additional housing.
Make your equity work for you.
From lower rates to strategic cash-out options, we help you refinance smart—so you can build, grow, and thrive.
Your trusted partner in refinancing
& home equity solutions
Refinancing is more than just lowering your mortgage rate—it’s about making smart financial moves that improve your cash flow, reduce your debt burden, and open up investment opportunities. Whether you’re looking to tap into your home’s equity, expand your investment portfolio, or utilize government-backed programs, Better Mortgage Select has the expertise to guide you through every option.
“The best time to refinance is before you need to.”
– John H. Vogel Jr.
Let’s explore your refinancing options today. Contact Better Mortgage Select to speak with one of our experienced mortgage specialists!