Mortgage Refinance in Ontario
Refinance Your Mortgage, Even If the Bank Said No
A mortgage refinance lets you replace your existing mortgage to access equity, lower your payments, or consolidate debt. TurnedAway.ca helps Ontario homeowners get a mortgage refinance through a wide network of lenders, regardless of credit or income.
or call 1-855-668-3074
Access up to 80% of your home's value · Bad credit considered · Approvals in as fast as 24 hours
A mortgage refinance replaces your existing mortgage with a new one, often to access home equity, lower your payments, or consolidate debt. In Ontario, equity-based lenders approve based on your home's value rather than your credit score or income, which is why a mortgage refinance is often available to homeowners who have been declined by a bank.
80%
Of your home's value can be accessed through a mortgage refinance
24 hrs
Approvals possible in as little as 24 hours in urgent situations
100+
Lenders in our network, including banks, B lenders, and private lenders
Any
Credit situation considered, approval is driven by your equity
What Is a Mortgage Refinance?
A mortgage refinance replaces your existing mortgage with a new one. The new mortgage pays off the old one and can come with a different interest rate, a different term, or a larger amount that lets you access the equity built up in your home. It is one of the most flexible tools a homeowner has for taking control of their finances.
Homeowners choose a mortgage refinance for many reasons: to consolidate high-interest debt, to fund a renovation, to pay off arrears and stop enforcement action, or simply to restructure their mortgage into something that fits their situation better. Because your home secures the new mortgage, you can typically access up to 80% of your home's value.
At TurnedAway.ca, we arrange a mortgage refinance through one of Canada's largest networks of lenders, including banks, alternative B lenders, and private lenders. That range is what allows us to refinance homeowners who have already been declined by their own bank.
How a Mortgage Refinance Works
A mortgage refinance through TurnedAway.ca is more straightforward than most people expect. Here is what to expect from your first application through to funding.
Apply Online
Complete our secure application at apply.turnedaway.ca. Tell us about your property, your current mortgage, and your goal for refinancing. No credit check required to begin.
We Shop Your File
Rather than offering a single product, we review your file against our full lender network, banks, B lenders, and private lenders, to find the mortgage refinance that best fits your situation and stays within our 80% loan-to-value cap.
Property Appraisal
An independent appraisal confirms your home's current market value, which determines how much equity is available to refinance. We subsidize appraisal costs wherever possible.
Approval and Legal Work
Once approved, your lender issues a commitment with all terms and costs disclosed in writing. Your lawyer completes the legal work, discharges the old mortgage, and registers the new one.
Funding
Your old mortgage is paid off and your new one takes its place. Any equity you have accessed is advanced to you, or used to pay off the debts or arrears your mortgage refinance was arranged to clear.
Who Qualifies for a Mortgage Refinance?
Because a mortgage refinance is secured by your home, our lenders place far more weight on your equity than on your credit score or income. That is why we can often help homeowners that a bank has already turned away.
Homeowners with Equity
The more equity you have, the more options are available. We arrange a mortgage refinance up to a maximum of 80% of your home's value, leaving a protective buffer in place.
Bad Credit or No Credit
Missed payments, collections, consumer proposals, and past bankruptcies do not automatically disqualify you. Our alternative and private lenders look at the whole picture.
Self-Employed
If your tax returns show lower income because of legitimate business deductions, we work with lenders who accept alternative income documentation and focus on equity.
Declined at Renewal
If your bank refuses to renew your mortgage, a mortgage refinance through our network can replace it and keep you in your home.
Facing Arrears or Enforcement
A mortgage refinance can pay out mortgage arrears, property tax arrears, or CRA debts and stop a power of sale before it completes.
Accessing Equity for a Purpose
Whether it is a renovation, an income-producing project, or debt consolidation, a mortgage refinance can put your home's equity to work.
or call 1-855-668-3074
How Much Can You Access With a Mortgage Refinance?
The amount available depends on your home's value and your existing mortgage balance. We do not arrange a mortgage refinance above 80% of your home's value, which protects you if property values decline. The example below shows how refinance equity is calculated.
