Refinance

Porting to a new home

Does that house that seemed so perfect a few years ago now feel too small for your growing family? Maybe it’s time to move up to a bigger home? Porting allows for you to take your existing mortgage with you to another property. Upon qualification, you simply pick up the balance and rate on your current home and move it to the new property you are purchasing.

Do you need additional financing for a new property? No problem! RMG also offers “increased ports.” You can take your existing balance to the new property and we’ll lend you the additional amount required. We will process a new mortgage for you which will include both your current balance and the additional funds.

Are you an “empty nester?” Is it time to scale back? Once again, no problem! RMG provides “decreased ports” too. You can take only the portion of your existing balance that you require to the new property. Decreased ports can save you thousands of dollars in potential interest penalties.

We’ve designed RMG’s “porting” options to save you time and money. Start an application today by clicking on the apply link below or give us a call and find out what we can do for you.

Renovating

The reasons for renovating are as varied as the individuals who undertake it. Changing lifestyles are often at the root of most renovation projects.

• A new addition to the family may signal the call for an additional bedroom or play area.
• As children get older it may be time to finish the basement with a recreation room or add another bathroom for those hectic mornings!
• As the home gets older, it may be time to replace older windows with energy efficient ones.
• As you plan for retirement, perhaps it's time to consider adding on a sunroom or revamping the outside pool, patio and garden areas.

Refinancing your mortgage with RMG will allow you to use the equity in your home to complete these renovations.

Debt Consolidation

Typically, the interest rate on unsecured debt such as bank or store credit cards, personal loans and some lines of credit is much higher than the rate of interest individuals pay on their mortgage.

For many homeowners, it just makes sense to use their available home equity to pay-out this high-interest debt. If you have equity built up in your home, refinancing may be a great option to help you become debt free faster.

Equity Take-Out

Have you ever dreamed about taking a vacation to a tropical paradise? Do you need the funds to pay for your child's education? Would you like to invest more into your RRSP?

If you're like most people, you probably answered yes to at least one of these questions. If you have equity built up in your home, why not borrow against it to finance your dreams?

Adding this amount into your mortgage can save you thousands of dollars versus putting these charges against your credit card.

FAQ - Refinance

What types of refinancing do you provide?
At RMG, we are committed to providing you, our valued customer, with the type of refinancing that you need. We have many flexible programs and options to meet your requirements. We handle covenant changes, assumptions, debt consolidations, equity take-outs, increased ports, decreased ports, replacements and bridge loans.

I want to refinance my mortgage. How do I do this?
An application for refinance can be completed online or over the phone by speaking with one of our Customer Service Specialists. We can also e-mail an application to you. Once your application is submitted, it will be reviewed by an underwriter to determine if we can help you with your request.

Are there any costs to refinance my mortgage?
There are several costs associated with refinancing your mortgage. There may be an application fee, a discharge fee and a prepayment penalty. You will also incur legal fees as well as an appraisal cost all of which can be covered by the additional mortgage funds.

What is an appraisal?
When you refinance your home, we will need to have a current appraisal done on your property. An appraisal is a document showing the value of your home. An appraiser will look at the condition of your property and your neighbourhood to determine an accurate market value.

I am not sure I would qualify to refinance my home. How can I know for sure?
In order to be eligible to refinance, you must be able to demonstrate that you are able to make your current mortgage payments in a timely manner. Your history with other creditors is also very important to us. You must also demonstrate that you have the income to support the increased mortgage amount. Finally, there must be enough available equity in your property.

How to Apply for Refinancing

RMG has made applying for any type of refinance quick — by offering three easy methods!

1. Click on Apply Now!
   Easily and quickly complete a user friendly online application at your convenience from anywhere 24/7.
   
   
2. Telephone Application: 1-866-514-4896 (toll free)
   We’re glad to take an application with you directly over the telephone. In addition to assisting you through the application process, our Mortgage Solutions Specialists can answer any questions you may have concerning turn-around time, fees, policies, etc.
   
   
3. Fax Application: 1-866-371-0132 (toll-free)
   If you would rather complete an application online, print it out and fax it over.

Apply Now!

Instructions for application form:

1. Open the PDF. 
2. Fill in the editable form fields. 
3. Once complete, go to "File" -> "Save" to save the document for your reference. 
4. Go to "File" -> "Print." 
5. Fax the printed and signed form to 1-866-371-0132.