It might sound strange, but refinancing your mortgage could actually save you money. Depending on rates and your current contract, the savings can run into the thousands — even after fees and penalties.
Reasons people refinance
- To get a lower interest rate
- To pay off higher-interest debt
- To access equity for renovations or investments
- To change their amortization or payment
- To remove someone from the mortgage after a separation
Does it make sense for you?
We’ll look at your current rate, your penalty for breaking the mortgage, legal and appraisal costs, and what you’d save over the term. If the numbers don’t work, we’ll tell you — sometimes waiting until renewal is the better move.
How much can you borrow?
In Canada, you can generally refinance up to 80% of your home’s appraised value, depending on the lender and your qualifications.