Get Mortgage Refinance Quotes

FinanceVine's Affiliated mortgage brokers will help you compare refinance quotes from all of Canada's top traditional lenders, as well as private lenders with more flexible lending options. 

Refinancing an existing mortgage is a great option for homeowners who want to save money by reducing their rate, who want to cash out on equity from a property value increase, or who need to consolidate high interest debts into one payment at a lower interest rate.

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Mortgage Refinancing Explained

When a mortgage term comes to the end, many homeowners choose to renew with their current lender. However, in certain occasions, it can be advantageous to decline the renewal, and refinance with a new lender. This means applying for a new mortgage, with new terms and a different rate.

Rate & Term Refinance

This is the most general type of refinance and it is used to save money through a rate reduction. When rates have dropped since the last time a homeowner signed their mortgage, it is a good idea to shop around and consider a rate & term refinance. Even a 0.5% drop in rate can be well worth the time invested.

Cash Out Refinance

This type of refinance allows a homeowner to take cash out of the equity in their home. This can be done by taking back some of the money paid down on a mortgage, and increasing the mortgage balance or sometimes, if rates have dropped significantly compared to the previous mortgage, cash can be taken out of the home without actually increasing the monthly payment, because the increase in mortgage balance can be all or partially offset by the decrease in interest rates.

Debt Consolidation Refinance

This type of refinance can be used for homeowners who have significant debt at high interest rates (i.e. credit card debt) to bundle that debt with their mortgage debt, and refinance it all together into a new mortgage. The advantage is being able to convert credit card debt into mortgage debt with a much lower interest rate, and having all of that debt consolidated into one payment, instead of multiple.
Another way this type of refinance is used is for homeowners who are in mortgage arrears or are not able to make the payments on their existing mortgage. These homeowners can sometimes be rescued from a foreclosure using a private debt consolidation mortgage that offers a change in terms which are more flexible and increases their ability to make payments on time.

In general, a homeowner can borrow up to 80% of their home’s value, including the value of their mortgage. So if a homeowner has a home worth $500,000, with a $300,000 mortgage balance, the maximum additional borrow amount would be $100,000.
Homeowners with good credit and financial situations can qualify easily through any of the big banks for a mortgage refinance Homeowners with less than good credit, debt, or other financial issues, are more likely to benefit from a private mortgage refinance through a private lender.
Traditional lenders are the big banks in Canada. They offer the most straightforward terms and rates, and are generally a good option for homeowners with good credit and regular financial situations. That said, they have the most stringent eligibility requirements, so anything outside the norm will leave a homeowner with a non-approval and in need of an alternative lending solution. Private lenders help fill the gap for homeowners who aren’t able to get approved by a traditional lender. Private lenders offer more flexible approval terms that are useful for people with bad credit, missed payments, mortgage arrears, taxation issues, citizenship issues, or those who are self-employed or have no proof of income.

Ready to get a refinance quote?

FinanceVine's Affiliated mortgage brokers will help you compare refinance quotes from all of Canada's top traditional lenders, as well as private lenders with more flexible lending options.