{"id":1550,"date":"2021-08-17T14:16:02","date_gmt":"2021-08-17T21:16:02","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=1550"},"modified":"2024-09-09T12:26:30","modified_gmt":"2024-09-09T19:26:30","slug":"how-to-refinance-mortgage","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-to-refinance-mortgage","title":{"rendered":"Refinancing a Mortgage in Canada"},"content":{"rendered":"\n<div class=\"wp-block-nerdwallet-blocks-accordion\"><div class=\"c-block-accordion-wrapper\"><div class=\"c-block-accordion-list\"><div class=\"c-block-accordion-item\">\n\t<div class=\"c-block-accordion-item__header\">\n\t\t<div>\n\t\t\t<div class=\"c-block-accordion-item__title\">Table of contents<\/div>\n\t\t\t\t\t<\/div>\n\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t<\/div>\n\t<div class=\"c-block-accordion-item__content\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n<p class=\"\">On this page:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><a href=\"#how\">How refinancing a mortgage works.<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"#howmuch\">How much can you borrow?<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"#reasons\">Top reasons for refinancing a mortgage.<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"#besttime\">The best time to refinance a mortgage.<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"#rightforyou\">Is a mortgage refinance right for you?<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"#alternatives\">Alternatives to refinancing.<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"#faqs\">Frequently asked questions.<\/a><\/li>\n<\/ul>\n<\/div>\n\t<\/div>\n<\/div>\n<\/div><\/div><\/div>\n\n\n\n<p class=\"\">A mortgage refinance involves <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/penalty-for-breaking-mortgage\">breaking your existing mortgage contract<\/a> and paying the balance in full with a new loan. This new mortgage comes with its own terms, conditions, and interest rate.<\/p>\n\n\n\n<p class=\"\" id=\"how\">Refinancing can turn home equity into cash or help you score a lower mortgage rate. It pays \u2014 quite literally \u2014 to know all you can about refinancing a home loan before starting the process with your lender.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How refinancing a mortgage works<\/strong><\/h2>\n\n\n\n<p class=\"\">Refinancing is similar to <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-to-apply-for-a-mortgage\">applying for a mortgage<\/a>. Your income, <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-are-debt-service-ratios\">debt service ratios<\/a> and credit history will be evaluated again, and you\u2019ll need to provide similar documentation. This can include:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">Identification.<\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/letter-of-employment-for-mortgage\">Proof of employment<\/a> and income.<\/li>\n\n\n\n<li class=\"\">Details regarding your assets, savings and debts.<\/li>\n\n\n\n<li class=\"\">Tax documents.<\/li>\n<\/ul>\n\n\n\n<p class=\"\" id=\"howmuch\">You\u2019ll also need a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-a-home-appraisal\">home appraisal<\/a> to determine your property\u2019s current value and undergo another <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-stress-test\">mortgage stress test. <\/a>The rate you\u2019ll be stress tested at, also known as the minimum qualifying rate, will either be 5.25% or the rate your lender is currently offering plus 2%, whichever is higher.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>How much can you borrow in a mortgage refinance?<\/strong><\/h3>\n\n\n\n<p class=\"\">The amount you can borrow when refinancing is determined by how much <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-home-equity\">home equity<\/a> you have.&nbsp;<\/p>\n\n\n\n<p class=\"\">You can typically borrow up to 80% of the appraised value of your home when refinancing, but you\u2019ll have to use a portion of what you borrow to pay off your current mortgage balance. What\u2019s left over can be spent however you like.&nbsp;<\/p>\n\n\n<div class=\"c-block-tabs-wrapper \">\n\t<div role=\"tablist\" aria-label=\"Tabs\" class=\"c-block-tabs\">\n\t\t\t\t\t<div class=\"c-block-tabs__tab c-block-tabs__tab--active\"\n\t\t\t\t role=\"tab\"\n\t\t\t\t aria-selected=\"true\"\n\t\t\t\t aria-controls=\"0\"\n\t\t\t\t id=\"tab-0\"\n\t\t\t\t data-tabid=\"0\">Mortgage equity take out: A quick example<\/div>\n\t\t\t\t\t\t<div class=\"c-block-tabs__tab \"\n\t\t\t\t role=\"tab\"\n\t\t\t\t aria-selected=\"false\"\n\t\t\t\t aria-controls=\"1\"\n\t\t\t\t id=\"tab-1\"\n\t\t\t\t data-tabid=\"1\">Mortgage refinance calculator<\/div>\n\t\t\t\t<\/div>\n\n\t<div class=\"c-block-tabs-all\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-tabs\">\n<div class=\"wp-block-nerdwallet-blocks-tabs-content c-block-tabs-content\" data-tabid=\"0\" role=\"tabpanel\" aria-labelledby=\"tab-0\">\n<ul class=\"\">\n<li class=\"\"><strong>Home\u2019s appraised value:<\/strong> $500,000.<\/li>\n\n\n\n<li class=\"\"><strong>Maximum refinance amount:<\/strong> $400,000. ($500,000 x 0.8)<\/li>\n\n\n\n<li class=\"\"><strong>Current mortgage balance<\/strong>: $350,000.<\/li>\n\n\n\n<li class=\"\"><strong>Pay off outstanding loan balance:<\/strong> $400,000 &#8211; $350,000.<\/li>\n\n\n\n<li class=\"\"><strong>Cash left over:<\/strong> $50,000<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-tabs-content c-block-tabs-content\" data-tabid=\"1\" role=\"tabpanel\" aria-labelledby=\"tab-1\">\n\t<pre style=\"display:none !important;\"><script type=\"text\/javascript\">\n\t function doValidate_1(form)\n\t {\n        window['cff_enabling_form' ] = function(_form){\n            if(!(_form instanceof $dexQuery)) _form = $dexQuery(_form);\n            _form.removeData('being-submitted');\n            _form.find('.submitbtn-disabled').removeClass('submitbtn-disabled');\n            _form.find('.cff-processing-form').remove();\n        };\n        window['cff_disabling_form'] = function(_form){\n            if(!