Mortgage Refinance in Victoria, BC
A mortgage refinance in Victoria lets you take equity out of your home without selling. If you own in James Bay or Fairfield, it can help you support family or retire carrying less debt. Older houses in Rockland and Fernwood can also need work that a refinance or a line of credit can pay for. We'll show you which one costs less for your plans. On a standard refinance the lender pays us in most cases, so you don't pay for our advice.
With a line of credit, would I only pay interest?
You can, since most home equity lines of credit ask only for interest each month, and the balance won't go down unless you pay more. That suits a renovation paid out in stages, though the balance can stay put for years if you don't set a paydown plan. Your line can reach 65% of your home's value, and anything from 65% up to 80% of the value has to go into a regular mortgage you pay down. For retirees on a fixed income an interest-only payment can look easy today, so we'll show you what the payment becomes once you start paying the principal back.
Does refinancing to 30 years mean my interest starts over?
Your payment schedule restarts at 30 years, which means more years of interest and early payments that go mostly to interest. Many lenders allow a 30-year amortization on a refinance, and the lower payment can free up room in a tight budget. On a $500,000 mortgage over 30 years, each 1 percentage point on the rate changes the monthly payment by about $283 to $298, so we compare the rate across lenders as closely as the amortization.
Do I have to switch my mortgage to Flow?
You can stay with your lender, and if their refinance is the better deal we'll tell you. Most lenders charge a penalty to break a term early, so we line up that number against what you'd save before recommending a move. If your term ends soon, our mortgage renewal in Victoria page explains how adding funds at maturity can avoid that penalty. If you own a rental building, see our commercial mortgage in Victoria page for that side of things.
Book a free Victoria refinance call
Book a free call or phone 604-262-3500, and we'll compare a refinance and a line of credit for your home. You'll get both payments in writing.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
How much can I borrow?
Most lenders go up to 80% of your home's value, minus your current mortgage. No mortgage insurance is available for a regular refinance, so on most files that 80% is the ceiling.
Is consolidating debt into my mortgage a good idea?
It lowers the monthly cost and stretches short-term debt over decades, so it works best with a plan to prepay the consolidated amount within a few years. You'll also need to qualify at the greater of your contract rate plus 2% or 5.25%.