Refinance Your Mortgage in Canada

Lower your rate, access your equity, or consolidate debt. We analyze whether refinancing makes sense for your situation and find the best terms across our network of 50+ Canadian lenders. Our team calculates your exact prepayment penalty, compares it against the long-term savings, and provides a clear break-even timeline before you commit. Whether you need a rate-and-term refinance, a cash-out to fund renovations or investments, or a blend-and-extend to avoid penalties, we structure the right solution for your goals.

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Why Refinance

Make Your Mortgage Work Harder

Your home equity is a powerful financial tool. Whether you want to reduce your monthly payments, fund renovations, or pull out equity to invest in rental properties, refinancing can unlock that value.

80%

Maximum LTV

50+

Lender Options

$2B+

Total Refinanced

Fast

Penalty Analysis

Rate Reduction

We shop your refinance across 50+ lenders to find the lowest rate available. Even a 0.25% rate reduction on a $400,000 mortgage saves approximately $5,000 over a 5-year term. We factor in any penalties and legal fees to show the true net savings before you commit to refinancing.

Cash-Out Up to 80% LTV

Access the equity you have built in your home for renovations, investing in rental properties, education, or other financial goals. On a home appraised at $700,000, you could access up to $560,000 minus your current mortgage balance. We help you determine the optimal amount to withdraw while maintaining comfortable payments.

Penalty Buyout Analysis

We calculate your exact penalty for breaking your current mortgage — whether it is a 3-month interest penalty on a variable rate or the Interest Rate Differential (IRD) on a fixed rate. Some fixed-rate penalties can reach $10,000-$30,000 depending on the lender and remaining term. We show the net savings after all costs so you make an informed decision.

Blend & Extend

Some lenders allow you to blend your current rate with a new rate and extend your term, avoiding the full break penalty entirely. This is particularly valuable when you are mid-term on a competitive rate and want to access additional funds or extend your amortization. We identify which lenders in our network offer the most favourable blend-and-extend policies.

Debt Consolidation

Roll credit cards at 18-22% interest, car loans at 6-9%, and personal lines of credit at 8-12% into your mortgage at a fraction of the rate. For example, $60,000 in credit card debt costs $12,000 per year in interest, but added to your mortgage at 5% it costs just $3,000 — saving $9,000 annually while simplifying to one monthly payment.

Investment Property Refinance

Refinance your rental properties to access equity for your next acquisition. Investment property refinances follow the same 80% LTV maximum and can use rental income to qualify. This is a core strategy for BRRRR investors — refinancing after renovations to pull out capital and redeploy it into the next deal.

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Eligibility

Mortgage Refinancing Requirements

Refinancing your Canadian mortgage requires meeting specific lender criteria. Whether you are looking for a rate reduction, cash-out, or debt consolidation, here is what you need to qualify and how we streamline the process.

Requirements

Maximum loan-to-value (LTV) of 80% based on your home's current appraised value — meaning you must have at least 20% equity
Minimum credit score of 600 for A-lender refinancing, with B-lender options available for scores as low as 500
Proof of stable income through employment documentation, self-employment financials, or pension and retirement income statements
Gross Debt Service (GDS) ratio at or below 39% and Total Debt Service (TDS) ratio at or below 44% after the refinance
Property must be in good condition and pass a lender-ordered appraisal to confirm current market value
Must pass the federal mortgage stress test at the qualifying rate, even when refinancing an existing mortgage
Clear title with no outstanding liens, judgments, or encumbrances that would prevent the new mortgage from being registered

How We Help

We calculate your exact prepayment penalty and compare it against the savings to ensure refinancing is financially worthwhile
Our team shops your refinance across 50+ lenders to find the lowest rate and best terms, not just what your current bank offers
We arrange the property appraisal and coordinate all paperwork with your real estate lawyer for a seamless process
Blend-and-extend options are identified when available, allowing you to avoid full penalties while still accessing better terms
For debt consolidation refinances, we provide a before-and-after comparison showing monthly savings and total interest reduction
If your credit score needs improvement before refinancing, we provide a targeted action plan to get you to the qualifying threshold
Rate holds protect you during the process — if rates drop before closing, we renegotiate to secure the lower rate

FAQ

Questions About Refinancing

Everything you need to know about refinancing your mortgage in Canada.

When & Why to Refinance

Refinancing typically makes sense when you can reduce your rate by at least 0.5%, when you need to access equity for investments or renovations, when you want to consolidate high-interest debt, or when your mortgage is up for renewal. We run a break-even analysis that factors in penalties, legal fees, and appraisal costs to show you exactly when the refinance pays for itself — usually within 12-24 months.

In Canada, you can refinance up to 80% of your home's current appraised value. For example, if your home is worth $500,000, you could have a mortgage of up to $400,000. Any amount above your current mortgage balance is available as cash-out funds. We arrange the appraisal and help you understand exactly how much equity is accessible after accounting for your existing mortgage balance.

Penalties & Costs

Penalties depend on your lender and mortgage type. Variable rate mortgages typically have a 3-month interest penalty. Fixed rate mortgages use the higher of a 3-month interest penalty or the Interest Rate Differential (IRD), which can be substantial — sometimes $10,000 to $30,000 on larger mortgages. We calculate your exact penalty upfront and factor it into the refinancing analysis to ensure the math still works in your favour.

Yes. Investment property refinances follow the same 80% LTV maximum. Rental income from the property can help you qualify, with lenders typically crediting 50-80% of the rental income. This is a popular strategy for investors using the BRRRR method — refinancing after renovations to pull out equity for the next purchase. We coordinate appraisals timed to capture the full post-renovation value.

Process & Options

A typical refinance takes 15-30 business days from application to funding. The process includes a new application and credit check, a property appraisal (5-10 business days), lender underwriting and approval, and legal closing with a real estate lawyer. If you are breaking your current mortgage mid-term, we also coordinate the discharge with your existing lender. Our team manages the entire timeline so nothing falls through the cracks.

Refinancing costs typically include a property appraisal ($300-500), legal fees ($800-1,500), title insurance ($200-400), and potentially a mortgage discharge fee from your current lender ($200-350). If you are breaking a fixed-rate mortgage mid-term, the prepayment penalty is usually the largest cost. We provide a complete cost breakdown upfront and ensure the total savings exceed the total costs before recommending you proceed.

Yes, refinancing is one of the most common ways to switch between variable and fixed rate products. If rates are rising and you want payment certainty, locking into a fixed rate provides protection. Conversely, if you believe rates will decline, switching to variable can save money. Some lenders also offer a blend-and-extend option that avoids the full penalty when switching rate types. We model both scenarios so you can make a confident decision.

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