Refinancing can give eligible homeowners access to their home equity to consolidate high-interest debt, fund renovations, cover major expenses, or restructure their mortgage.

At SGD Mortgages, we work with 65+ lenders to help find a refinancing solution that fits your financial situation and goals.

What Is Mortgage Refinancing?

Mortgage refinancing means replacing or renegotiating your existing mortgage with new financing.

In Canada, homeowners can generally borrow up to 80% of their home’s appraised value, subject to lender approval and qualification requirements.

Example

Appraised Home Value: $1,000,000
Maximum Total Financing at 80% LTV: $800,000
Current Mortgage Balance: $500,000
Potential Additional Equity Available: Up to $300,000

The actual amount available depends on your home’s appraised value, existing mortgage and secured debts, income, credit profile, debt levels, and lender requirements.

What Can You Use Your Home Equity For?

Consolidate High-Interest Debt

Combine credit cards, personal loans, and other higher-interest debts into your mortgage. This can simplify multiple payments into one and may reduce the interest rate you pay on those debts.

Home Renovations

Use available equity to renovate, repair, or improve your home without having to sell your property.

Major Expenses

Access funds for significant planned expenses when using home equity makes sense for your overall financial situation.

Restructure Your Mortgage

A refinance may allow you to change your mortgage amount, term, rate structure, or amortization to better align with your current goals.

Why Refinance With SGD Mortgages?

65+ Lenders

We compare options across a broad lender network rather than limiting your search to a single bank.

More Options When a Bank Says No

Different lenders have different qualification criteria. We can explore alternative lending solutions when traditional bank options aren't the right fit.

Self-Employed? We Can Help

We work with clients with different income structures, including business owners and self-employed borrowers.

Personalized Mortgage Strategy

We look at your equity, income, debts, credit profile, and goals to identify suitable refinancing options.

Support From Start to Closing

Your mortgage agent guides you through the application, lender requirements, documentation, appraisal, and closing process.

What Do Lenders Consider?

Refinance approval isn't based on home equity alone. Lenders may review:

• Your home's appraised value and available equity

• Your current mortgage balance and other debt secured against the property

• Income and employment or self-employment documentation

• Credit history and credit score

• Overall debt obligations

• Mortgage stress-test requirements, where applicable

• The lender's individual qualification criteria
  

Before You Refinance

Refinancing can be useful, but it's important to look at the complete cost—not only the new monthly payment.

Depending on your existing mortgage and the new financing, costs may include:

• Prepayment Penalties — Breaking a closed mortgage before the end of its term may result in a penalty.

• Home Appraisal — A lender may require an appraisal to determine the property's current market value.

• Legal & Registration Costs — Legal, title, discharge, or registration expenses may apply.

• Long-Term Interest — Consolidating debt may lower the interest rate or monthly payments, but extending repayment over a longer period can increase the total interest paid.

We'll help you review the numbers so you can understand the potential costs and benefits before making a decision.

See What Your Home Equity Can Do for You

Whether you're looking to consolidate debt, renovate your home, manage a major expense, or simply restructure your mortgage, the first step is understanding your available options.

Let SGD Mortgages compare solutions across 65+ lenders and help you build a refinancing strategy that works for you.