Mortgage Refinance in Canada
Access your home equity or lower your mortgage rate through refinancing. Compare rates and calculate your potential savings.
Access Up To
80%
Of Your Home's Value
Lower Your Rate
By 1-2%
Potential Savings
Break Even In
2-3 Years
After Penalty Costs
🏠 What is Mortgage Refinancing?
Mortgage refinancing involves breaking your current mortgage and obtaining a new one, often with different terms, rate, or lender. It allows you to access home equity or reduce your interest rate.
Common Reasons to Refinance:
- Access home equity for renovations or debt consolidation
- Lower your interest rate to reduce monthly payments
- Switch from variable to fixed rate (or vice versa)
- Remove a co-borrower after divorce or separation
- Consolidate high-interest debt
- Fund investment opportunities
💰 Costs of Refinancing
Mortgage Penalty
Fixed Rate: Higher of 3 months interest or Interest Rate Differential (IRD)
Variable Rate: Typically 3 months interest
💡 Can range from $2,000 to $20,000+
Other Costs
- • Appraisal fee: $300-$500
- • Legal fees: $500-$1,500
- • Title insurance: $200-$400
- • Administration fees: $0-$500
Total Cost: Typically $3,000-$25,000 depending on penalty
📊 Should You Refinance? Decision Guide
✓ Good Reasons to Refinance
- ✓Interest rate is 1%+ lower than current rate
- ✓You can break even on penalty within 2-3 years
- ✓Consolidating high-interest debt (20%+ credit cards)
- ✓Home value has increased significantly
- ✓Near end of term (penalty is minimal)
✗ Poor Reasons to Refinance
- ✗Just started a new mortgage (high penalty)
- ✗Rate difference is minimal (less than 0.5%)
- ✗To fund lifestyle expenses or vacations
- ✗Won't break even before selling the home
- ✗Home value has decreased (may not qualify)
Mortgage Calculator
Calculate new monthly payments after refinancing
Current Rates
Compare today's refinance rates from major lenders
Bad Credit Options
Refinance options for those with credit challenges
💡 Refinancing Checklist
- ✓ Check your current home value (order appraisal or use online estimates)
- ✓ Calculate your mortgage penalty (call your current lender)
- ✓ Compare current refinance rates from at least 3 lenders
- ✓ Calculate break-even point: Penalty ÷ Monthly Savings = Months to break even
- ✓ Ensure you qualify: 680+ credit score, 80% loan-to-value max, income verification
- ✓ Consider timing: Refinance near renewal to minimize penalty
- ✓ Work with a mortgage broker to find best rates and terms
Ready to Refinance Your Mortgage?
Access your home equity or lower your rate. Compare refinance rates from 50+ lenders and find your best option.
No obligation • Free service • Rate hold up to 120 days