Refinance Your Mortgage in Canada
Compare mortgage refinancing rates from top Canadian lenders. Lower your payments, access home equity, or consolidate debt — get pre-approved in minutes.
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Why Refinance Your Mortgage?
Mortgage refinancing allows Canadian homeowners to replace their existing mortgage with a new one at better terms. Here are the most common reasons Canadians choose to refinance:
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Mortgage Refinancing FAQ
What is mortgage refinancing?
Mortgage refinancing replaces your existing mortgage with a new one — typically to get a lower interest rate, access home equity, or consolidate debt. In Canada, you can refinance up to 80% of your home's appraised value (80% LTV).
When should I refinance my mortgage in Canada?
Consider refinancing when: your current rate is 0.5%+ higher than available rates, you need to consolidate high-interest debt, you're renewing soon, or you want to access equity for home improvements or investments. A mortgage broker can help you calculate break-even costs.
How much can I borrow with a mortgage refinance?
You can refinance up to 80% of your home's appraised value, minus your existing mortgage balance. For example, if your home is worth $500,000 and you owe $300,000, you could access up to $100,000 in equity ($500,000 × 80% = $400,000 - $300,000 = $100,000).
Will refinancing affect my credit score?
Refinancing involves a credit check, which may cause a small temporary dip (3-5 points). However, consolidating high-interest debt into a lower-rate mortgage can improve your credit utilization ratio and boost your score over time.
Can I refinance if I have bad credit?
Yes, some lenders specialize in bad credit mortgage refinancing. While rates may be higher, using home equity to consolidate debt can help rebuild your credit. Private and alternative lenders offer options when traditional banks decline.
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