Refinancing
Canadians today face many reasons to refinance their mortgage.
Turn Your Home Equity Into a Financial Advantage
Refinancing your mortgage can lower your rate, consolidate debt, fund renovations, or free up cash — we’ll show you exactly what makes sense for your situation.
When Does Refinancing Make Sense?
Refinancing replaces your existing mortgage with a new one — usually to access equity, lower your rate, or restructure your debt. It’s one of the most powerful financial tools available to Canadian homeowners, but it’s only worth doing when the math works in your favour. We run the numbers for you — for free.
Lower Your Interest Rate
If rates have dropped since you signed, refinancing can save you thousands over the remaining amortization.
Consolidate High-Interest Debt
Roll credit card debt (19–29% interest) into your mortgage at 5–6%. The monthly savings can be dramatic.
Access Home Equity
Fund renovations, education, investment properties, or other goals using the equity you’ve built.
Change Your Mortgage Terms
Switch from variable to fixed, extend your amortization to lower payments, or move to a more flexible product.
The Refinancing Math — A Real Example
Here is a common scenario we see with BC and Alberta homeowners:
| Debt | Balance | Rate | Monthly Payment |
|---|---|---|---|
| Existing Mortgage | $550,000 | 5.89% | $3,420 |
| Credit Card Debt | $35,000 | 22.99% | $875 |
| Car Loan | $22,000 | 8.99% | $460 |
| Total (Before) | $607,000 | — | $4,755/mo |
| After Refinancing (5.19%) | $607,000 | 5.19% | $3,380/mo |
Monthly savings: $1,375 — or $82,500 over 5 years.
Understanding the Break-Even Point
Refinancing before your term ends typically involves a prepayment penalty. We calculate your exact break-even point — the point at which your savings from the new rate exceed the penalty cost. If the math works, we move forward. If it doesn’t, we’ll tell you honestly and recommend waiting for renewal instead.
For fixed-rate mortgages, the penalty is typically the greater of 3 months’ interest or the Interest Rate Differential (IRD). For variable-rate mortgages, it’s usually just 3 months’ interest. We calculate your exact penalty before you commit to anything.
Yes. We work with lenders who can consolidate first and second mortgages, HELOCs, and other secured debt into a single new mortgage. This often results in a lower blended rate and simpler payments.
Find Out If Refinancing Makes Sense for You
We’ll run the numbers on your specific situation — penalty, new rate, and break-even point — at no cost and no obligation.
Get a Free Refinancing Review →
Serving BC & Alberta — Surrey, Vancouver, Burnaby, Calgary, Edmonton, and beyond