Mortgage Refinance
Refinancing your mortgage lets you borrow more money using the in your home. You’ll have to pay back more in the future, but also helps you pay for the things that matter to you today.
Why refinance your mortgage?
Renovate or cover unexpected expenses
Get a new kitchen, build an extension, or just cover unexpected repairs (that leaky roof isn’t going to fix itself).
Turn your big plans into reality
Buy another property, invest, or pay for whatever matters most to you.
Choose the mortgage that’s right for you
Get a conventional mortgage or a Homeowner ReadiLine® (a mortgage with a line of credit).
How to refinance your mortgage
Decide what you want to do
Pay for the things you need like renovating your home, investments or whatever matters most to you.
Talk to us about your options
Choose from a traditional mortgage, a line of credit, or combine them with a Homeowner ReadiLine®.
Let us take care of the rest
We’ll help you determine how much you can borrow and how much you need.
What you need to refinance
Refinancing requires a bit more paperwork than simply renewing your mortgage, but it’s not as complicated as you might think. As part of the process, we’ll have to check your:
Proof of income (a pay stub and a letter from your employer)- Home appraisal (property valuation)
- Credit information
- Assets and liabilities
Refinance your home with a mortgage plus a line of credit
Get the best of both a mortgage and a revolving line of credit with a Homeowner ReadiLine®. All you need is a 20% down payment or 20% equity in your current home. As you pay off more of your mortgage, you’ll be able to instantly access the equity in your home to spend on the things that matter to you, like renovations and more.
- Get the benefit of both a mortgage and line of credit in one product
- Borrow up to 80% of your home’s value
- Choose the mortgage terms that work for you (fixed vs variable, payment frequency)
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Mortgages Frequently asked questions
As you pay off your mortgage you build equity in your home.
- To calculate your equity:Find out how much your home is worth in the current market (not how much you originally paid)
- Find your mortgage balance (how much you still owe)
- Subtract your mortgage balance from your home’s current value
Refinancing lets you borrow up to 80% of that value minus how much you still owe on your property. For example, if your house is now worth $300,000, you can borrow up to $240,000 which is 80% of your home value.
The best time to refinance will depend on your unique financial situation. It’s best to refinance your mortgage when you’re close to the end of your term (instead of renewing), but you can refinance at any time (that might mean that you’ll have to pay prepayment penalty but depending on the length of your term it might still be worth it).
The cost of refinancing your mortgage depends on a few different things.
- Ending your mortgage term early may result in a penalty (which is why it’s a good idea to refinance at the end of your term).
- Switching lenders can result in mortgage discharge fee of around $400.
- Mortgage registration fee to re-register you with your new refinanced mortgage. The cost depends on your province.
- Legal fees charged by your lawyer can add up to as much as $1,000.
- Appraisal fees (property valuation) which usually cost about $300.
Refinancing a mortgage typically takes two to four weeks, but it can take longer depending on each step. Your property valuation, for example, can take longer since we have to call in a professional. To help the process go as smoothly (and quickly) as possible, make sure that you have all your application information handy, understand the process and do your research ahead of time.
Helpful mortgage refinancing resources
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