(_form instanceof $dexQuery)) 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form_identifier)\n\t\t\t\t{\n\t\t\t\t\t$dexQuery(document).off('equationsQueueEmpty');\n\t\t\t\t\tvalidation_rules['no_pending']  = true;\n\t\t\t\t\tprocessing_form();\n\t\t\t\t}\n\t\t\t});\n\t\t}\n\t\t\/* End :1 *\/\n\t\tif (validation_rules['fields_validation_error'])\n\t\t{\n\t\t\t\t\tprocessing_form();\n\t\t\t\t}\n\t\telse\n\t\t{\n\t\t\tenabling_form();\n\t\t}\n\t\treturn false;\n\t}\n\t<\/script><\/pre>\n\t<form name=\"cp_calculatedfieldsf_pform_1\" id=\"cp_calculatedfieldsf_pform_1\" action=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-to-refinance-mortgage\" method=\"post\" enctype=\"multipart\/form-data\" onsubmit=\"return doValidate_1(this);\" class=\"cff-form \">\n\t\t\t<input type=\"hidden\" name=\"cp_calculatedfieldsf_pform_psequence\" value=\"_1\" \/><input type=\"hidden\" name=\"cp_calculatedfieldsf_pform_process\" value=\"1\" \/><input type=\"hidden\" name=\"cp_calculatedfieldsf_id\" value=\"1493\" \/><input type=\"hidden\" name=\"cp_ref_page\" value=\"https:\/\/www.nerdwallet.com\/ca\" \/><pre style=\"display:none !important;\"><script type=\"text\/javascript\">form_structure_1=[[{\"form_identifier\":\"\",\"name\":\"fieldname2\",\"shortlabel\":\"\",\"index\":0,\"ftype\":\"fnumber\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"Estimated Home Value ($)\",\"predefined\":\"\",\"predefinedClick\":false,\"required\":false,\"exclude\":false,\"readonly\":false,\"numberpad\":false,\"size\":\"medium\",\"thousandSeparator\":\",\",\"decimalSymbol\":\"\",\"min\":\"\",\"max\":\"\",\"formatDynamically\":false,\"dformat\":\"number\",\"formats\":[\"digits\",\"number\",\"percent\"],\"fBuild\":{},\"parent\":\"\"},{\"form_identifier\":\"\",\"name\":\"fieldname3\",\"shortlabel\":\"\",\"index\":1,\"ftype\":\"fnumber\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"Remaining Mortgage Balance ($)\",\"predefined\":\"\",\"predefinedClick\":false,\"required\":false,\"exclude\":false,\"readonly\":false,\"numberpad\":false,\"size\":\"small\",\"thousandSeparator\":\",\",\"decimalSymbol\":\"\",\"min\":\"\",\"max\":\"\",\"formatDynamically\":false,\"dformat\":\"number\",\"formats\":[\"digits\",\"number\",\"percent\"],\"fBuild\":{},\"parent\":\"\"},{\"dependencies\":[{\"rule\":\"\",\"complex\":false,\"fields\":[\"\"]}],\"form_identifier\":\"\",\"name\":\"fieldname4\",\"shortlabel\":\"\",\"index\":2,\"ftype\":\"fCalculated\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"Maximum available equity\",\"predefined\":\"\",\"required\":true,\"exclude\":false,\"size\":\"medium\",\"eq\":\"(fieldname2 * 0.8) - fieldname3\\n\",\"min\":\"\",\"max\":\"\",\"suffix\":\"\",\"prefix\":\"$\",\"decimalsymbol\":\"\",\"groupingsymbol\":\",\",\"readonly\":true,\"currency\":false,\"noEvalIfManual\":true,\"formatDynamically\":false,\"hidefield\":false,\"fBuild\":{},\"parent\":\"\"}],{\"0\":{\"title\":\"Mortgage Refinance Calculator\",\"description\":\"Find out how much equity you can access.\",\"formlayout\":\"top_aligned\",\"formtemplate\":\"cp_cff_13\",\"request_cost\":\"fieldname2\",\"customstyles\":\"\",\"evalequations\":1,\"evalequationsevent\":2,\"loading_animation\":0,\"autocomplete\":1,\"persistence\":0,\"animate_form\":0},\"formid\":\"cp_calculatedfieldsf_pform_1\",\"setCache\":false,\"cache\":false}];<\/script><\/pre>\n\t\t<div id=\"fbuilder\">\n\t\t\t\t\t\t<div id=\"fbuilder_1\">\n\t\t\t\t<div id=\"formheader_1\"><\/div>\n\t\t\t\t<div id=\"fieldlist_1\"><\/div>\n                <div class=\"clearer\"><\/div>\n\t\t\t<\/div>\n\t\t\t<div id=\"cpcaptchalayer_1\" class=\"cpcaptchalayer\" style=\"display:none;\">\n\t\t\t            \t\t\t<div class=\"fields\" id=\"field-c0\" style=\"display:none\">\n\t\t\t\t<label>Payment options<\/label>\n\t\t\t\t<div class=\"dfield\">\n\t\t\t\t <div><input type=\"radio\" name=\"bccf_payment_option_paypal\" vt=\"1\" value=\"1\" checked> <\/div>\t\t\t\t <!--addons-payment-options-->\n    \t\t\t \t\t\t\t<\/div>\n\t\t\t\t<div class=\"clearer\"><\/div>\n\t\t\t<\/div>\n\t\t\t<!--addons-payment-fields-->\n\t\t\t\t\t\t<!--add-ons-->\n\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"clearer\"><\/div>\n\t\t<\/div>\n\t\t<\/form>\n\n<\/div>\n<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What can a mortgage refinance cost you?&nbsp;<\/strong><\/h3>\n\n\n\n<p class=\"\">If you\u2019re considering a mortgage refinance, be sure to budget for all the possible costs involved. A refinance might require paying:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">Legal fees.<\/li>\n\n\n\n<li class=\"\">Title search and title insurance fees.<\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-a-home-appraisal\">Home appraisal<\/a> fees.<\/li>\n\n\n\n<li class=\"\">Mortgage discharge fees (if you change lenders).<\/li>\n<\/ul>\n\n\n\n<p class=\"\">When you add in <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/prepayment-penalty-cost-to-end-a-mortgage-early\">prepayment penalties, <\/a>a refinance could cost you thousands of dollars in upfront charges. You\u2019ll also have to consider the extra interest you\u2019ll pay if you extend your amortization. Understanding the full cost of a refinance can help you accurately compare it to other financing solutions, like a home equity line of credit (HELOC) or <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-home-equity-loan\">home equity loan<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Compare mortgage rates to save money on your mortgage refinance<\/h3>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-nerdwallet-blocks-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-nerdwallet-blocks-button is-style-primary has-white-color has-green-background-color has-text-color has-background has-link-color wp-elements-3b095abd86a12daf38edbea2ede498a5\"><a class=\"wp-block-nerdwallet-blocks-button__link\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-refinance-rates\"><span