When a rate-and-term refinance pays off
We run penalty vs savings before you break anything. Equity takeout is a different product.
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IRD vs three-month interest
Fixed-mortgage penalties are the greater of three months' interest or the interest-rate differential. We calculate both.
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Break-even month
Interest saved over the new term has to clear penalty plus appraisal and legal. If it does not, stay or wait for maturity.
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80% LTV, uninsured
Refinances need 20% equity. 5% down is a purchase path only. Switching at maturity has no lender penalty.
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Not a cash-out
Rate-and-term keeps the balance roughly flat. Pulling cash is home-equity takeout — a separate Ontario page.
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Residential rates
Owner-occupied and 1–4 unit rate ranges. Commercial and CMB pricing live on their own desks.
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Ontario home mortgages
City pages for the home you live in — purchases, renewals, refinances, and self-employed files.
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Home equity takeout
Pull cash up to 80% LTV from the Ontario home you occupy. Refinance vs HELOC compared.
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Self-employed mortgage
Two-year NOA averages, add-backs, and alt-doc paths for the home you live in.
Ontario owner-occupied mortgages
Retail (owner-occupied) paths for the home you live in — not investment underwriting.
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Ontario refinance FAQs
Rate-and-term only — not investment refinances, not equity takeout.
Ontario refinance FAQs
Next steps
Run the penalty math first
Send us your statement and current offer — we compare stay vs break vs switch in one call.