A mortgage refinance replaces your existing mortgage with a new, larger one and pays you the difference in cash. A HELOC, a home equity line of credit, leaves the mortgage where it is and adds a revolving credit line behind it. Both let you use the equity in your home; they behave very differently once you have the money.
The brokers listed here arrange both, along with home equity loans and cash-out refinances, across Canada. Which one costs less depends less on the advertised rate than on where you are in your term and what you intend to do with the funds.
The brokers below have told us they take on refinance files. Narrow by city to see who works in your market, most lending decisions still turn on where the property sits.
16 of these brokers have a mapped office. Tap a pin to open that profile.
I’m a mortgage broker and co-founder of Miracle Financial, helping homeowners and buyers across Ontario find practical mortgage solutions. A large part of my work involves refinancing, debt…
I’m a Mortgage Broker with Premiere Mortgage Centre, bringing 16 years of mortgage and banking experience to clients across the Annapolis Valley and rural Nova Scotia. I take the time to und…
I'm Sadiq Boodoo, B.B.A., Principal Broker and CEO of Approved Financial Services. I have what it takes to make a difference in your next mortgage transaction. With access to 80+ of Canada's…
Whether you are a first-time buyer or an experienced buyer with excellent credit, Dominion Lending Centres has access to the very best products and rates available across Canada. Give us a…
I am a Mortgage Broker specializing in mortgage refinancing, focusing on solving mortgage problems by providing lending solutions for complex financial situations. Kristi specializes in a v…
I’m Janine Veenendaal, a Mortgage Broker who believes this business is about so much more than rates and paperwork. It’s about people, your families, your pets, your dreams, and even the cha…
I’m a Level 2 Mortgage Agent with Get A Better Mortgage, serving residential clients in Ottawa and commercial clients across Ontario. Known as the “Mortgage Matchmaker,” I connect borrowers…
I am an experienced mortgage broker who has been helping clients for 23 years. I proudly serves clients, providing honest advice, practical solutions, and personal support from the first con…
As a Level 2 Mortgage Broker serving clients across Ontario, I help individuals, self-employed professionals, investors, and business owners secure financing tailored to their needs. My serv…
I work with homebuyers, business owners looking to buy commercial properties or businesses homeowners looking to refinance, consolidate debt and clients who may not fit perfectly with the tr…
With more than 36 years of experience in the banking and mortgage industry, including senior leadership roles with Royal Bank of Canada, CIBC, and most recently as Vice President of Sales wi…
I work with borrowers that need help refinancing, debt consolidation, and purchase mortgages across Ontario. Most of my work is in the alternative and private mortgage space. I also work wit…
I’m an independent mortgage broker in Ontario who works mostly on the files other people find difficult. Self-employed income, bruised credit, CRA arrears, B and private lending, First Time…
I help homeowners, homebuyers, self-employed individuals and investors find mortgage solutions across Ontario. I specialize in business-for-self financing, refinancing, investment properties…
Licensed in British Columbia, Nova Scotia and Ontario, I believe honest advice and education should come first. You deserve to understand your mortgage options and the why behind my recomme…
I’m Baneet Grover, a Mortgage Agent Level 2 with Mortgage Intelligence, serving homeowners, buyers and investors across Ontario. I take a strategy-first approach to mortgage financing. Rath…
Micky Khaneka is a licensed mortgage broker and founder of MKG Mortgages in North York, ranked #15 on CMP's Top 75 Mortgage Brokers in Canada 2026. MKG helps GTA buyers, homeowners and self-…
Rita Cousins is an experienced mortgage broker with mortgage architects, bringing over 45 years of experience in the mortgage industry. Based in Nanaimo, BC, Rita helps clients with home pur…
I am a dedicated mortgage professional who believes getting s mortgage should feel exciting not overwhelming. As a mortgage broker I work with a wide range of lenders to help find mortgage s…
# Begonia Celorio – Mortgage Agent Level 2 | Caledon & GTA ### Award-Winning Mortgage Agent Helping You Find the Right Mortgage for Your Goals Buying a home, renewing your mortgage or figu…
I'm P. Michael Thomas, AMP, Mortgage Broker, helping homebuyers, homeowners, investors and business owners find practical mortgage and financing solutions. With almost 10 years of experienc…
Let's get you a better mortgage that is customized for your financial needs. We specialize in using mortgage for more purchasing power and to build your future wealth for retirement. There a…
A refinance is a lump sum at a fixed or variable mortgage rate, repaid on a schedule. A HELOC is a limit you draw against, pay interest only on what you use, and can repay and redraw. HELOC rates are usually variable and sit above the equivalent mortgage rate, which is the price of that flexibility.
If you need a known amount once, a renovation with a firm quote, a debt consolidation, a down payment on a second property, a refinance is normally cheaper. If you need money in stages, or you are not sure how much you will need, the HELOC usually wins even at the higher rate, because you only pay for what you draw.
The catch on a refinance is timing. Breaking a mortgage mid-term triggers a prepayment penalty, and on a fixed mortgage that penalty is the greater of three months of interest or the interest rate differential. On a large balance early in a five-year term, the IRD can be substantial enough to wipe out the saving entirely.
Lenders cap what you can borrow against the property as a percentage of its appraised value, the loan-to-value ratio. A refinance is capped below the value of the home, and a standalone HELOC is capped lower still, with a combined ceiling when you hold both. You cannot refinance to 100% of value in Canada, and a refinance cannot be insured, so the mortgage insurance route to a higher ratio is not available here.
The number that matters is therefore your equity minus that cap, not your equity. A broker will run the appraisal assumption before you pay for an appraisal, which is worth doing when you are close to the line.
Your own bank can only offer you its own product, and at renewal or refinance it has little reason to lead with its best one. A broker submits the same application to several lenders, which matters most on files a bank prices conservatively, self-employed income, rental income, a recent credit event, or an unusual property.
Brokers are paid by the lender on most prime files, so the comparison usually costs you nothing. Ask directly: on alternative and private lending, the fee structure is different and should be disclosed to you in writing before you sign anything.
A home equity loan is a fixed lump sum with a set repayment schedule. A HELOC is a revolving limit you draw against as needed, paying interest only on the balance you actually use. The loan is cheaper if you need the money once; the line is more flexible if you need it in stages.
Yes. Refinancing to a larger mortgage and taking the difference in cash is standard in Canada, subject to a loan-to-value cap set by the lender and the regulator. The cash is not taxable income, because it is borrowed money, though interest is only deductible where the funds are used to earn income.
A refinance application creates a hard credit inquiry, which typically moves a score by a few points and recovers within months. The larger effect is usually positive: if you consolidate revolving balances into the mortgage, your credit utilisation drops sharply, and utilisation carries more weight than an inquiry.
Only when the interest saved over the remaining term exceeds the prepayment penalty plus legal and appraisal costs. On a fixed mortgage the penalty is the greater of three months of interest or the interest rate differential, and the IRD early in a term can be large enough to cancel the benefit outright. Run the break-even before you apply.
Yes, as a second-position HELOC, though fewer lenders offer them and the rate is higher because they rank behind the first mortgage. The alternative is moving both to one lender as a combined mortgage and line, which usually prices better but means breaking the existing mortgage.
