Refinance your mortgage around the life you have now
Replace your current mortgage with a new one that can take out equity, roll high-rate balances into one payment, or reset your term. Approved on your home equity, not just your credit or income.
What is a mortgage refinance?
A refinance pays off your current mortgage and replaces it with a new one, often larger, on new terms. You end up with one mortgage and one payment, and any equity you take out comes to you as a lump sum.
Homeowners refinance to access equity, combine high-rate balances into their mortgage, or change their amortization to lower the monthly payment or pay the home off sooner. If you are partway through your term, breaking your mortgage can carry a penalty, so we weigh that cost against the benefit before you decide.
Apply TodayYour new mortgage pays off what you owe today and can include part of the blue portion, your equity, as cash. How much you can access depends on your home value and your lender.
Why homeowners choose to refinance
When your current mortgage no longer fits your plans, a refinance starts it fresh.
One mortgage, one payment
Fold high-rate balances into your mortgage and replace several monthly payments with a single one.
Reset your term and amortization
Stretch the amortization to ease the monthly payment, or shorten it to pay the home off sooner.
Approved on your home
We look at the equity in your home first. Self-employed income and past credit bumps do not close the door.
What people put it toward
One home, many options. Here is how Ontario homeowners use a refinance.
Simplify high-rate balances
Roll credit cards and loans into your mortgage for one lower monthly payment.
Renovate the home you own
Fund the kitchen, the addition, or the repairs, using the equity already in the walls.
Ease your monthly payment
Change your amortization or terms so the monthly payment fits your budget again.
Invest in what is next
Fund a business, a property, or an opportunity you do not want to miss.
How it works
Three simple steps from application to your new mortgage.
Apply online
Share a few details about your home and what you need. It takes minutes and does not affect your credit score.
We run the numbers
A Lighthouse specialist weighs any break penalty against your savings and shops our full network for the right refinance.
Close and access your funds
Once approved, your new mortgage pays off the old one and any equity is sent, often in as little as a few days.
Refinance or another option?
A quick look at how a refinance compares with two other ways to use your equity.
| Refinance | Second mortgage | Line of credit | |
|---|---|---|---|
| Keeps your current mortgage | No, it replaces it | Yes | Usually yes |
| How you receive funds | One lump sum | One lump sum | Borrow as needed |
| Number of mortgage payments | One | Two | Usually two |
| Lets you change your rate and term | Yes | No | No |
| Avoids breaking your mortgage | No, weigh any penalty | Yes | Yes |
How much could you access?
Move the sliders for a quick estimate of the equity a refinance could release, then apply for your exact number.
What Ontario homeowners say
See how Lighthouse Lending has helped Ontario families use their equity.
"After explaining our situation, Kristen found a way to save us thousands. Positive, professional and kind the whole way. Life changing!"
"Fantastic to deal with and very helpful at times when life can feel stressful over finances. I really appreciated the care they put in."
"Matthew was wonderful to work with. Calm and collected, and handled everything with professionalism and integrity. Highly recommend."
Refinance questions
Everything you need to know before you apply.
A refinance replaces your existing mortgage with one new mortgage and one payment. A second mortgage leaves your first mortgage in place and adds a separate loan behind it. If your current rate is low or breaking your mortgage would be costly, a second mortgage may be the better fit, and we will tell you which one makes sense.
There can be. Breaking a mortgage partway through its term often carries a penalty, and the amount depends on your lender, your mortgage type and the time left. We work out that cost and set it next to what you would gain, so you can decide with the full picture.
It depends on your home value, how much you still owe, and your lender. As a rough guide, banks and typical lenders often allow up to around 80% of your home value on a refinance, and some lenders go higher. We give you an exact number once we review your situation.
No. We approve on the equity in your home first. Self-employed homeowners, non-traditional income, and past credit bumps are all welcome. That is the difference between a broker and a bank.
For most mortgage products the lender pays our fee, so our help is free to you. Any costs tied to the refinance itself, and any fee that applies, are laid out up front, in writing, before you commit.
Start your mortgage fresh
Apply in minutes and get a clear answer fast. No pressure, and no impact on your credit score to see what you qualify for.