Lower your rate, access equity, or consolidate debt. We calculate your break-even and handle everything.
If you can reduce your rate by 0.50% or more, refinancing often makes financial sense — even after accounting for the prepayment penalty. Our brokers run the math for you.
Canadian home values have increased significantly. A cash-out refinance lets you access up to 80% of your home's value — for renovations, investment, or major expenses.
Roll high-interest credit card debt (19–22%), car loans (5–8%), and lines of credit into your mortgage at 4.24%. The interest savings are often dramatic.
Switch from a variable to fixed rate (or vice versa). Extend your amortization to lower monthly payments. Or shorten it to pay off your home faster.
Estimate your prepayment penalty and how long it takes to recoup it in interest savings.
| Lender | Rate | Monthly Payment* |
|---|
* Based on $500,000 mortgage, 25-year amortization.
Source: Compiled from publicly available lender rate sheets. Updated regularly. Rates are not offers of credit — actual rates depend on individual qualifications. Verify with lenders or a licensed mortgage broker.
| Feature | Refinance | HELOC |
|---|---|---|
| Rate Type | Fixed or Variable | Variable only |
| Max LTV | 80% of home value | 65% of home value |
| Access Method | Lump sum at closing | Revolving credit line |
| Repayment | Principal + Interest | Interest-only option |
| Typical Closing Costs | Appraisal + legal (~$2,000) | Appraisal + legal (~$2,000) |
| Best For | Large one-time needs; locking in low rates | Ongoing access; flexibility |
| Rate Certainty | ✅ High (fixed option) | ⚠ Variable only |
The IRD is the greater of: 3 months' interest, OR the difference between your contracted rate and the lender's current rate for a similar term × remaining months × balance. Big banks use their posted (not discounted) rate to calculate IRD, which inflates the penalty significantly. Mono-lenders typically charge only 3 months' interest.
You can refinance up to 80% of your property's current appraised value (Loan-to-Value). If your home is worth $800,000, you can hold a maximum mortgage of $640,000. The remaining 20% must stay as equity.
Most refinances require a new appraisal ($300–$600) to confirm your property's current value. Some lenders use automated valuation models (AVM) that may eliminate the need for a physical appraisal. Your broker will advise which lenders accept AVM for your situation.
A typical refinance takes 2–4 weeks from application to funding. The main timeline driver is the appraisal and legal work. If your existing mortgage has a maturity date, we can also set up your refinance to close on that date with no penalty.
Our brokers will run the numbers and tell you if refinancing makes sense — with no obligation.
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