FREQUENTLY
ASKED QUESTIONS

you ask, we anwser

By doing your due diligence and choosing not to settle for whatever your current lender presents to you. When your mortgage is up for renewal, it’s a time for you to re-evaluate your financial situation and revisit all the elements of your existing mortgage from the interest rateright through to the loan amount and amortization.

You can secure a Home Equity Line of Credit (HELOC) against your property, which is a flexible loan that you can draw from when you need funds, and pay back as you please without penalty.

Some homeowners obtain a HELOC strictly as an “emergency fund” for peace of mind, in the event they need it.

If you’re a first time homebuyer and you qualify for the land transfer tax rebate, you can receive a maximum rebate of $4000 (which is the full amount of land transfer tax up to a maximum purchase price of $368,333). Simply apply within 18 months of your property purchase, and the government will send your rebate either via cheque or direct deposit into your bank account.

If your mortgage is not yet up for renewal and you want to refinance, your closing costs will include a mortgage prepayment penalty (amount depends on the type of mortgage you have), mortgage discharge fee (when you switch lenders), mortgage registration fee (to register the new mortgage), and legal fees (to review the mortgage loan and conduct a title search).

Obtaining a mortgage that gives you extra cash out of your home can be intelligently used to pay off high-interest debts, fund a home renovation, put a down payment on a vacation or investment property, pay for extended healthcare or invest in your child’s education.

Among other things, lenders in Canada primarily look at three major qualifying criteria: your credit score (showing how well you manage your credit and loans), your debt-to-income service ratio (percentage that tells lenders how much of your income goes towards regular, recurring expenses), and your home equity (the difference between the appraised market value of your property and your loan amount).

If you’re locked into a mortgage rate that is above current market interest rates. If you have a variable rate and you want to reduce your risk by acquiring a fixed rate mortgage. Your property has equity and you need the cash. You are interested in lowering your regular monthly payments to improve cash flow.

If you’ve had your mortgage for a long time, because this means you’re finally starting to pay off more principal than interest. If your current mortgage has a prepayment penalty that doesn’t make sense financially. If you are planning to move in the next few years, since this will force you to incur penalties at
the time of your relocation.

This is what you have a mortgage broker for. Once we have a good idea of your current financial situation, we can advise you of the best type of loan for your refinance in order to achieve your goals.

Contact 8Twelve and we’ll walk you through our fast and straightforward pre-approval process. Or, visit this link to get started: https://8twelve.mortgage/8twelve-cta/

How do you prepare for a mortgage renewal?

By doing your due diligence and choosing not to settle for whatever your current lender presents to you. When your mortgage is up for renewal, it’s a time for you to re-evaluate your financial situation and revisit all the elements of your existing mortgage from the interest rateright through to the loan amount and amortization.

How do you create an emergency fund by tapping into your home's equity?

You can secure a Home Equity Line of Credit (HELOC) against your property, which is a flexible loan that you can draw from when you need funds, and pay back as you please without penalty.

Some homeowners obtain a HELOC strictly as an “emergency fund” for peace of mind, in the event they need it.

How do you obtain a $4000 land transfer tax rebate?

If you’re a first time homebuyer and you qualify for the land transfer tax rebate, you can receive a maximum rebate of $4000 (which is the full amount of land transfer tax up to a maximum purchase price of $368,333). Simply apply within 18 months of your property purchase, and the government will send your rebate either via cheque or direct deposit into your bank account.

What are the costs associated with refinancing my mortgage?

If your mortgage is not yet up for renewal and you want to refinance, your closing costs will include a mortgage prepayment penalty (amount depends on the type of mortgage you have), mortgage discharge fee (when you switch lenders), mortgage registration fee (to register the new mortgage), and legal fees (to review the mortgage loan and conduct a title search).

What are good reasons to pull equity out of my property?

Obtaining a mortgage that gives you extra cash out of your home can be intelligently used to pay off high-interest debts, fund a home renovation, put a down payment on a vacation or investment property, pay for extended healthcare or invest in your child’s education.

How do I qualify for a mortgage?

