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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.
How to get a mortgage refinance quote
- Inquiry - Submit your details using our free 60 second quiz.
- Matchmaking - We forward your information to the insurance broker who is best suited to meet your needs.
- Introduction - Receive a text message within minutes connecting you with your assigned broker.
- Assessment - Your broker will provide a free assessment to recommend the best offers for your situation & goals.
- Application - If you are interested in one of the offers, your broker will guide you through the application process.
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.