Mortgage rates, debt, and rising costs can squeeze even the most organized budget. Refinancing offers Ottawa homeowners a strategic way to cut monthly payments, access equity, and reset financial stability, without selling their home.
What Does It Mean to Refinance a Mortgage?
Refinancing replaces your existing mortgage with a new one—often at a lower interest rate, a different term, or for a higher amount to free up cash.
Key benefits:
- Lower interest rates and monthly costs
- Consolidation of high-interest debts
- Access to equity for renovations or investments
- Flexibility to switch between fixed or variable terms
A refinance gives you control over cash flow and future goals.
Why Work With a Mortgage Broker in Ottawa
Banks rely on rigid approval rules. A mortgage broker works across multiple lenders, including alternative ones, to match the best option to your needs.
They can:
- Secure approvals in 24–48 hours
- Compare dozens of lender offers
- Tailor payments to your situation
- Negotiate terms banks may not offer
For many Ottawa homeowners, a broker’s flexibility is what turns “no” into “approved.”
Common Reasons to Refinance in Ottawa
- Debt Consolidation: Combine credit cards, car loans, and lines of credit.
- Home Improvements: Use equity to increase property value.
- Stop Legal Action: Pay arrears and avoid a power of sale.
- Lower Payments: Free up cash for family or savings goals.
Ottawa Success Story
Paul and Stephanie from Kanata refinanced with Burke Financial to roll mortgage and debts into one $1,750/month payment, saving $1,150 monthly.
Steps to Refinance Your Mortgage in Ottawa
- Review your current rate and term.
- Get a professional appraisal.
- Partner with a broker to assess lenders.
- Close the refinance and begin saving immediately.
Mistakes to Avoid
- Waiting too long to act.
- Ignoring penalty fees.
- Accepting the first offer without comparison.
Final Tip:
Refinancing with a mortgage broker in Ottawa can improve cash flow and peace of mind, fast.
Ready to refinance your Ottawa home and lower your payments? Let’s find the best solution for you.
📞 1-866-702-9394
🌐 www.burkefinancial.ca
