Mortgage Refinance in Richmond, BC

How much can I borrow, and should it be a mortgage or a line of credit?

A refinance usually lets you borrow up to 80% of your home's value, counting what you already owe. Within that, a home equity line of credit can make up to 65% of the value, and any amount from 65% to 80% has to be a regular mortgage you pay down. The line works well for money you'll draw over time, such as payments to a contractor redoing a Steveston kitchen. The mortgage portion suits one lump sum like a down payment. Mortgage insurance isn't available for a regular refinance, so every dollar above your current balance comes out of your own equity.

Will a refinance affect my ability to qualify for a rental purchase?

It will, because your bigger mortgage payment goes into the debt numbers the next lender checks. Both loans face the stress test, which uses the greater of your contract rate plus 2% or 5.25%, so we test the purchase price before you refinance. If the purchase is anywhere in BC, add property transfer tax to your cash plan at 1% on the first $200,000 and 2% on the part from $200,000 to $2 million. A mortgage pre-approval in Richmond from us gives you that limit in writing.

Does $25,000 justify a full refinance?

That depends on where you are in your term, because breaking a mortgage early usually means a penalty. On a small amount that penalty can cost more than the refinance saves, so we compare it with a separate line of credit before recommending anything. If you're selling soon to buy something bigger, bridge financing in Richmond can cover the gap between closings without a refinance at all.

Talk to us about your Richmond refinance

Book a free call or phone 604-262-3500 and tell us what the money is for. We'll map the refinance and your next purchase as one plan. Flow holds 4.9 stars across more than 400 Google reviews.

Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.