class=\"wp-block-nerdwallet-blocks-button__link-text\"><strong>The Best Mortgage Refinance Rates In Canada<\/strong><\/span><div class=\"wp-block-nerdwallet-blocks-button__link-icon wp-block-nerdwallet-blocks-button__source-icon has-icon-position-before\" style=\"height:36px;width:36px\"><svg width=\"36\" height=\"36\" viewBox=\"0 0 36 36\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<path d=\"M33.2803 17.4594L18.8545 3.53192C18.6332 3.31744 18.337 3.19751 18.0288 3.19751C17.7206 3.19751 17.4244 3.31744 17.203 3.53192L6.98483 13.3561V5.5402C6.98491 5.51082 6.99078 5.48175 7.0021 5.45464C7.01343 5.42753 7.02997 5.40291 7.05081 5.3822C7.07164 5.36149 7.09635 5.34508 7.12353 5.33391C7.1507 5.32275 7.17981 5.31705 7.20919 5.31713H10.671C10.7303 5.31713 10.7871 5.34059 10.8292 5.38239C10.8712 5.42419 10.895 5.48092 10.8953 5.5402V6.75585C10.8953 6.88372 10.9461 7.00635 11.0365 7.09677C11.127 7.18719 11.2496 7.23799 11.3775 7.23799C11.5053 7.23799 11.628 7.18719 11.7184 7.09677C11.8088 7.00635 11.8596 6.88372 11.8596 6.75585V5.5402C11.8589 5.22528 11.7334 4.92347 11.5106 4.70091C11.2878 4.47835 10.9859 4.35319 10.671 4.35285H7.20919C6.89421 4.35302 6.59217 4.47813 6.36933 4.70072C6.14649 4.92332 6.02105 5.22523 6.02054 5.5402V14.2831L2.71819 17.4588C2.62603 17.5474 2.57287 17.6691 2.5704 17.7969C2.56793 17.9248 2.61635 18.0484 2.70501 18.1405C2.79367 18.2327 2.9153 18.2858 3.04315 18.2883C3.17101 18.2908 3.29461 18.2424 3.38676 18.1537L17.871 4.22492C17.9129 4.18412 17.969 4.16129 18.0275 4.16129C18.086 4.16129 18.1422 4.18412 18.184 4.22492L32.6098 18.1524C32.6553 18.1964 32.7091 18.231 32.768 18.2542C32.8269 18.2774 32.8898 18.2888 32.9531 18.2877C33.0164 18.2866 33.0789 18.273 33.1369 18.2478C33.195 18.2225 33.2475 18.1861 33.2915 18.1405C33.3355 18.095 33.3701 18.0412 33.3933 17.9823C33.4165 17.9234 33.4279 17.8605 33.4268 17.7972C33.4257 17.7339 33.4121 17.6714 33.3868 17.6133C33.3616 17.5553 33.3252 17.5028 33.2796 17.4588L33.2803 17.4594ZM7.2214 32.8018C6.90638 32.802 6.60417 32.6771 6.38117 32.4546C6.15817 32.2321 6.03263 31.9302 6.03212 31.6151V18.6204C6.03223 18.4586 6.06542 18.2984 6.12965 18.1498C6.19387 18.0013 6.28778 17.8674 6.40562 17.7564L17.2005 7.28556C17.4213 7.07623 17.7138 6.95923 18.0181 6.95851C18.3223 6.95779 18.6154 7.07341 18.8372 7.2817L29.5986 17.7603C29.7144 17.871 29.8065 18.004 29.8695 18.1513C29.9324 18.2985 29.965 18.457 29.965 18.6172L29.9458 31.5862C29.9451 31.901 29.8195 32.2027 29.5967 32.425C29.3739 32.6474 29.0719 32.7723 28.7571 32.7723L7.2214 32.8018ZM18.0214 7.92327C17.963 7.9236 17.9069 7.94666 17.8652 7.98756L7.07097 18.4533C7.0475 18.4744 7.02869 18.5001 7.01574 18.5289C7.00279 18.5577 6.99598 18.5889 6.99576 18.6204V31.6151C6.99584 31.6445 7.00172 31.6735 7.01305 31.7006C7.02437 31.7277 7.04093 31.7522 7.06178 31.7729C7.08262 31.7936 7.10733 31.8099 7.1345 31.821C7.16167 31.8321 7.19077 31.8377 7.22012 31.8376L28.7558 31.8112C28.7853 31.8114 28.8144 31.8057 28.8417 31.7946C28.8689 31.7835 28.8937 31.7671 28.9146 31.7464C28.9355 31.7256 28.9521 31.701 28.9635 31.6738C28.9749 31.6467 28.9807 31.6176 28.9808 31.5881L29.0001 18.6185C29 18.5884 28.9938 18.5586 28.9819 18.531C28.9699 18.5034 28.9525 18.4785 28.9307 18.4578L18.1693 7.9792C18.1295 7.94209 18.0771 7.92142 18.0227 7.92135L18.0214 7.92327ZM20.6558 23.7144C20.6129 23.1727 20.3783 22.664 19.994 22.2796C19.6098 21.8953 19.1012 21.6605 18.5595 21.6174L18.5473 19.2858C18.7987 19.34 19.0353 19.4481 19.2409 19.6027C19.3688 19.6934 19.4743 19.8122 19.5493 19.9499C19.6243 20.0876 19.6668 20.2406 19.6735 20.3973C19.6738 20.4606 19.6866 20.5232 19.7111 20.5816C19.7356 20.64 19.7714 20.693 19.8164 20.7375C19.8613 20.7821 19.9146 20.8174 19.9733 20.8413C20.0319 20.8653 20.0946 20.8775 20.1579 20.8772C20.2213 20.8769 20.2839 20.8641 20.3423 20.8396C20.4007 20.8151 20.4536 20.7793 20.4982 20.7344C20.5428 20.6894 20.578 20.6361 20.602 20.5775C20.6259 20.5188 20.6381 20.4561 20.6378 20.3928C20.6318 20.0908 20.5565 19.7942 20.4178 19.5259C20.279 19.2577 20.0805 19.0248 19.8375 18.8454C19.4601 18.5539 19.0136 18.3654 18.5415 18.2983L18.537 17.4973C18.5366 17.434 18.5237 17.3714 18.4992 17.3131C18.4746 17.2547 18.4387 17.2018 18.3937 17.1573C18.3487 17.1128 18.2953 17.0776 18.2367 17.0537C18.178 17.0298 18.1153 17.0177 18.0519 17.0181C17.9886 17.0185 17.926 17.0313 17.8676 17.0559C17.8093 17.0805 17.7564 17.1163 17.7119 17.1614C17.6674 17.2064 17.6322 17.2598 17.6083 17.3184C17.5844 17.377 17.5723 17.4398 17.5727 17.5031L17.5772 18.3041C17.1059 18.3763 16.6614 18.5695 16.287 18.8647C16.0427 19.0436 15.8443 19.2778 15.7081 19.5482C15.5718 19.8186 15.5017 20.1174 15.5033 20.4202C15.5049 20.7229 15.5783 21.021 15.7174 21.2899C15.8566 21.5588 16.0575 21.7909 16.3037 21.9671C16.6813 22.258 17.1278 22.4462 17.5997 22.5136L17.6125 24.8439C16.9697 24.6909 16.4882 24.2615 16.4856 23.7369C16.4853 23.6736 16.4725 23.611 16.4479 23.5526C16.4234 23.4942 16.3876 23.4413 16.3426 23.3967C16.2517 23.3068 16.1288 23.2567 16.0009 23.2573C15.873 23.258 15.7507 23.3095 15.6607 23.4004C15.5708 23.4913 15.5206 23.6142 15.5213 23.7421C15.5669 24.2822 15.8025 24.7886 16.1864 25.1713C16.5703 25.554 17.0774 25.7881 17.6177 25.832L17.6222 26.6799C17.623 26.8073 17.6742 26.9292 17.7645 27.019C17.8548 27.1088 17.977 27.1593 18.1043 27.1595C18.1677 27.1592 18.2304 27.1463 18.2888 27.1217C18.3472 27.0972 18.4002 27.0613 18.4447 27.0162C18.4893 26.9712 18.5245 26.9177 18.5484 26.859C18.5723 26.8003 18.5843 26.7375 18.5839 26.6741L18.5794 25.8281C19.1198 25.779 19.6253 25.5395 20.0056 25.1524C20.3859 24.7653 20.6163 24.2556 20.6558 23.7144ZM16.9009 21.2073C16.7686 21.121 16.6597 21.0032 16.5841 20.8645C16.5085 20.7258 16.4684 20.5705 16.4675 20.4126C16.4666 20.2546 16.5049 20.0989 16.579 19.9593C16.6531 19.8198 16.7606 19.7008 16.8919 19.613C17.0957 19.4562 17.3317 19.3464 17.583 19.2916L17.5945 21.5255C17.343 21.4723 17.1062 21.3645 16.9009 21.2098V21.2073ZM18.5781 24.8439L18.5659 22.6126C18.8489 22.649 19.1122 22.7771 19.3155 22.9774C19.5188 