If your current mortgage payments are putting pressure on your budget, refinancing your mortgage could give you the breathing room you need. For Ottawa homeowners, refinancing can lower monthly payments, consolidate debt, and help you access your home’s equity, without having to sell your property.
What Does It Mean to Refinance a Mortgage?
Refinancing replaces your current mortgage with a new one, often at a better interest rate, with a different term, or for a larger amount to free up cash.
Benefits include:
- Lowering your monthly payments
- Accessing equity for renovations, investments, or debt repayment
- Consolidating multiple debts into one easy payment
Why Work With a Mortgage Broker in Ottawa
Banks often have strict requirements, and if your credit score or debt ratio isn’t perfect, they may say no. A mortgage broker can:
- Access alternative lenders with flexible criteria
- Offer faster approvals, sometimes in 24–48 hours
- Customize your mortgage to fit your financial goals
Common Reasons Ottawa Homeowners Refinance
- Debt Consolidation – Pay off high-interest credit cards and loans
- Home Renovations – Upgrade your property to increase value
- Lower Monthly Payments – Free up funds for other expenses
- Stop Legal Action – Pay mortgage arrears to avoid a power of sale
Real Ottawa Success Story
Paul and Stephanie from Kanata were paying $2,200/month for their mortgage and $700 in other debts. Burke Financial helped them refinance, rolling all debts into one payment of $1,750/month, saving them $1,150 monthly.
Steps to Refinance Your Mortgage in Ottawa
- Review Your Current Mortgage – Understand your rate, term, and penalties
- Assess Your Home’s Value – Get an appraisal to determine your equity
- Work With a Broker – Access lenders beyond the banks
- Close and Start Saving – Lower payments can take effect immediately
Final Tip: Refinancing with a mortgage broker in Ottawa can improve your cash flow and help you achieve your financial goals, whether that’s paying off debt, renovating, or just breathing easier each month.
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
