3852 Finch Ave E #209, Scarborough, ON M1T 3T9, Canada
Brokerage #13763
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Brokerage #13763
Lower your rate, consolidate debt, or unlock up to 80% of your home's equity. lendsimpl compares 50+ Ontario lenders — FSRA licensed, FSRA-licensed.
5.0 on GoogleFSRA Licensed Brokerage #13763Serving all of OntarioTakes about 30 seconds · Free · No obligation
~$1,823/mo per $300K
4.39% per year
Rates shown are best available for qualified Ontario borrowers. Subject to lender approval, appraisal, and credit qualification. lendsimpl FSRA #13763.
We handle every step so you can focus on what matters.
We calculate exactly how many months of savings cover your prepayment penalty. Clear numbers — no pressure, personalized rate comparison.
Provide recent pay stubs or NOAs, your current mortgage statement, property tax bill, and government ID. We prepare the full lender package.
A licensed appraiser confirms home value. Your chosen lender issues a commitment letter with a locked rate and terms. We review every clause.
Your lawyer discharges the old mortgage, registers the new one, and advances any equity payout on closing day. New lower payments begin immediately.
We flag renewal opportunities, rate drop windows, and optimal refinance timing throughout your term — no extra charge.
Ready to see what your file qualifies for?
Start the comparison, or ask a question first.
Every refinance serves a different goal. Which one matches your situation?
If today's rates are 0.50%+ below your current mortgage, the payment savings typically outweigh the break penalty within 18–30 months — we calculate the exact breakeven for you.
Roll credit cards, car loans, and lines of credit into your mortgage — trading high-interest revolving debt for one lower, predictable payment and dramatically cutting monthly cash outflow.
Access up to 80% LTV as a lump sum to finance a kitchen, addition, or full rebuild. Refinancing often beats HELOC rates for large, one-time renovation budgets.
Extract equity from your primary home as a 20% down payment on a rental property. We structure both the refinance and investment mortgage simultaneously.
Move from a big bank to a monoline or credit union with lower rates, better prepayment privileges, and lower break penalties — often significant term-over-term savings.
When your mortgage is within 120 days of maturity, no penalty applies. The ideal window to refinance, blend-and-extend, or add equity access with zero break cost.
5.0 on Google
Verified reviews
2,400+
Ontario Refinances Closed
$1.2B+
Mortgage Volume
30 Days
Average Close Time
$0
Our service
Two borrowers can walk into the same lender on the same day and be quoted very differently. These are the inputs that decide which of you gets which number.
A mortgage with default insurance carries less lender risk, so it generally prices below an uninsured one. Insurance is required under 20% down, and homes at $1.5M or more can't be insured at all.
Most A-lenders want a score in the low 600s or better for their standard pricing; the sharpest pricing tiers generally sit higher. Below that, alternative and private lenders price differently.
How much you're borrowing against the property's value. It sets the lender tier you qualify for, and it often moves pricing within a tier too.
Salaried T4 income is the simplest to document. Self-employed, commission and rental income can still qualify at A-lender pricing, but the documentation path is different.
Owner-occupied, rental, second home, rural, condo, multi-unit — each carries its own lender appetite and its own pricing.
Fixed follows Government of Canada bond yields. Variable follows bank prime, which moves with the Bank of Canada. Shorter terms and longer terms rarely price the same.
Not sure which tier your file lands in?
That's the first thing we check — before any number is quoted.
| Factor | Refinance | HELOC | Mortgage Renewal |
|---|---|---|---|
| Access type | Lump sum | Revolving | No new funds |
| Rate type | Fixed / Variable | Variable (prime +) | Fixed / Variable |
| Max LTV | 80% | 65–80% | Current balance |
| Prepayment penalty | IRD or 3 months | None | None (at maturity) |
| Closes with lawyer | Yes | Yes (setup) | Usually not |
| Debt consolidation | Yes — lump sum payoff | Partial | No |
| Best for | Rate reset + equity | Ongoing access | Simple term refresh |
Most Ontario homeowners with 20%+ equity can refinance. Here are the key criteria lenders evaluate.
Minimum 20% Home Equity
Conventional refinancing requires you to maintain at least 20% equity in your home (max 80% LTV). More equity typically means better rates.
Qualifying Income
Lenders require proof of income to stress-test your ability to carry the new mortgage. Self-employed borrowers may qualify through stated income or B-lenders.
Credit Score 600+ (A-lender) or any (B/private)
A-lenders prefer 680+. B-lenders accept 580–680. Private lenders prioritize equity over credit score.
Mortgage Stress Test
You must qualify at your contract rate + 2%, or 5.25% — whichever is higher. Credit unions may have different rules.
Property Must Be Appraised
A licensed appraisal confirms current market value and sets the maximum refinance amount. We coordinate this with the lender.
$340M+
Refinance Volume
Funded in Ontario
Clients Served
Ontario homeowners
Avg Monthly Savings
Per refinanced client
5.0/5 average rating on Google
“Damien Atapattu made my mortgage process completely stress‑free. He prepared all documents ahead of time and clearly understands lender, lawyer, and appraisal requirements. A friendly, energetic professional who gets results.”
Aruna Bandaranayake
Google review · 5 mo ago
“Highly recommend! Damien took a lot of time to explain the terms thoroughly. He is very knowledgeable and trustworthy. Looking forward to working with him again!”
Tommy Ravindran
Google review · 6 mo ago
“Shamal was amazing throughout the whole process. He is very helpful, knowledgeable and patient. If you need a good reliable mortgage broker he is the guy! He will find you the best solution.”
Avy Loc
Google review · 6 mo ago
“Highly recommend. Damien was excellent throughout everything. Walking us through everything step by step. He was extremely well prepared and well versed in everything we needed to get a mortgage at a great rate.”
John Abraham
Google review · 7 mo ago
“I had a great experience working with Damien. He helped me secure a very competitive mortgage rate through Scotiabank and made the entire process smooth and stress-free. He was knowledgeable, transparent, and always quick to respond to my questions. I highly recommend him.”
Rz
Google review · 7 mo ago
“I approached lendsimpl for some financing and was amazed at the quality and time frame of service. Within a matter of days my deal was completed. Thanks to Damien and the team for expediting my business so efficiently. I highly recommend them for your financing needs. Five stars from us.”
Sunrise Meadows
Google review · 9 mo ago
From break-even analysis to closing costs — run the numbers before you decide.
Calculate your break penalty vs. long-term savings. See the exact month your refinance pays off — penalty to breakeven analysis included.
Learn moreModel your new monthly or bi-weekly payment at today's best Ontario refinance rates. Compare amortizations and see total interest saved.
Learn moreBudget for legal fees, discharge fees, appraisal, and registration before you commit. Refinancing has closing costs — know them upfront.
Learn moreUsing equity for a down payment on a second property? Estimate full purchase costs, CMHC insurance, and monthly payments on the investment side.
Learn moreCalculate Ontario & Toronto land transfer tax for your next property purchase including first-time buyer rebates.
Learn moreExploring B-lender or private mortgage options? Estimate payments, lender fees, and compare private vs. A-lender refinance options.
Learn more10 in-depth answers about refinancing your Ontario mortgage.
Have a question we didn’t answer?
Our licensed broker team is happy to help.
Refinancing makes sense when today's rates are at least 0.50% lower than your current rate, you need to access home equity for renovations or investments, you want to consolidate high-interest debt, your income or credit has improved enough to qualify for a better product, or you are approaching renewal and want to blend-and-extend.
Still have questions?
Straight answers, no pressure.
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