How much equity can I access?

On a refinance you can generally borrow up to 80% of your home's appraised value, minus your existing mortgage balance.

Is it better to wait until renewal?

Often, yes - refinancing at renewal avoids prepayment penalties. But if rates have dropped enough or you need funds now, mid-term can still make sense. We'll show you both.

Refinance

Refinance to a smarter mortgage

Lower your payment, consolidate high-interest debt, or access your home's equity - up to 80% of its value.

See if refinancing pays off Talk to an advisor

Reasons

Why Canadians refinance

Lower your payment

Refinance to a lower rate or longer amortization to free up monthly cash flow.

Consolidate debt

Roll high-interest credit cards and loans into one lower mortgage payment.

Access equity

Take out up to 80% of your home's value for renovations, investing, or big goals.

Change your rate type

Move from variable to fixed (or vice versa) to match your comfort with risk.

Fund a renovation

Use your equity to increase your home's value and your comfort.

Remove or add a borrower

Refinancing can restructure who's on title and on the mortgage.

The math

Will refinancing actually save you money?

Refinancing mid-term can trigger a prepayment penalty. The savings from a lower rate need to outweigh that cost - we run the numbers honestly, both ways.

We estimate your prepayment penalty up front
Compare lifetime interest on your current vs new mortgage
Factor in legal, appraisal, and discharge costs

Open the calculator

80%

Max loan-to-value on a refinance

FAQ

Refinance questions

If you break a closed mortgage before the end of its term, lenders typically charge a penalty - either three months' interest or an interest rate differential (IRD), whichever is greater. We estimate this before you decide.

Curious what you could save?

Pre-approval takes minutes, with no impact to your credit score.

Run the numbers Talk to an advisor