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Rates updated Oct 5, 2025
Rates updated Oct 5, 2025
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360Lending is an award-winning mortgage brokerage helping homeowners across Ontario get better rates on home equity loans, HELOCs, and mortgage refinancing.
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Check out the latest refinancing rates in Ontario, Canada
Rates updated Oct 5, 2025
Prime Lenders
(1st)4.49% to 5.24%
Subprime (B Lenders)
(1st)5.09% to 6.44%
What is Mortgage Refinancing?
Banks or B lenders (subprime)
Refinancing your mortgage means replacing your current loan with a new one—often to access equity, get a lower rate, or change your term. Working with mortgage brokers can help you explore different methods and options for refinancing, each with unique costs and considerations. Whether you're looking to free up cash, improve monthly payments, or invest in renovations, we’ll guide you through how to refinance a mortgage and the reasons and benefits of refinancing.
FAQs about mortgage refinancing:
1
How to refinance a mortgage?
To refinance a mortgage, a broker can compare offers from major banks and alternative lenders. If banks decline, brokers can help you explore subprime options that still fit your goals.
2
Typical mortgage refinancing rates?
Lenders decide based on your income, credit, and equity. As brokers, our job is to help you get the best offers. Check out our Rates page for the lowest mortgage rates in Ontario.
3
What about self-employed borrowers?
Self-employed borrowers can qualify for more through B lenders using stated income programs. Instead of tax returns with write-offs, they can use bank statements to show actual cash flow.
4
Any costs and considerations?
If you qualify with a major bank, there are typically no broker fees. But with B lenders (subprime), expect a lender fee—usually around 1% of the new mortgage amount.
5
Impact on credit & financial health
A credit check for refinancing has little impact on your score. Refinancing can actually improve your credit and financial health by lowering payments and reducing balances.
Approved amount $480,000
Previous mortgage $430,000
Increased amortization to 30 Yearsto reduce payments
Refinancing with B Lenders
Andrew and Erin bought their home nearly five years ago and were approaching their mortgage renewal. Andrew, an accountant, had solid credit and a low debt-to-income ratio. Erin, a talented web designer, is self-employed and often writes off business expenses to reduce her taxable income—a common strategy, but one that can complicate refinancing with traditional lenders.
The couple had a $430,000 mortgage and wanted to refinance to access an additional $50,000 for home renovations. However, major banks declined their application because Erin’s reported income was too low to qualify. They needed a more flexible solution—one that would account for their actual financial position.
How 360Lending helped them explore their options
Our team walked Andrew and Erin through the methods and options for refinancing, including how B lenders assess self-employed applicants. We used a mortgage refinance calculator to estimate their potential monthly payments and reviewed the costs and considerations of refinancing, including extending their amortization to improve cash flow.
Andrew provided his T4s and recent pay stubs. For Erin, we collected 12 months of business bank statements, recent invoices, and a breakdown of operating expenses to demonstrate real earning capacity—critical when pursuing a bad credit refinance mortgage or one based on stated income.
After assessing their eligibility and suitability, we recommended a B lender solution with a 30-year amortization. This allowed them to unlock $50,000 for renovations while lowering their monthly payments—one of the key reasons and benefits of refinancing for families balancing short-term needs with long-term plans.
Results
Andrew and Erin’s mortgage refinancing was approved with a B lender after being declined by major banks. By extending their amortization from 25 to 30 years, they significantly reduced their monthly obligations. The $50,000 was used to upgrade their home, and Erin retained the ability to manage her taxes efficiently as a self-employed professional. This outcome highlights the pros and cons of refinancing—while alternative lenders may charge slightly higher mortgage refinance rates, they offer flexible underwriting and faster approvals. It's a great example of how real families benefit from expert guidance and personalized solutions—especially when traditional lenders say no.
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*The information presented is for illustrative and educational purposes only.
Mortgage Refinancing in Ontario, Canada
We recommend getting the following documents ready to ensure a seamless experience:
2 valid IDs (i.e. passport)
Direct deposit (or void cheque)
Home insurance
Mortgage statement
Property tax bill
T4s from the past 2 years & pay stubs (salaried or hourly)
Bank statements (self-employed or retired)
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360Lending empowers families with tools for better decisions and prioritizes client care for success.
9040 Leslie St, Unit 215
Richmond Hill, Ontario, L4B 3M4
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Thurs-Fri9am-5pm
Sat-SunClosed
