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Home Equity & Refinancing
Equity is Dead Money Until You Use It Most Toronto homeowners are "house rich and cash poor." Your home equity is a powerful tool that can be used to eliminate high-interest debt, fund a major renovation, or act as a down payment for a second investment property. At Mihir Patel Mortgages, we specialize in Equity Extractions that minimize penalties and maximize your future cash flow.
Refinancing vs. HELOC: Which is Right for You?
We help you choose the structure that aligns with your specific financial goals:
Unlocking the Value in Your Toronto Home
1
Traditional Refinance
We break your current mortgage and replace it with a new one (up to 80% of your home's value). This is best for securing a low, stable rate for a large project or major debt consolidation.
2
Home Equity Line of Credit
A flexible "revolving" credit line. You only pay interest on what you use. This is perfect for ongoing renovations or having "emergency funds" ready for investment opportunities.
3
"Second Mortgage" Pathway
If your current first mortgage has a very low rate with a massive penalty, we can look at adding a second position loan to get you the cash you need without losing your primary low rate.
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