Home Refinancing Options:

MortgageApprovalHelp.ca’s partners offer many different refinance mortgage solutions for a wide range of unique and special situations. They have decades of experience in unconventional and outside-of-the-box circumstances.  Our partners offer refinance solutions BEYOND what is found at most banks and mortgage brokerages.  Find out how they can help you. Request your confidential free quote online and get all the answers you need at no cost, and no obligation.


Fixed Rate:

Provides a secure interest rate that stays the same for the entire length of your mortgage refinance term.

What is it? A fixed-rate refinance loan is a fully amortizing mortgage loan where your interest rate remains the same through the term of your loan, as opposed to variable rate refinance loans where your interest rate may “float” (based on economic conditions).

Who is it for? If you are more comfortable with the stability and security of paying a fixed amount every month, and plan to stay in your home long-term, a fixed rate refinance loan may be right for you.

Variable Rate:

A favourable choice for many clients. The past 30 years indicate that refinancing with a variable rate mortgage is a better loan option than a fixed rate by more than 80% of the time.

What is it? A variable-rate mortgage interest rate may periodically adjust based on prime lending rate. This adjustment can affect the cost of borrowing (increase or decrease) on your loan. Long-term, variable rates have proven to be the least expensive.

Convertible Rate / 50-50 Refinance Loan:

Refinancing with a convertible rate or 50-50 refinance loan allows you to get the best of both loan types, a variable rate at the beginning of your loan term, with the option to change that rate into a fixed rate anytime you choose.

What is It? A convertible rate / 50-50 refinance loan offers two loan portions which operate independently of each other. You can choose to make prepayments on the fixed portion which has the higher interest rate or you can choose to pay down the variable portion aggressively which in turn further minimizes your future interest rate risk.

Who is it for? If you are unsure whether a variable or fixed rate loan is right for you, a convertible / 50-50 refinance loan eliminates the dilemma by combining both. Request your free mortgage quote today.

Up To 95% Loan to Value (LTV) / High Ratio:

Refinance your home with up to 95% loan to value when circumstances require greater access to your equity.

What is it? Loan-to-value (LTV) ratio is the amount of your first mortgage compared to the total appraised value of your property as a percentage. Lenders set upper limits on the loans they are willing to make based on LTV ratios. Our lending partners offer refinance mortgage loans up to 95% loan to value.

Who is it for? If your circumstances require using more of your home’s equity, a higher ratio mortgage loan may be a good option for you.

Cash Back Refinance Loan:

Cash-back mortgages make near-85% loan to value refinances possible when necessary, and help if funds for closing costs are short.

What is it? Through a cash-back refinance mortgage you receive a rebate at the time of closing of the mortgage. Rebates vary between 1% to 5% of your mortgage amount depending on the lender and term of loan. Lenders never require being paid back directly, instead a lender increases the interest rate on the entire mortgage to recoup their costs.

Who is it for? The refinance loan type is mainly used for first time home buyers, but can also be used when refinancing.

Second Refinance Mortgage Loan:

A second refinance mortgage is a separate loan taken after the first mortgage, and it is secured against the same assets as the first. Depending on your goals it can be a viable option.

Though refinancing a second mortgage may not be right for everyone, for some people, doing so works to their advantage. Our lending partners offers highly competitive rates and terms when refinancing on a second mortgage when it makes financial sense.

Damaged Credit Refinancing:

Many banks simply refuse to deal with homeowners with bad credit. Our lending partners offer high-ratio and non-conventional lenders that can help you get approved when all other lenders have said no.

Even with damaged credit, there may still be refinance solutions available to you.

We have relationships with dozens of traditional and non-traditional lenders. Since 2012 we’ve been helping clients with bruised credit find lenders to approve them.

Our lending partners specialize in finding mortgage products for people who may have been declined for mortgages in the past or who are struggling to service their existing debt. So smile, more often than not they can help. Request your quote today.

Interest Only Refinancing:

Normally for shorter periods, interest only refinance loans offer flexibility and lower monthly payments.

What is it? An interest-only refinance loan is a loan set for a term, wherein the borrower pays only the interest on the principal balance, but with the principal balance unchanged. At the end of the term the borrower may continue the interest-only mortgage, pay the principal, or (with some lenders) convert the loan to a principal and interest payment (or amortized) loan at his/her option.

Who is it for? If your goal is to free up cash flow allowing you to make larger payments on other forms of high-interest debt, such as credit cards or a home equity loan, an interest only refinance loan may be right for you. Keep in mind however that a high interest only mortgage can help you get out of debt as long as you use your money wisely and direct it either into paying off other forms of debt or into savings.

No Income Verification:

A no income verification refinance loan provides an opportunity for a borrower to purchase a mortgage without verification of income.

What is it? Also referred to as a no doc loan or low doc loan, the no income verification mortgage is perfect for those who cannot verify income with traditional documentation such as pay stubs, T4s, or personal notices of assessment tax statements.

Who is it for? If you are self-employed, paid primarily through commissions or contract income, a no income verification refinance may be a good option for you.

Business for Self / Self Employed:

Refinance options for self-employed borrowers who can explain and prove capacity to repay without traditional GDS/TDS requirements. If you are unable to prove income and are self employed, a No Income Verification Refinance Loan might be better for you.

What is it? A refinance loan designed for those who are self employed or a business owner. Instead of T4’s our lenders look at your credit history and 3 year’s financial statements, notice of assessments and/or tax returns… or combination of. Without having to fit into traditional GDS/TDS guidelines, self employed borrowers have a better option when refinancing their mortgage.

Who is it for? For business owners or self employed individuals who are able to present financial history by either 3 years notice of assessments, tax returns and/or financial statements. Contact us today, we can help you decide if this is the option for you.

A Properly Planned Refinance Loan Can Help You:


Refinance To A Lower Rate

Change the term of your current mortgage and move to a lower interest rate. Our partners can help you cost effectively transfer your current mortgage to a shorter term and lower interest rate, or blend two mortgages together into one lower rate mortgage and save you money. Today’s competitive mortgage rates could mean less money towards your interest every month and more money in your pocket.

Consolidate High Interest Debt

Avoid the negative financial bounce that high interest credit cards can cause. The added interest expense could begin to play havoc on your monthly budget. A lower interest cash out refinance loan can help pay down a pocketful of credit cards & other bills, and improve your monthly cash flow. Make one low monthly payment instead of several, and pay less overall each month.

Complete Home Renovations

What kind of shape is your home in? More and more homeowners are opting to renovate their existing home instead of purchasing another. Whether you need new siding, an extra bedroom, or even a new heating system, refinancing can be a sensible solution. By increasing your monthly cash flow, you’ll have money to make repairs or home improvements and increase the value of your home.

Fund University or College Programs

If your job disappears, how well positioned are you to quickly land on your feet and find a new job? Taking a class – or even earning a degree – can help offset the sting that a layoff could bring, especially if you’re able to secure a better-paying job. A mortgage refinance loan can put the cash you’ll need to pursue a new career into your hands.

Pay Unexpected Medical Expenses

Life is as unpredictable as the economy, and sometimes unforeseen medical needs crop up – from emergency care to specialized treatments. If your insurance has limitations that can put you at financial risk, a refinance loan may offer a quick solution.

Increase Rental Income

Leverage the equity in your rental property to buy an additional property and expand your investment portfolio. By increasing your monthly cash flow, you’ll have more money to make necessary repairs or improvements and increase the value of your investment property.