Simple Example
| Detail | Amount |
|---|---|
| Estimated Property Value | $800,000 |
| Maximum Refinance at 80% LTV | $640,000 |
| Existing Mortgage Balance | $460,000 |
| Equity Available to Refinance | $180,000 |
In this example, $180,000 of equity could be accessed through a mortgage refinance, after paying off the existing mortgage. Use our home equity calculator to get a personalized estimate based on your own property value and mortgage balance.
Understanding the Costs of a Mortgage Refinance
A mortgage refinance has costs, and being clear about them upfront is part of how we work. The most important one to understand is the prepayment penalty for breaking your existing mortgage early.
Prepayment Penalty
If you break your mortgage before the end of its term, a penalty usually applies. On a variable-rate closed mortgage it is typically three months' interest. On a fixed-rate closed mortgage it is the greater of three months' interest or the interest rate differential (IRD).
Appraisal Fee
An appraisal confirms your home's value and is required to determine how much you can borrow. We subsidize this cost wherever possible.
Legal Fees
A lawyer discharges your old mortgage and registers the new one. In many cases these closing costs can be incorporated into the new financing.
Discharge Fee
If you move to a different lender, your existing lender may charge a mortgage discharge fee to release their registration on title.
The key question is whether the savings or benefit of a mortgage refinance outweigh these costs. For debt consolidation or to stop enforcement action, it often does. We will run the numbers with you honestly so you can make an informed decision. You will also receive a written Cost of Credit Disclosure for your specific deal before you commit.
Mortgage Refinance vs. Other Ways to Access Equity
A mortgage refinance is not the only way to use your home equity. Depending on your existing mortgage rate and your goals, another product may suit you better. TurnedAway.ca can arrange all of these.
| Feature | Mortgage Refinance | Home Equity Loan | HELOC |
|---|---|---|---|
| What It Does | Replaces your existing mortgage | Adds a separate loan behind it | Adds a revolving credit line |
| Funds Delivered | Lump sum on closing | Lump sum | Draw as needed |
| Interest Rate | Usually the lowest of the three | Fixed for the term | Variable, tied to prime |
| Touches First Mortgage | Yes, replaces it | No | No |
| Best For | Restructuring everything at the best rate | Keeping a good first mortgage in place | Ongoing, flexible access |
A general rule: if your existing mortgage already has a good rate, a second mortgage or home equity loan that leaves it untouched may cost less than breaking it. If your goal is to restructure everything into one payment at the lowest possible rate, a full mortgage refinance often wins. We help you compare both.
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Real Mortgage Refinance Results
Every situation is different. Here are three examples of how TurnedAway.ca helped Ontario homeowners with a mortgage refinance when traditional lenders said no, always with a plan to move toward lower-cost financing over time.
Case Study 1 | Whitby
Whitby Homeowner Uses a Private Mortgage Refinance to Stop a Power of Sale
A homeowner fell behind on mortgage payments after an extended period of reduced income following a job loss. By the time they contacted us, they were facing a power of sale proceeding and needed an immediate solution to save the home. Mortgage arrears, damaged credit, and recent employment instability made traditional financing impossible, and several lenders declined the application because of the active enforcement process.
We secured a short-term private mortgage refinance that paid out the existing lender, stopped the power of sale, covered legal costs, and gave the homeowner time to stabilize. Over the following 11 months, they rebuilt their payment history, improved their credit, and returned to stable employment. We then refinanced them into a lower-cost alternative lender solution.
Result: The power of sale was stopped, the homeowner kept their property, and they moved onto a path back toward traditional financing.
Key takeaway: The private mortgage refinance was a bridge, not a permanent solution. The goal was always an exit strategy into lower-cost financing as soon as possible.
Case Study 2 | Oshawa
Oshawa Family Consolidates Debt Through a Mortgage Refinance
A family had accumulated approximately $95,000 in unsecured debt, including credit cards, personal loans, and a line of credit. Multiple high-interest payments were placing significant strain on monthly cash flow. Although both borrowers were employed, rising balances and high utilization had hurt their credit, and their bank declined a refinance request because debt servicing ratios exceeded lending guidelines.
We completed a B-lender mortgage refinance, using available home equity to consolidate the unsecured debt into the mortgage.
