Refinancing
Refinance your mortgage to work harder for you
Whether you want to lower your rate, access equity, or restructure your payments, refinancing can be a powerful financial tool. I compare options across 30+ lenders to find the right fit for your situation.
Why Refinance
Why thousands of Canadians refinance every year
Refinancing replaces your existing mortgage with a new one, typically at different terms. In Canada, you can refinance up to 80% of your home's appraised value, which means if your property has appreciated since you purchased it, you may be able to access significant equity without selling.
The most common reasons Canadians refinance include lowering their interest rate, accessing home equity for renovations or investments, consolidating high-interest debt into a lower-rate mortgage payment, or changing their mortgage terms from variable to fixed (or vice versa) to better align with their financial strategy.
As your mortgage advisor, I calculate the full cost-benefit analysis of refinancing -- including any prepayment penalties, legal fees, and appraisal costs -- so you can make an informed decision with complete transparency.
Refinancing Options
Four key reasons to refinance your mortgage
Lower Your Interest Rate
If interest rates have decreased since you locked in, or if your credit score has improved significantly, refinancing could reduce your monthly payments by hundreds of dollars. Even a 0.25% reduction on a $500,000 mortgage can save you over $7,000 over a five-year term. I compare rates from over 30 lenders to ensure you receive the most competitive offer available in the current market.
Access Your Home Equity
Canadian homeowners can refinance up to 80% of their home's current appraised value. If your property has increased in value, refinancing allows you to access that equity as cash. Common uses include funding major renovations, investing in a secondary property, supporting a child's education, or creating a financial safety net. I help you structure the refinance to achieve your specific goals.
Consolidate High-Interest Debt
Carrying credit card balances at 19.99% to 29.99% or personal loans at 8% to 12% is significantly more expensive than mortgage rates. By rolling these debts into your mortgage, you convert high-interest obligations into a single, low-interest monthly payment. This can reduce total monthly debt payments by $500 to $1,500 or more depending on your situation.
Change Your Mortgage Terms
Refinancing gives you the opportunity to switch from a variable rate to a fixed rate for more payment certainty, extend your amortization to lower monthly payments, increase your payment frequency to pay down principal faster, or adjust your mortgage structure to a readvanceable product. I analyze your current terms and recommend the optimal structure.
What to know before refinancing in 2026
Prepayment penalties
If you break your mortgage before the end of your term, your lender will charge a prepayment penalty. For variable rate mortgages, this is typically three months of interest. For fixed rate mortgages, the penalty is the greater of three months of interest or the Interest Rate Differential (IRD), which can be substantial. I calculate your exact penalty before recommending a refinance, and sometimes the savings from a lower rate or debt consolidation far outweigh the penalty cost.
The mortgage stress test
All refinancing in Canada requires qualification under the federal mortgage stress test. You must qualify at the higher of your contract rate plus 2% or the benchmark qualifying rate set by OSFI. This applies whether you are staying with your current lender or switching to a new one. I structure your application to maximize your qualifying power under the stress test rules.
Costs involved in refinancing
Refinancing typically involves a property appraisal ($300 to $500), legal fees ($1,000 to $2,000), potential title insurance, and the prepayment penalty on your existing mortgage. Some lenders offer to cover a portion of these costs as part of their refinancing package. I factor all costs into the analysis so you can see the true net benefit of refinancing.
Timing your refinance
The best time to refinance depends on your individual circumstances. If your mortgage is within 120 days of renewal, you can switch lenders without penalty. If you are mid-term, the decision depends on how much you stand to save versus the penalty cost. I also monitor the rate environment and proactively reach out to clients when I see opportunities to save.
The refinancing process
Review & Analysis
I review your current mortgage terms, calculate any penalties, and analyze whether refinancing makes financial sense for your specific situation.
Lender Comparison
I shop your profile across 30+ lenders to find the best rates and terms, presenting you with a clear comparison of your top options.
Application & Appraisal
Once you choose a direction, I prepare your application, order the appraisal, and manage all documentation with the lender.
Closing & Funding
Your lawyer finalizes the refinance, your existing mortgage is discharged, and your new mortgage is registered. I coordinate the entire process.
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