Smart Refinancing Starts Here
Refinancing can save you thousands in interest, help you access home equity, or consolidate high-interest debt. This comprehensive checklist ensures you're prepared to make the most of your refinancing opportunity.
1 Gather Identification & Financial Info
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Government-issued photo ID
Driver's license or passport for all borrowers on the mortgage. -
Most recent pay stubs
Last 2-3 pay stubs for all income earners. -
Employment letter
Letter from employer confirming position, salary, and employment status. -
Tax returns and NOAs
Last 2 years' complete tax returns and Notices of Assessment. -
Bank and investment statements
Last 90 days of statements for all accounts.
2 Mortgage & Property Details
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Most recent mortgage statement
Shows current balance, payment amount, and interest rate. -
Current property tax statement/bill
Annual property tax assessment and payment records. -
Utility bill with your address
Recent gas, electric, or water bill showing property address. -
Legal description of property
From tax bill, deed, or original purchase agreement. -
Home insurance policy
Current policy with coverage amounts and renewal date.
Your home's current market value determines your available equity. I can help arrange a professional appraisal or provide a market evaluation to maximize your refinancing options.
3 Other Relevant Documents
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Divorce/marriage documents
If alimony or child support affects income or obligations. -
Proof of other income
Pension, rental income, investment income, disability benefits. -
List of all current debts
Credit cards, loans, lines of credit with current balances and payments. -
Void cheque
For setting up new mortgage payment arrangements. -
Credit report
Recent credit report to review before application.
4 Know Your Goals
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Consolidating debt
Calculate total high-interest debt to be paid off through refinancing. -
Accessing equity
Determine how much equity you need and what you'll use it for. -
Lowering payment
Calculate potential savings from lower interest rates or extended amortization. -
Switching terms
Decide between fixed/variable rates and desired term length. -
Removing someone from mortgage
If removing a co-borrower due to separation, divorce, or other circumstances.
Having clear, specific goals helps me find the perfect refinancing solution for your situation. Whether it's saving monthly cash flow or accessing funds for home improvements, we'll create a strategy that works.
5 Financial Analysis
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Calculate current home value
Research recent comparable sales or get professional appraisal. -
Determine available equity
Home value minus current mortgage balance (up to 80% typically available). -
Compare current vs. new rates
Analyze potential interest savings with current market rates. -
Calculate refinancing costs
Appraisal, legal fees, discharge fees, and any penalties. -
Break-even analysis
How long to recover refinancing costs through savings.
6 Common Refinancing Scenarios
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Rate & Term Refinance
Simply getting better rate or term without taking cash out. -
Cash-Out Refinance
Accessing equity for home improvements, investments, or major purchases. -
Debt Consolidation
Rolling high-interest debt into lower-rate mortgage. -
Switch from Variable to Fixed
Locking in rate protection against future increases. -
Remove Mortgage Insurance
If you now have 20%+ equity, eliminate CMHC premiums.
Each refinancing scenario has different requirements and benefits. I'll help you evaluate which approach delivers the best long-term value based on your specific financial goals and circumstances.