23.1777 19.6509 23.439 19.6915 23.7215C19.6575 24.0059 19.5294 24.2707 19.3277 24.4741C19.126 24.6774 18.8622 24.8076 18.5781 24.8439Z\" fill=\"black\" stroke=\"black\" stroke-width=\"0.3\"><\/path>\n<\/svg>\n<\/div><\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-nerdwallet-blocks-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-nerdwallet-blocks-button is-style-primary has-white-color has-green-background-color has-text-color has-background has-link-color wp-elements-4fb22ff97b3794b54be33c72a3cfd61e\"><a class=\"wp-block-nerdwallet-blocks-button__link\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/find-the-best-variable-mortgage-rates-in-canada\"><span class=\"wp-block-nerdwallet-blocks-button__link-text\"><strong>The Best Variable Mortgage Rates In Canada<\/strong><\/span><div class=\"wp-block-nerdwallet-blocks-button__link-icon wp-block-nerdwallet-blocks-button__source-icon has-icon-position-before\" style=\"height:36px;width:36px\"><svg width=\"36\" height=\"36\" viewBox=\"0 0 36 36\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<path d=\"M33.2803 17.4594L18.8545 3.53192C18.6332 3.31744 18.337 3.19751 18.0288 3.19751C17.7206 3.19751 17.4244 3.31744 17.203 3.53192L6.98483 13.3561V5.5402C6.98491 5.51082 6.99078 5.48175 7.0021 5.45464C7.01343 5.42753 7.02997 5.40291 7.05081 5.3822C7.07164 5.36149 7.09635 5.34508 7.12353 5.33391C7.1507 5.32275 7.17981 5.31705 7.20919 5.31713H10.671C10.7303 5.31713 10.7871 5.34059 10.8292 5.38239C10.8712 5.42419 10.895 5.48092 10.8953 5.5402V6.75585C10.8953 6.88372 10.9461 7.00635 11.0365 7.09677C11.127 7.18719 11.2496 7.23799 11.3775 7.23799C11.5053 7.23799 11.628 7.18719 11.7184 7.09677C11.8088 7.00635 11.8596 6.88372 11.8596 6.75585V5.5402C11.8589 5.22528 11.7334 4.92347 11.5106 4.70091C11.2878 4.47835 10.9859 4.35319 10.671 4.35285H7.20919C6.89421 4.35302 6.59217 4.47813 6.36933 4.70072C6.14649 4.92332 6.02105 5.22523 6.02054 5.5402V14.2831L2.71819 17.4588C2.62603 17.5474 2.57287 17.6691 2.5704 17.7969C2.56793 17.9248 2.61635 18.0484 2.70501 18.1405C2.79367 18.2327 2.9153 18.2858 3.04315 18.2883C3.17101 18.2908 3.29461 18.2424 3.38676 18.1537L17.871 4.22492C17.9129 4.18412 17.969 4.16129 18.0275 4.16129C18.086 4.16129 18.1422 4.18412 18.184 4.22492L32.6098 18.1524C32.6553 18.1964 32.7091 18.231 32.768 18.2542C32.8269 18.2774 32.8898 18.2888 32.9531 18.2877C33.0164 18.2866 33.0789 18.273 33.1369 18.2478C33.195 18.2225 33.2475 18.1861 33.2915 18.1405C33.3355 18.095 33.3701 18.0412 33.3933 17.9823C33.4165 17.9234 33.4279 17.8605 33.4268 17.7972C33.4257 17.7339 33.4121 17.6714 33.3868 17.6133C33.3616 17.5553 33.3252 17.5028 33.2796 17.4588L33.2803 17.4594ZM7.2214 32.8018C6.90638 32.802 6.60417 32.6771 6.38117 32.4546C6.15817 32.2321 6.03263 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24.0059 19.5294 24.2707 19.3277 24.4741C19.126 24.6774 18.8622 24.8076 18.5781 24.8439Z\" fill=\"black\" stroke=\"black\" stroke-width=\"0.3\"><\/path>\n<\/svg>\n<\/div><\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-nerdwallet-blocks-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-nerdwallet-blocks-button is-style-primary has-white-color has-green-background-color has-text-color has-background has-link-color wp-elements-293eedd890c8276fb6dff960f073f226\" id=\"reasons\"><a class=\"wp-block-nerdwallet-blocks-button__link\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/best-5-year-fixed-mortgage-rates-in-canada\"><span class=\"wp-block-nerdwallet-blocks-button__link-text\"><strong>The Best 5-Year Fixed Mortgage Rates In Canada<\/strong><\/span><div class=\"wp-block-nerdwallet-blocks-button__link-icon wp-block-nerdwallet-blocks-button__source-icon has-icon-position-before\" style=\"height:36px;width:36px\"><svg width=\"36\" height=\"36\" viewBox=\"0 0 36 36\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<path d=\"M33.2803 17.4594L18.8545 3.53192C18.6332 3.31744 18.337 3.19751 18.0288 3.19751C17.7206 3.19751 17.4244 3.31744 17.203 3.53192L6.98483 13.3561V5.5402C6.98491 5.51082 6.99078 5.48175 7.0021 5.45464C7.01343 5.42753 7.02997 5.40291 7.05081 5.3822C7.07164 5.36149 7.09635 5.34508 7.12353 5.33391C7.1507 5.32275 7.17981 5.31705 7.20919 5.31713H10.671C10.7303 5.31713 10.7871 5.34059 10.8292 5.38239C10.8712 5.42419 10.895 5.48092 10.8953 5.5402V6.75585C10.8953 6.88372 10.9461 7.00635 11.0365 7.09677C11.127 7.18719 11.2496 7.23799 11.3775 7.23799C11.5053 7.23799 11.628 7.18719 11.7184 7.09677C11.8088 7.00635 11.8596 6.88372 11.8596 6.75585V5.5402C11.8589 5.22528 11.7334 4.92347 11.5106 4.70091C11.2878 4.47835 10.9859 4.35319 10.671 4.35285H7.20919C6.89421 4.35302 6.59217 4.47813 6.36933 4.70072C6.14649 4.92332 6.02105 5.22523 6.02054 5.5402V14.2831L2.71819 17.4588C2.62603 17.5474 2.57287 17.6691 2.5704 17.7969C2.56793 17.9248 2.61635 18.0484 2.70501 18.1405C2.79367 18.2327 2.9153 18.2858 3.04315 18.2883C3.17101 18.2908 3.29461 18.2424 3.38676 18.1537L17.871 4.22492C17.9129 4.18412 17.969 4.16129 18.0275 4.16129C18.086 4.16129 18.1422 4.18412 18.184 4.22492L32.6098 18.1524C32.6553 18.1964 32.7091 18.231 32.768 18.2542C32.8269 18.2774 32.8898 18.2888 32.9531 18.2877C33.0164 18.2866 33.0789 18.273 33.1369 18.2478C33.195 18.2225 33.2475 18.1861 33.2915 18.1405C33.3355 18.095 33.3701 18.0412 33.3933 17.9823C33.4165 17.9234 33.4279 17.8605 33.4268 17.7972C33.4257 17.7339 33.4121 17.6714 33.3868 17.6133C33.3616 17.5553 33.3252 17.5028 33.2796 17.4588L33.2803 17.4594ZM7.2214 32.8018C6.90638 32.802 6.60417 32.6771 6.38117 32.4546C6.15817 32.2321 6.03263 31.9302 6.03212 31.6151V18.6204C6.03223 18.4586 6.06542 18.2984 6.12965 18.1498C6.19387 18.0013 6.28778 17.8674 6.40562 17.7564L17.2005 7.28556C17.4213 7.07623 17.7138 6.95923 18.0181 6.95851C18.3223 6.95779 18.6154 7.07341 18.8372 7.2817L29.5986 17.7603C29.7144 17.871 29.8065 18.004 29.8695 18.1513C29.9324 18.2985 29.965 18.457 29.965 18.6172L29.9458 31.5862C29.9451 31.901 29.8195 32.2027 29.5967 32.425C29.3739 32.6474 29.0719 32.7723 28.7571 32.7723L7.2214 32.8018ZM18.0214 7.92327C17.963 7.9236 17.9069 