Refinancing
Put your equity to work
Refinancing replaces your current mortgage with a new one, often at a better rate or with cash out for renovations, investments or consolidating high-interest debt. We calculate whether the numbers work before you break your term.
- Debt consolidation
- Renovation and investment funds
- Penalty analysis before you switch
- Up to 80% of your home's value
When refinancing makes sense
Refinancing is worth it when the savings or the use of funds outweigh the cost of breaking your current term. We run the calculation for you and show you the break-even point.
- Consolidating credit cards and loans into one lower payment
- Funding a renovation, a down payment on a second property or a business
- Switching from variable to fixed, or extending your amortization to lower payments
Penalties, explained
Fixed-rate mortgages usually charge the greater of three months' interest or the interest rate differential. Variable mortgages usually charge three months' interest. We obtain your payout statement and factor the penalty into the recommendation.
FAQ
Common questions
How much can I borrow when I refinance?
Up to 80 percent of the appraised value of your home, less the balance of any existing mortgages.
Will refinancing hurt my credit?
A single credit check has a minor, temporary effect. Consolidating high-interest debt often improves your score over time.
How long does a refinance take?
Typically two to four weeks from application to funding, depending on the appraisal and the lawyer's schedule.
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