Your home’s value minus what you owe on it isn’t the amount you can pull out. Refinancing caps at 80% of value, and that ceiling includes your current balance.
The balance, penalty, fees, debts paid at funding, any room held back for a line of credit: all of that gets subtracted before the project itself comes up. Net funds and the new payment get calculated first.
Discuss my refinancing with MathieuI have access to more than twenty lenders: major banks, credit unions, and specialized lenders. I compare the rate, but also the value each one will accept for your property, the fees, and whether they’ll do an amortizing loan, a line of credit, or both together.
Your bank offers its refinancing product, with its own way of valuing your property and its own fees. If the value it accepts comes in low, you have no recourse, except starting over somewhere else. I can put your file in front of more than twenty lenders and find the one that accepts the best value and the structure that fits your project.
How much you need and what for. An approximate property value and your current balance are enough to start.
The theoretical ceiling minus the balance, penalty, and fees. You see the amount available, not the gross one.
Amortizing loan, line of credit, or both. I compare payment, interest, and flexibility across the lenders that accept your file.
I coordinate with the appraiser and the notary until the money is in your account.
The theoretical room at 80% of value isn’t what lands in your account. The penalty and the fees come off before funding, and the gap between those two numbers surprises people. I show you the net from the very first scenario.
The lender doesn’t go by the municipal assessment or the price you’re hoping for. And since the ceiling is calculated on that value, every dollar of appraisal gap cuts your room by 80 cents. That gets planned before you build the project budget, not after.
In most files you pay nothing: I’m paid by the lender that secures your financing. What it costs, in detail
An estimate becomes useful when it subtracts debts and fees and shows the new payment.
It depends on the value the lender recognizes, the debts already secured against the house, your situation, the property type, and the program. An online calculator gives you theoretical room, nothing more. I then check what applies to your file.
We start from the new financing, then take out the balance being repaid, the penalty, the fees, and the debts paid directly at funding. I always show you the gross amount and the net separately. It’s the net that should drive your project budget: that’s what lands in your account.
Waiting until maturity sometimes avoids a penalty. But you also have to weigh your project, what waiting costs you, and the conditions you might face then. When the information allows it, I price both: one scenario now, one at maturity. You compare.
It’s a useful reference point, but the lender may want another method or a professional appraisal. The value that counts depends on its requirements and on the property. So I treat the municipal assessment as a starting assumption, never as the final value, until it’s confirmed.
Yes, but it calls for a fresh financial review and legal work on the property title. The lender has to accept the new structure. I handle the financing; your notary or lawyer confirms the legal effects, the consents, and the documents to sign.
Major banks, credit unions, and specialized lenders each apply their own criteria, products, and terms. A logo does not mean that a mortgage will be offered or approved.
