Mortgage refinancing in Ontario

A mortgage refinance in Ontario is a contract between a borrower and a licensed lender, read against the province's consumer credit rules and the federal ceiling where one applies.

The Ontario version of the mortgage refinance page exists because provincial rules apply to the contract wherever the lender is based.

How the product is defined

Mortgage refinancing: Replacing an existing mortgage to change the rate, the term or the amount borrowed, and what it costs.

Refinancing replaces an existing mortgage to change the rate, the term or the amount, and the property remains the security.

The asset is the lender's fallback, so the price is usually lower than for an unsecured equivalent.

The lender values the asset before setting the amount, and the amount rarely exceeds that value.

Regulation in Ontario

The federal Payday Lending Regulations (SOR/2024-114) count Ontario among the provinces with payday lending rules, where the published maximum cost of borrowing is $14 per $100 advanced under SOR/2024-114.

Consumer credit in Ontario is licensed by the provincial or territorial regulator, and the Financial Consumer Agency of Canada publishes the list of provincial and territorial regulators.

Brockville is one of the 527 places with a page in Ontario, counted at 22,116 residents in the 2021 Census.

Places covered in Ontario number 527; Toronto is the population leader at 2,794,356 in the 2021 Census. That applies to a mortgage refinance as to any other consumer product in Ontario.

The assessment

The term requested on a mortgage refinance is weighed against the payment the file can carry.

Existing debts are added up against income when a lender reviews a mortgage refinance.

Security changes the lender's position on a mortgage refinance rather than removing the assessment.

Products compared alongside it

The pages below cover products that sit next to a mortgage refinance in Ontario.

• Bad credit loans: Borrowing when the credit file is damaged, and what changes about price and security as a result.
• Secured loans: Borrowing against an asset, which lowers the price but puts the asset at risk if you default.
• Mortgage refinancing: Replacing an existing mortgage to change the rate, the term or the amount borrowed, and what it costs.

The Ontario pages place a mortgage refinance alongside 527 covered communities, including Brockville at 22,116 residents.

Anyone reading about a mortgage refinance in Ontario can compare the same product page for every other province.

The record for a mortgage refinance in Ontario carries the provincial position and the product description together.

Nothing on the Ontario mortgage refinance page is estimated; the payday position comes from the federal Payday Lending Regulations (SOR/2024-114).

Brockville, at 22,116 residents in the 2021 Census, is one of the 527 covered Ontario places where a mortgage refinance could be arranged.

The 527 covered Ontario places are all inside the same provincial framework for a mortgage refinance.

The provincial figures for Ontario apply to a mortgage refinance wherever the borrower lives, from Toronto outward.

For a mortgage refinance in Ontario, the surrounding places range from Toronto at 2,794,356 residents to smaller communities across the province.

For Ontario, the payday position and the product terms for a mortgage refinance come from separate published sources.

Where a figure for Ontario could not be verified, the page names the publisher rather than printing a number.

A mortgage refinance in Ontario is described here with the same structure used for every other product page.

loanmoose.ca is not a lender and does not make credit decisions. The lowest rates are only available to the most qualified applicants.

Population and land area figures come from Statistics Canada's 2021 Census of Population; regulatory statements are attributed to the federal Payday Lending Regulations (SOR/2024-114).

Price and eligibility are decided by the lender, and the provincial rules set the outside limit rather than the price itself.