Your home has gained value over the years, and you're sitting on equity that could fund renovations, consolidate high-interest debt, or give you a financial cushion. Refinancing unlocks that equity—but it comes with costs and considerations that determine whether it's the right move for your situation.
What Is Mortgage Refinancing?
Refinancing means replacing your current mortgage with a new one, typically with different terms, rates, or loan amounts. Unlike a simple renewal where you continue with your existing lender, refinancing often involves:
- Accessing accumulated home equity
- Changing lenders for better rates
- Consolidating high-interest debts
- Modifying your amortization period
- Switching between fixed and variable rates
Top Reasons Canadians Refinance
Access Home Equity
As your home value increases and you pay down your mortgage, you build equity. Refinancing lets you access up to 80% of your home's value for:
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