Result: More than $95,000 in unsecured debt was paid off, and the family's monthly debt obligations dropped by approximately $1,400 per month, replacing multiple high-interest payments with a single mortgage payment and freeing up cash flow to rebuild savings.
Key takeaway: A mortgage refinance transformed multiple expensive debts into one manageable payment and significantly improved monthly cash flow.
Case Study 3 | Clarington
Clarington Self-Employed Borrower Accesses Equity for a Basement Suite
A self-employed homeowner wanted to convert an unfinished basement into a legal secondary suite to generate rental income. The project required access to home equity, but the borrower's income was difficult to verify using traditional methods. Although the business was profitable, tax returns showed lower taxable income because of legitimate business deductions, and the bank declined the refinance over income qualification concerns.
We secured a mortgage refinance through an alternative lender, allowing the homeowner to access equity for the renovation while keeping payments manageable.
Result: The basement suite was completed and began generating rental income. About a year later, with documented rental income and improved financials, the homeowner qualified for more competitive financing.
Key takeaway: The mortgage refinance unlocked existing equity and helped create a long-term income-producing asset rather than additional consumer debt.
or call 1-855-668-3074
Where We Serve
TurnedAway.ca arranges a mortgage refinance for homeowners across Canada. The cities below represent areas we serve regularly, but they are not an exhaustive list. We work with homeowners in every province and territory with the exception of Quebec, Newfoundland, Yukon, the Northwest Territories, and Nunavut.
Call us at 1-855-668-3074 or get started online today.
Mortgage Refinance FAQs
What is a mortgage refinance?
A mortgage refinance replaces your existing mortgage with a new one. The new mortgage pays off the old one and can have a different rate, a different term, or a larger amount that lets you access your home equity. Homeowners use a mortgage refinance to consolidate debt, fund projects, pay off arrears, or restructure their mortgage.
Can I get a mortgage refinance with bad credit?
Yes. TurnedAway.ca works with alternative and private lenders who approve based primarily on your home equity rather than your credit score. Even if your bank has declined you, a mortgage refinance through our network may still be available. Equity is the main approval factor.
How much can I borrow when I refinance?
You can generally access up to 80% of your home's value, less your existing mortgage balance. TurnedAway.ca does not arrange a mortgage refinance above 80% loan-to-value, which protects you if property values decline. Use our home equity calculator for a personalized estimate.
What does a mortgage refinance cost in Canada?
Costs can include a prepayment penalty for breaking your current mortgage early, an appraisal fee, legal fees, and a discharge fee if you change lenders. On a fixed-rate closed mortgage the prepayment penalty is the greater of three months' interest or the interest rate differential. In many cases, closing costs can be rolled into the new financing. You receive a written cost disclosure before committing.
Can I refinance before my mortgage term ends?
Yes, you can refinance at any time, not just at renewal. A mortgage refinance before the end of your term usually triggers a prepayment penalty, so the key question is whether the savings or benefit outweigh that cost. For debt consolidation or to stop enforcement action, it often does. We will run the numbers with you honestly.
Can I refinance if my bank won't renew my mortgage?
Yes. If your bank declines your renewal, a mortgage refinance through our lender network can pay off your existing mortgage and replace it, keeping you in your home. This is one of the most common situations we help with.
How is a mortgage refinance different from a home equity loan?
A mortgage refinance replaces your existing mortgage entirely, usually at the lowest available rate. A home equity loan or second mortgage adds a separate loan behind your existing mortgage, leaving it untouched. If your current mortgage already has a good rate, leaving it in place can cost less than breaking it.
How many times can I refinance my home?
There is no legal limit in Canada on how often you can refinance. As long as you meet the lender's criteria and have sufficient equity, you can pursue a mortgage refinance as often as it makes financial sense to do so.
How fast can a mortgage refinance happen?
A mortgage refinance can move quickly. Approvals can come within 24 hours, with funding typically in 5 to 10 business days once the appraisal and legal work are complete. In urgent situations, such as a pending power of sale, files can sometimes move faster.
Take Control With a Mortgage Refinance
Apply online and we'll review your situation and shop your file across our full lender network to find the right mortgage refinance, often with approval in as little as 24 hours. No obligation, no pressure, full transparency on cost.
Get Approved Nowor call 1-855-668-3074