7.94666 17.8652 7.98756L7.07097 18.4533C7.0475 18.4744 7.02869 18.5001 7.01574 18.5289C7.00279 18.5577 6.99598 18.5889 6.99576 18.6204V31.6151C6.99584 31.6445 7.00172 31.6735 7.01305 31.7006C7.02437 31.7277 7.04093 31.7522 7.06178 31.7729C7.08262 31.7936 7.10733 31.8099 7.1345 31.821C7.16167 31.8321 7.19077 31.8377 7.22012 31.8376L28.7558 31.8112C28.7853 31.8114 28.8144 31.8057 28.8417 31.7946C28.8689 31.7835 28.8937 31.7671 28.9146 31.7464C28.9355 31.7256 28.9521 31.701 28.9635 31.6738C28.9749 31.6467 28.9807 31.6176 28.9808 31.5881L29.0001 18.6185C29 18.5884 28.9938 18.5586 28.9819 18.531C28.9699 18.5034 28.9525 18.4785 28.9307 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17.1128 18.2953 17.0776 18.2367 17.0537C18.178 17.0298 18.1153 17.0177 18.0519 17.0181C17.9886 17.0185 17.926 17.0313 17.8676 17.0559C17.8093 17.0805 17.7564 17.1163 17.7119 17.1614C17.6674 17.2064 17.6322 17.2598 17.6083 17.3184C17.5844 17.377 17.5723 17.4398 17.5727 17.5031L17.5772 18.3041C17.1059 18.3763 16.6614 18.5695 16.287 18.8647C16.0427 19.0436 15.8443 19.2778 15.7081 19.5482C15.5718 19.8186 15.5017 20.1174 15.5033 20.4202C15.5049 20.7229 15.5783 21.021 15.7174 21.2899C15.8566 21.5588 16.0575 21.7909 16.3037 21.9671C16.6813 22.258 17.1278 22.4462 17.5997 22.5136L17.6125 24.8439C16.9697 24.6909 16.4882 24.2615 16.4856 23.7369C16.4853 23.6736 16.4725 23.611 16.4479 23.5526C16.4234 23.4942 16.3876 23.4413 16.3426 23.3967C16.2517 23.3068 16.1288 23.2567 16.0009 23.2573C15.873 23.258 15.7507 23.3095 15.6607 23.4004C15.5708 23.4913 15.5206 23.6142 15.5213 23.7421C15.5669 24.2822 15.8025 24.7886 16.1864 25.1713C16.5703 25.554 17.0774 25.7881 17.6177 25.832L17.6222 26.6799C17.623 26.8073 17.6742 26.9292 17.7645 27.019C17.8548 27.1088 17.977 27.1593 18.1043 27.1595C18.1677 27.1592 18.2304 27.1463 18.2888 27.1217C18.3472 27.0972 18.4002 27.0613 18.4447 27.0162C18.4893 26.9712 18.5245 26.9177 18.5484 26.859C18.5723 26.8003 18.5843 26.7375 18.5839 26.6741L18.5794 25.8281C19.1198 25.779 19.6253 25.5395 20.0056 25.1524C20.3859 24.7653 20.6163 24.2556 20.6558 23.7144ZM16.9009 21.2073C16.7686 21.121 16.6597 21.0032 16.5841 20.8645C16.5085 20.7258 16.4684 20.5705 16.4675 20.4126C16.4666 20.2546 16.5049 20.0989 16.579 19.9593C16.6531 19.8198 16.7606 19.7008 16.8919 19.613C17.0957 19.4562 17.3317 19.3464 17.583 19.2916L17.5945 21.5255C17.343 21.4723 17.1062 21.3645 16.9009 21.2098V21.2073ZM18.5781 24.8439L18.5659 22.6126C18.8489 22.649 19.1122 22.7771 19.3155 22.9774C19.5188 23.1777 19.6509 23.439 19.6915 23.7215C19.6575 24.0059 19.5294 24.2707 19.3277 24.4741C19.126 24.6774 18.8622 24.8076 18.5781 24.8439Z\" fill=\"black\" stroke=\"black\" stroke-width=\"0.3\"><\/path>\n<\/svg>\n<\/div><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Top reasons for refinancing a mortgage<\/strong><\/h2>\n\n\n\n<p class=\"\">There are two main reasons why you might want to refinance your mortgage.<\/p>\n\n\n\n<p class=\"\"><strong>1. To secure lower borrowing costs<\/strong>.<\/p>\n\n\n\n<p class=\"\">Refinancing can be a way to secure a lower <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-rates-canada\">mortgage interest rate<\/a>, a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/30-year-mortgage-canada\">longer amortization period<\/a> or new conditions that might allow you to repay more of your mortgage ahead of schedule. Each of these changes can lead to lower short- and long-term mortgage costs.<\/p>\n\n\n\n<p class=\"\">When refinancing to get more attractive loan terms, you don\u2019t necessarily have to pull out any of your equity.&nbsp;<\/p>\n\n\n\n<p class=\"\"><strong>2. To free up cash.&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"\" id=\"besttime\">A refinance also gives you the option of accessing any money left over after paying off your previous mortgage. This could be tens, or even hundreds of thousands of dollars, depending on the value of your home and how much equity you have.&nbsp;<\/p>\n\n\n\n<p class=\"\"><\/p>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group has-lightest-green-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\" style=\"margin-top:var(--wp--preset--spacing--20);margin-bottom:var(--wp--preset--spacing--20);padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)\">\n<p class=\"has-lightest-green-background-color has-background\"><strong>Nerdy Tip: <\/strong>Keep in mind that a desire for lower borrowing costs or freed-up cash flow doesn\u2019t mean that you should refinance \u2014 everyone probably wants those things! One Reddit user on r\/MortgagesCanada posted they were considering refinancing as a way to fund a screened-in porch.<a href=\"#sources\" class=\"js-scroll-to\" rel=\"nofollow noopener noreferrer\" target=\"_self\">[1]<\/a> Another Reddit user posted in r\/PersonalFinanceCanada they might refinance as a way to raise cash to replace a failing car and pay off debt.<a href=\"#sources\" class=\"js-scroll-to\" rel=\"nofollow noopener noreferrer\" target=\"_self\">[2]<\/a> While both people are looking for a way to raise cash, whether it\u2019s a good idea depends on factors such as their income, other debts and funding alternatives available. For one person, it could make sense. For another, it may not.<\/p>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>When is the best time to refinance your mortgage<\/strong>?<\/h2>\n\n\n\n<p class=\"\">Refinancing your mortgage will provide the most benefit when:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">Mortgage rates have fallen enough that the money you save will be significantly greater than the prepayment penalty you\u2019re charged.<\/li>\n\n\n\n<li class=\"\">You need money to make a major purchase or investment, or pay off debt, and the refinance rate is lower than what you\u2019d be charged using a HELOC, credit card, personal loan or line of credit.<\/li>\n<\/ul>\n\n\n\n<p class=\"\">Refinancing for other reasons may not be the best use of your home equity.