Among other things, lenders in Canada primarily look at three major qualifying criteria: your credit score (showing how well you manage your credit and loans), your debt-to-income service ratio (percentage that tells lenders how much of your income goes towards regular, recurring expenses), and your home equity (the difference between the appraised market value of your property and your loan amount).

When should I strongly consider a refinance?

If you’re locked into a mortgage rate that is above current market interest rates. If you have a variable rate and you want to reduce your risk by acquiring a fixed rate mortgage. Your property has equity and you need the cash. You are interested in lowering your regular monthly payments to improve cash flow.

When should I NOT consider a refinance?

If you’ve had your mortgage for a long time, because this means you’re finally starting to pay off more principal than interest. If your current mortgage has a prepayment penalty that doesn’t make sense financially. If you are planning to move in the next few years, since this will force you to incur penalties at
the time of your relocation.

What type of refinance is right for me?

This is what you have a mortgage broker for. Once we have a good idea of your current financial situation, we can advise you of the best type of loan for your refinance in order to achieve your goals.

How do I get a pre-approval?

Contact 8Twelve and we’ll walk you through our fast and straightforward pre-approval process. Or, visit this link to get started: https://8twelve.mortgage/8twelve-cta/

FREQUENTLY
ASKED QUESTIONS

you ask, we anSWER

By doing your due diligence and choosing not to settle for whatever your current lender presents to you. When your mortgage is up for renewal, it’s a time for you to re-evaluate your financial situation and revisit all the elements of your existing mortgage from the interest rateright through to the loan amount and amortization.

You can secure a Home Equity Line of Credit (HELOC) against your property, which is a flexible loan that you can draw from when you need funds, and pay back as you please without penalty.

Some homeowners obtain a HELOC strictly as an “emergency fund” for peace of mind, in the event they need it.

If you’re a first time homebuyer and you qualify for the land transfer tax rebate, you can receive a maximum rebate of $4000 (which is the full amount of land transfer tax up to a maximum purchase price of $368,333). Simply apply within 18 months of your property purchase, and the government will send your rebate either via cheque or direct deposit into your bank account.

If your mortgage is not yet up for renewal and you want to refinance, your closing costs will include a mortgage prepayment penalty (amount depends on the type of mortgage you have), mortgage discharge fee (when you switch lenders), mortgage registration fee (to register the new mortgage), and legal fees (to review the mortgage loan and conduct a title search).

Obtaining a mortgage that gives you extra cash out of your home can be intelligently used to pay off high-interest debts, fund a home renovation, put a down payment on a vacation or investment property, pay for extended healthcare or invest in your child’s education.

Among other things, lenders in Canada primarily look at three major qualifying criteria: your credit score (showing how well you manage your credit and loans), your debt-to-income service ratio (percentage that tells lenders how much of your income goes towards regular, recurring expenses), and your home equity (the difference between the appraised market value of your property and your loan amount).

If you’re locked into a mortgage rate that is above current market interest rates. If you have a variable rate and you want to reduce your risk by acquiring a fixed rate mortgage. Your property has equity and you need the cash. You are interested in lowering your regular monthly payments to improve cash flow.

If you’ve had your mortgage for a long time, because this means you’re finally starting to pay off more principal than interest. If your current mortgage has a prepayment penalty that doesn’t make sense financially. If you are planning to move in the next few years, since this will force you to incur penalties at
the time of your relocation.

This is what you have a mortgage broker for. Once we have a good idea of your current financial situation, we can advise you of the best type of loan for your refinance in order to achieve your goals.

Contact 8Twelve and we’ll walk you through our fast and straightforward pre-approval process. Or, visit this link to get started: https://8twelve.mortgage/8twelve-cta/

You need more? we've got you covered

Have a question that isn't in this list?

join our weekly newsletter

Stay informed and get the most out of your home’s equity, tips for success for homebuyers, or ways to stay ahead of the game. 

We respect your privacy and will not send spam or email too frequently. 

8Twelve Mortgage Corp. (ON Brokerage 13072)

join our weekly newsletter

Stay informed and get the most out of your home's equity, tips for success for homebuyers, or ways to stay ahead of the game We respect your privacy and will not send spam or email too frequently.

8Twelve Mortgage Corp. (ON Brokerage 13072)