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| Mortgage refinance | Home equity loan | Line of credit | |
|---|---|---|---|
| Rate range | 4 - 17.99% APR | 19.9 - 34.99% APR | |
| Interest charged on | The full new balance, amortized | The full amount from day one | Only what you draw |
| Repayment | Replaces your existing mortgage | Fixed instalments, registered against the home | Revolving, minimum payment |
| Re-borrow without reapplying | No | No | Yes |
| Best when | Rates or your equity have moved in your favour | A large cost and meaningful equity in your home | Costs arrive over time and you cannot size them yet |
| Watch out for | Breakage penalties on the mortgage you replace | Setup and legal costs; your home secures the debt | No end date means a balance can persist for years |
Everything else is arithmetic. The penalty is the variable that most often turns a good idea into a bad one.
Fixed-rate mortgages are penalised on an interest rate differential, calculated on the gap between your rate and the lender's current comparable rate across the remaining term. On a large balance with meaningful time remaining, this runs into five figures.
Variable-rate mortgages are usually penalised three months of interest, which is generally an order of magnitude less.
Get the exact figure in writing before you do anything else. Lenders calculate the differential differently and estimates vary widely from the actual discharge statement.
Refinancing is capped at 80 percent of the property value. Above that, a second mortgage or a home equity product is the route rather than a refinance.
Moving unsecured debt into a mortgage lowers the rate and lengthens the term. A card balance cleared over three years becomes mortgage debt amortised across twenty, and the total interest can exceed what the cards would have cost.
It also converts unsecured debt into debt secured against your home. That is a real change in risk, not just a change in rate.
Both can still be worth it. They should be a decision rather than a side effect.
On a variable, usually three months of interest. On a fixed, an interest rate differential that can be far larger. Request the exact figure in writing.
Yes, up to 80 percent of the property value. Weigh the longer amortisation and the shift from unsecured to secured debt.
Only if the saving across the remaining term exceeds the penalty and costs.
80 percent of the appraised value. Beyond that requires a second mortgage or home equity product.