<\/p>\n\n\n\n<p class=\"\">Ideally, you want to use your equity to strengthen your household finances. Once you realize those benefits and have more breathing room in your budget, you can use the money you\u2019re saving to fund lifestyle spending or other discretionary purchases.&nbsp;<\/p>\n\n\n\n<p class=\"\">To determine if the time is right to refi, ask yourself (and your lender) the following questions:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">What\u2019s my existing mortgage rate versus current <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-refinance-rates\">mortgage refinance rates<\/a>?<\/li>\n\n\n\n<li class=\"\">What are the administrative costs and <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-are-closing-costs\">closing costs<\/a> associated with refinancing this mortgage?<\/li>\n\n\n\n<li class=\"\">How will I benefit from using my equity?<\/li>\n\n\n\n<li class=\"\">How much is the penalty for breaking my mortgage?<\/li>\n\n\n\n<li class=\"\">Is there a better way to pay for a major purchase?<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Reducing prepayment penalties when refinancing<\/h3>\n\n\n\n<p class=\"\">Deciding whether to refinance your mortgage mid-term often comes down to whether the benefits outweigh the penalties.<\/p>\n\n\n\n<p class=\"\">Paying off your mortgage early means incurring a prepayment penalty. To minimize this penalty, the ideal time to refinance is generally near the end of your <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/amortization-period-vs-mortgage-term\">mortgage term<\/a>, especially if you have a closed, fixed-rate mortgage.&nbsp;<\/p>\n\n\n\n<p class=\"\">If you refinance a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/open-vs-closed-mortgage\">closed mortgage<\/a> ahead of schedule, your prepayment penalty will likely be based on your lender\u2019s interest rate differential (IRD), a calculation that helps them recoup some of the interest they\u2019ll be missing out on. IRD varies from lender to lender, but it typically results in higher penalties than those charged on open or variable-rate mortgages.&nbsp;<\/p>\n\n\n\n<p class=\"\" id=\"rightforyou\">The penalty on a variable-rate mortgage isn\u2019t as steep. It\u2019s typically three months\u2019 interest.<\/p>\n\n\n<div class=\"c-block-tabs-wrapper \">\n\t<div role=\"tablist\" aria-label=\"Tabs\" class=\"c-block-tabs\">\n\t\t\t\t\t<div class=\"c-block-tabs__tab c-block-tabs__tab--active\"\n\t\t\t\t role=\"tab\"\n\t\t\t\t aria-selected=\"true\"\n\t\t\t\t aria-controls=\"0\"\n\t\t\t\t id=\"tab-0\"\n\t\t\t\t data-tabid=\"0\">Is a mortgage refinance right for you?<\/div>\n\t\t\t\t\t\t<div class=\"c-block-tabs__tab \"\n\t\t\t\t role=\"tab\"\n\t\t\t\t aria-selected=\"false\"\n\t\t\t\t aria-controls=\"1\"\n\t\t\t\t id=\"tab-1\"\n\t\t\t\t data-tabid=\"1\">Pros and cons of refinancing a mortgage<\/div>\n\t\t\t\t<\/div>\n\n\t<div class=\"c-block-tabs-all\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-tabs\">\n<div class=\"wp-block-nerdwallet-blocks-tabs-content c-block-tabs-content\" data-tabid=\"0\" role=\"tabpanel\" aria-labelledby=\"tab-0\">\n<p class=\"\">Refinancing can provide a significant boost to your household finances.<\/p>\n\n\n\n<p class=\"\">Pulling out equity can help you pay down debt or make a major investment, like a second home or post-secondary education.&nbsp; If it helps you obtain a lower interest rate, refinancing can immediately improve your cash flow, too.<\/p>\n\n\n\n<p class=\"\">Refinancing can be particularly useful if you have a variable-rate mortgage. If variable rates increase significantly over your term,refinancing might allow you to <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/switch-to-fixed-rate-mortgage\">switch to a lower fixed-rate mortgage<\/a> and secure a more stable rate without being penalized.<\/p>\n\n\n\n<p class=\"\">But there are instances where refinancing may not be the best move.<\/p>\n\n\n\n<p class=\"\">If prepayment penalties will devour a significant portion of the proceeds, for example, you might be better off waiting until the end of your term and seeking out a better deal when you <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works\">renew your mortgage<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"\">If you refinance to extend your <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/amortization-period-vs-mortgage-term\">amortization period<\/a>, you might secure lower payments, but you\u2019ll be paying interest for several additional years and adding thousands of dollars to the cost of your mortgage.&nbsp;<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-tabs-content c-block-tabs-content\" data-tabid=\"1\" role=\"tabpanel\" aria-labelledby=\"tab-1\">\n<h4 class=\"wp-block-heading\"><strong>Pros:<\/strong><\/h4>\n\n\n\n<ul class=\"\">\n<li class=\"\">Saving money by getting a lower interest rate.<\/li>\n\n\n\n<li class=\"\">Freeing up cash flow by arranging smaller monthly mortgage payments.&nbsp;<\/li>\n\n\n\n<li class=\"\">Accessing funds that can be used on major purchases or debt consolidation.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Cons:<\/strong><\/h4>\n\n\n\n<ul class=\"\">\n<li class=\"\">Winding up with a longer mortgage.<\/li>\n\n\n\n<li class=\"\">Having to pay penalties or other fees.<\/li>\n\n\n\n<li class=\"\">Paying a higher interest rate than if you waited to renew.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\" style=\"margin-top:0;padding-top:0;padding-bottom:0\">\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-lightest-green-background-color has-background\"><strong>Nerdy Tip: <\/strong>When refinancing, it\u2019s important to do some comparison shopping to ensure you\u2019re getting the best rate, terms and conditions. You don\u2019t have to refinance your mortgage with your current lender, so compare several before deciding which one offers the best deal. If you stick with your lender for your refinance, remember to <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/negotiating-mortgage-fees\">negotiate a better mortgage rate<\/a>.