Mortgage Refinancing

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AMOUNT

$50K - $10M

INTEREST RATE

From 4.09%

TERMS

6 - 60 Months

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$15K - $10M

INTEREST RATE

6% - 16%

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$20K - $100M

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12 - 60 Months

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$20K - $10M

INTEREST RATE

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6 Months - 5 Years

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AMOUNT

$50K - $100M

INTEREST RATE

From 4.09%

TERMS

6 Months - 10 Years

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AMOUNT

$50K - $10M

INTEREST RATE

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TERMS

1 - 10 Years

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What is a Mortgage Refinance and How Does it Work?
Exploring the Benefits of Mortgage Refinance
Exploring the Benefits of Mortgage Refinance
The Potential Drawbacks of Mortgage Refinance
Frequently Asked Questions About Getting a Mortgage Refinance

What is a Mortgage Refinance and How Does it Work?

mortgage

The Motivations Behind Refinancing

Debt Consolidation:

car loan

Accessing Equity:

home equity

Lower Mortgage Rates:

The Process of Refinancing

stress test

Additionally, refinancing often involves legal costs and mortgage penalties. It's crucial to weigh these costs against potential savings before breaking your existing mortgage contract.

Types of Refinancing

Rate and Term Refinance:

Cash-Out Refinance:

debt obligations

Cash-In Refinance:

Refinancing can offer significant advantages, like decreased monthly repayments, consolidating your debt, and borrowing money using your home's value. It's important to consider all aspects, including the refinancing process, comparing refinance offers, and assessing your credit history before making a decision. Always consult with a mortgage lender or broker to understand your options better.

Exploring the Benefits of Mortgage Refinance

Refinancing a mortgage can offer numerous benefits, tailored to improve your financial situation. These advantages range from accessing lower interest rates to consolidating your debt, extending over different aspects of your financial life.

Lower Interest Rate and Monthly Payments

Access to Cash with Cash-Out Refinancehome renovationsDebt ConsolidationSwitching from an Adjustable-Rate to a Fixed-Rate LoanImproved Loan TermAccess to Different Lenders

While the benefits of refinancing are appealing, it's essential to consider closing costs, your credit report, and the potential impact on your home's equity. It's advisable to consult with mortgage lenders or brokers to weigh the pros and cons carefully. Ultimately, a well-planned refinance can be a strategic move towards a more secure financial future.

The Potential Drawbacks of Mortgage Refinance

Closing Costs and Borrowing Expenses

Extension of Loan Term

Loss of Equity

Potential Impact on Credit

credit score

Penalties for Early Payment

Rate Fluctuations

The decision to refinance should be based on a comprehensive understanding of both the advantages and disadvantages. It's wise to consult with mortgage lenders or financial advisors to fully explore your options and make an informed decision that aligns with your long-term financial goals.

Frequently Asked Questions About Getting a Mortgage Refinance

What is mortgage refinancing?

Why do people refinance their mortgage?

Accessing a lower interest rate, if rates have dropped since the original mortgage was taken out, to save money on interest over the life of the loan
Accessing equity in the home
Consolidate debt (particularly useful if you have high interest debt burdens)
Problems with their current lender
Desire to change loan terms, such as duration

What does it mean to access equity in my home?

What can I use mortgage refinancing funds for?

How much can I borrow when refinancing my mortgage?

How much does mortgage refinancing cost?

What's the best time to refinance my mortgage?

What are the alternatives to mortgage refinancing?

How do I refinance my mortgage?

Identify your goal for refinancing – cash out, better terms, lower rate, etc.
Research your current mortgage's prepayment penalties so you know how much refinancing will cost you. If your costs will be very high, consider whether refinancing is your best option.
Understand the current value of your home and current mortgage debt to get a rough idea of how much you can borrow with a new mortgage.
Research the refinancing interest rate to understand what your new monthly mortgage costs will be. Shop around, as different lenders may have quite different rates and loan terms.
Choose a lender and complete an application form. This is often a very easy step, as most lenders will walk you through your application. You will need some financial and personal documentation on hand to support your application (as you did when taking out your original mortgage).
If your new mortgage is approved, review the mortgage agreement to understand the new terms, and if you're happy, sign it. Everything will be set up so that your old mortgage is automatically closed on the same day that your new mortgage takes effect, and your old mortgage plus fees will be paid off at this time. Any remaining funds will then be deposited into your bank account.

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Expert Review & Editorial Standards

This page was researched, written, and reviewed by financial professionals with expertise in Canadian lending regulations. All information is regularly updated to reflect current rates, terms, and regulatory changes.

Reviewed By

Jenna West

Financial Writer & Content Director

Jenna has covered the Canadian FinTech and consumer lending industry since 2017. She specializes in regulatory updates, consumer protection, and helping Canadians navigate complex financial products.

8+ years analyzing Canadian consumer lending
Monitors FCAC and provincial regulatory changes
Specializes in personal loans and alternative lending

Written By

Amy Orr

Financial Content Specialist

Amy is a financial writer with 10+ years covering Canadian, U.S., and U.K. financial markets. She holds a Masters in Finance from the University of Edinburgh Business School and formerly worked in the hedge fund sector.

Masters in Finance, University of Edinburgh
Former hedge fund professional
Published in major financial publications

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Last Updated: July 28, 2025 | Next Review: Ongoing monitoring

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