Unlock your home's financial power.

Refinancing replaces your current mortgage with a new one, usually with a better rate, a different term, or a higher loan amount that frees up equity you've built. It's not a top-up loan. It's a fresh mortgage.

• Lower monthly payments, when rates have dropped or your situation needs restructuring.
• Tap into home equity for renovations, education, investing, or a down payment on another property.
• Consolidate higher-interest debt (credit cards, lines of credit, car loans) into one lower-interest payment.
• Pay your mortgage off sooner by shortening your amortization or restructuring at a better rate.

Certain mortgage programs allow you to access up to 90% of the home's value when you're building a legal secondary suite or rental unit. Conditions apply, and not every lender offers it. Worth a conversation if it's on your radar.

• Proof of income (recent pay stubs, T4s, NOAs, or business financials if self-employed)
• Credit history and current debts
• A current home appraisal
• Details of your existing mortgage (lender, balance, rate, maturity, prepayment penalty)

Typically 30–45 days from application to close. The big variable is appraisal turnaround and how quickly your lawyer can complete the discharge and registration.

• Prepayment penalties. If you're breaking a fixed mortgage mid-term, the penalty (3 months' interest or IRD, whichever is greater) can be significant. Always run the math.
• Stress test still applies. Even with a great refinance offer, you have to qualify at the higher of contract + 2% or the BoC qualifying rate.
• Closing costs. Legal fees, appraisal, and discharge fees apply. Sometimes the lender absorbs them, sometimes not. Ask.