<\/p>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"alternatives\">Explore your options: Alternatives to mortgage refinancing <\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th class=\"has-text-align-center\" data-align=\"center\"><\/th><th>What it is<\/th><th>Pros<\/th><th>Cons<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/blend-and-extend-mortgage-explained\">Blend and extend<\/a><\/strong><\/td><td>Extending your existing mortgage contract by blending a new, lower interest rate with your current rate.<\/td><td>You can take access falling rates without breaking your mortgage and paying prepayment penalties. <\/td><td>Not always an option.<br>If you extend your term longer than you stay in your home you&#8217;ll pay prepayment penalties. <\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/home-equity-line-of-credit-explained\">Home equity line of credit<\/a><\/strong><\/td><td>A secured, revolving credit line that allows you to borrow up to 65% of your home&#8217;s market value if you have at least 20% equity.<\/td><td>No need to break your mortgage.<br>Application process can be shorter if you&#8217;re dealing with a familiar lender.<\/td><td>You must pass a stress test.<br>HELOC rates are generally higher than refinance rates.<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-home-equity-loan\">Home equity loan<\/a><\/strong><\/td><td>A second mortgage typically offered by non-chartered banks or <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/understanding-b-lender-mortgages\">private lenders<\/a>.<\/td><td>No prepayment penalties.<br>Many providers to choose from. <br>No mortgage stress test.<\/td><td>Rates can be significantly higher than with a refinance or HELOC.<br>Borrowing from a private lender carries unique risks.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-faq c-block-faq\" id=\"faqs\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><div class=\"c-block-faq__wrapper\"><div class=\"c-block-faq__header\"><h2 class=\"c-block-faq__title\"><\/h2><\/div><div class=\"c-block-faq__section-list\">\n<div class=\"wp-block-nerdwallet-blocks-faq-section\"><div class=\"c-block-faq-section c-block-accordion-wrapper\"><div class=\"c-block-accordion__header\"><h3 class=\"c-block-accordion__title\">Frequently asked questions about mortgage refinance<\/h3><\/div><div class=\"c-block-accordion-list\">\n<div class=\"c-block-faq-item c-block-accordion-item c-block-accordion-item--active\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\">What are the downsides of refinancing a mortgage?<\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">If a mortgage refinance involves extending your amortization period, you&#8217;ll be paying interest on your mortgage for several additional years. Breaking your mortgage early to refinance can result in hefty prepayment penalties. <\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"c-block-faq-item c-block-accordion-item\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\">Does refinancing a mortgage hurt your credit?<\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">A mortgage refinance can negatively impact your credit. You\u2019ll undergo a hard credit check, which will lower your credit score temporarily. Closing a mortgage and replacing it with a new one may reduce the overall length of your credit history, which can also impact your credit score.&nbsp;<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"c-block-faq-item c-block-accordion-item\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\">Can you refinance a mortgage multiple times?<\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">There is no limit on the number of times you can refinance a mortgage in Canada. <\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"c-block-faq-item c-block-accordion-item\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\">What does it mean to refinance a mortgage?<\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">Refinancing a mortgage involves breaking your current mortgage contract so you can sign a new, more beneficial one. You might refinance to get a lower mortgage rate or to turn your home equity into liquid cash.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"c-block-citation wp-block-nerdwallet-blocks-accordion\" id=\"sources\">\n\t<div class=\"c-block-accordion-wrapper\">\n\t\t<div class=\"c-block-accordion__header\">\n\t\t\t<h2 class=\"c-block-accordion__title\">\n\t\t\t\tArticle Sources\t\t\t<\/h2>\n\t\t<\/div>\n\t\t<div class=\"c-block-accordion-list\">\n\t\t\t<div class=\"c-block-accordion-item c-block-accordion-item--active c-block-accordion-item--opened\">\n\t\t\t\t<div class=\"c-block-accordion-item__header\">\n\t\t\t\t\t<div class=\"c-block-accordion-item__title\">\n\t\t\t\t\t\tWorks Cited\t\t\t\t\t<\/div>\n\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"c-block-accordion-item__content\">\n\t\t\t\t\t<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n\t\t\t\t\t\t<ol class=\"card-citation-lists\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"citation-list-item\">\n\t\t\t\t\t\t\t\t\t<div class=\"citation-list-item__wrapper\">\n\t\t\t\t\t\t\t\t\t\t<span>Reddit<\/span>, &#8220;<a href=\"https:\/\/www.reddit.com\/r\/MortgagesCanada\/comments\/1c0q034\/renovations_should_i_look_at_refinancing_mortgage\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Renovations &#8211; should I look at refinancing mortgage?<\/a>,&#8221; accessed September 9, 2024.\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"citation-list-item\">\n\t\t\t\t\t\t\t\t\t<div class=\"citation-list-item__wrapper\">\n\t\t\t\t\t\t\t\t\t\t<span>Reddit<\/span>, &#8220;<a href=\"https:\/\/www.reddit.com\/r\/PersonalFinanceCanada\/comments\/1djb5ls\/refinance_now_or_wait_for_renewal\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Refinance now or wait for renewal?<\/a>,&#8221; accessed September 9, 2024.