Mortgage Refinance

A mortgage refinance refers to breaking your current mortgage and starting a new one, either with the same or a new lender. You might refinance your mortgage to get a lower rate, access equity in your home, or consolidate your debts. Axess Law will guide you with legal advice and assist you with the legal paperwork you require.

When to Refinance Mortgages?

Refinancing your mortgage is easy and convenient. Watch interest rates and the housing market for the best time to refinance your home. Three common reasons to refinance:


  • Interest rates go down
    Remember, you want the best available rate you can get while keeping the cost of changes as low as possible. When interest rates drop, you may want to consider an adjustable or variable rate mortgage.
  • You get a shorter loan term
    When interest rates drop, you may want to consider a mortgage with a shorter term. Your monthly payments will be similar, but you could pay off your mortgage quicker.
  • You lock in a fixed rate
    As interest rates rise, so do the rates you pay for your mortgage. Switching from a variable to a fixed-rate mortgage can lock in a lower rate. It allows you to enjoy the comfort and ease of a stable interest rate.

How It Works


Request Quote

Click on ‘Get Started’ button to receive a quote from us. If you decide to proceed, our customer care team will reach out to you within minutes to discuss the next steps.


Upload Closing Document

You will receive a secure intake link in your inbox to submit your closing documents. After receiving your documents, we will work with the lender to prepare for closing while keeping you informed at all times.


Sign Agreement

Once your closing documents are ready, we will book an appointment to review and sign the documents with you. Depending upon your convenience and location, you can meet your lawyer in person or virtually. 

Documents We Need

Appraising the fair market value of your home gives lenders a clear idea of how much you can borrow against it. Your lender will arrange a visit to your home by a qualified appraiser. Once approved, you’re on your way to accessing the equity in your home or getting more favourable mortgage terms. Axess Law takes the stress out of refinancing mortgages.
  • showing mortgage balances
  • expiration dates
  • per diems (daily interest rates)

Other Times Refinancing Can Work to Your Advantage

  • Your credit score improves As you make payments, your credit score improves. As a result, lower interest rates may be available to you, decreasing your monthly payments. A lower rate could save you thousands of dollars a year.
  • You want to consolidate debt Mortgage refinances allow you to roll all your debt into a single loan. Making one loan payment when interest rates are lower can save cash upfront if you need immediate relief.

What Your Lender Needs

Your mortgage lender will need current information about the state of your finances and income to make a decision about refinancing your mortgage. Plan ahead — refinancing can take four to six weeks. A good credit score can make the difference between whether you refinance through your existing lender, a new bank or credit union or a private lender. So can your assets. Owning income property or having substantial investments like stocks, bonds or other savings can boost your application over the top. Lenders typically ask for:

  • two or more recent pay stubs
  • statements from your bank or investment advisor
  • current income tax returns
  • household debts
  • any other family income that could affect your eligibility.

Your spouse’s consent is needed if they are on title to the property or you are legally married (making your residence a matrimonial home).

How to Decide on Refinancing

The time may be right to refinance your mortgage when:

Your savings are greater than prepayment penalties
Consolidating debts will give you a financial breather
Shorten the term of your mortgage
Using your home's equity will allow you to diversify

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Convenient Appointments

Make an appointment by calling +1.877.402.4207 or fill out our online booking form. Axess Law gives you the choice of booking an online or in-person appointment. Our lawyers are available 7 days a week, at times convenient for you. We can meet in person, by phone, email, or via a remote video call. In addition to these, there are 5 Axess Law offices located across the Greater Toronto Area – all with onsite parking or easily accessible by public transit.

Some FAQs

Refinancing is negotiating to swap your current mortgage for a new one. It allows you to adjust your interest rate or add more to a mortgage when you refinance before or when a mortgage expires.
You can refinance a mortgage when the loan term expires or at any point in your mortgage contract three ways. Blending and extending add to your mortgage at current interest rates. When interest rates dip, adding new money to your existing mortgage lets you access cash while blending current interest savings and your existing mortgage rate.
“Breaking” mortgage contracts early to arrange a new mortgage loan incurs an average three-month interest penalty. Weigh the penalty against the savings or advantages you hope to get before you choose this option.
Whatever the reason for your refinance, Axess Law can ensure the process is quick, smooth and as enjoyable as possible. Our multiple offices and client-friendly 7-day-a-week opening hours give you the freedom to complete the transaction at a time and place convenient for you. Axess Law, further, makes refinancing easy by keeping you up to date by phone or email. Our real estate lawyers video conference remotely from your home or office or meet you at any of our centrally located Greater Toronto Area law offices.

Your credit score, income, employment, and assets can help you qualify to refinance a mortgage. Mortgage lenders such as credit unions or banks look at these to verify whether you make payments on time, carry credit card balances, or are close to your credit limit. Having outstanding debts and how long you’ve had credit can also affect if you get a mortgage refinance. However, having no credit history can work against you. Taking out a secured credit card you pay in full every month improves your credit score more than having no credit card at all.