Adding to Your Mortgage
When you first bought your current home, you were excited about having something of your own but perhaps you were also a little apprehensive about the big debt you were taking on.
Over the years, you've come to love your home because of the odd renovation and decoration project that has added to its original charm. Perhaps you've been thinking about something more but you really don't want to move from the area you call home. If that's your situation, it's time to consider putting the equity in your current home to work by refinancing your existing mortgage so you can make that dream renovation or redecoration project happen.
But refinancing your home is not always about making changes to your home. Maybe your children have grown up and you want to contribute to their college or university education. Maybe you have some debts that you'd like to pay off. Maybe it's for investment purposes or to make a few major purchases to spruce up the home. Or maybe it's that dream vacation property you've had your eye on for a while.
You've worked hard investing in your home. Now you have the opportunity to take advantage of the equity you've accumulated in it. It's easier than you might think and you don't have to wait until your mortgage is up for renewal. But you should also be aware that refinancing your mortgage means that you're "breaking" your current mortgage, which may result in some fees and penalties being charged.
Applicable fees, charges and penalties:
- Legal Fees - You have to pay legal fees to re-register your mortgage after it's refinanced
- Transfer Fee - If the refinanced mortgage is being transferred to ING DIRECT (or any other financial institution), your current financial institution may charge you a discharge fee
- Property appraisal fee – Before your mortgage can be refinanced, your property needs to be re-assessed. There is a fee for doing this. As a limited time promotion, the appraisal fee will be paid on your behalf by
ING DIRECT
To find out how much you can afford to refinance your mortgage, go to our "How Much Can I Borrow" calculator. Or, if you need help or have questions, call
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* Interest is calculated semi-annually, not in advance. Assumes no change in rate and no fees apply. "Big Banks" refers to Bank of Montreal, CIBC, TD Canada Trust, RBC Royal Bank and Scotiabank.