\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/ol>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 class=\"nwb-authors__title\">\n\t\t\tAbout the Author\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Clay Jarvis photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<strong>Clay Jarvis<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Clay Jarvis is NerdWallet\u2019s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" title=\"Read more about Clay Jarvis\">\n\t\t\t\t\t\t\t<span>Read more about Clay Jarvis and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-45704\" class=\"c-block-card post-45704 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-managing-your-mortgage cluster-mortgage-refinancing\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/guide-to-refinancing-a-mortgage-in-bc\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1331732603-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Guide to Refinancing a Mortgage in B.C.\u00a0\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/guide-to-refinancing-a-mortgage-in-bc\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tGuide to Refinancing a Mortgage in B.C.\u00a0\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>What to consider before refinancing your mortgage in B.C., from how much you could access to what it might cost.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/barry-choi\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/BarryChoi-e1626212860872-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Barry Choi<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-45704 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1445\" class=\"c-block-card post-1445 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-managing-your-mortgage cluster-mortgage-contracts\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/penalty-for-breaking-mortgage\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/08\/What-happens-if-you-break-your-mortgage-contract-e1628030278409-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"The Cost of Breaking a Mortgage Contract\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/penalty-for-breaking-mortgage\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tThe Cost of Breaking a Mortgage Contract\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>If you change your mortgage contract mid-term, expect to pay for it. Your penalty could be three months\u2019 interest or the amount determined by your lender\u2019s interest rate differential.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a><a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/barry-choi\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/BarryChoi-e1626212860872-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Barry Choi<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1445 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1553\" class=\"c-block-card post-1553 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-managing-your-mortgage cluster-mortgage-renewal\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/08\/How-to-Renew-Your-Mortgage-e1629235133694-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How Mortgage Renewal Works In Canada\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow Mortgage Renewal Works In Canada\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>You\u2019ll likely go through the mortgage renewal process several times before you pay off your mortgage in full. Here\u2019s how to renew a mortgage, including tips for keeping down costs and finding the best deal. <\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1553 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-43825\" class=\"c-block-card post-43825 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-managing-your-mortgage cluster-mortgage-refinancing\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/guide-to-refinancing-a-mortgage-in-ontario\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/08\/GettyImages-1080494636-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Guide to Refinancing a Mortgage in Ontario\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/guide-to-refinancing-a-mortgage-in-ontario\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tGuide to Refinancing a Mortgage in Ontario\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p> What to consider before refinancing your mortgage in Ontario, from how much you could access to what it might cost.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-43825 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>A mortgage refinance can help you tap into home equity and secure better mortgage terms. Find out how \u2014 and when \u2014 to do it.<\/p>\n","protected":false},"author":4,"featured_media":1551,"parent":106,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":true,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":"[\"https:\\\/\\\/news-api.apple.com\\\/sections\\\/258a2d7c-962b-47be-93aa-4e3a3f4b4a02\"]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":"{\"@context\":\"http:\/\/schema.org\",\"@type\":\"Product\",\"name\":\"Refinancing a Mortgage in Canada\",\"review\":{\"@type\":\"Review\",\"name\":\"Refinancing a Mortgage in Canada\",\"author\":{\"@type\":\"Person\",\"name\":\"Post Author\"},\"positiveNotes\":{\"@type\":\"ItemList\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Saving money by getting a lower interest rate.\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Freeing up cash flow by arranging smaller monthly mortgage payments.\u00a0\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Accessing funds that can be used on major purchases or debt consolidation.\"}]},\"negativeNotes\":{\"@type\":\"ItemList\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Winding up with a longer mortgage.\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Having to pay penalties or other fees.\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Paying a higher interest rate than if you waited to renew.\"}]}}}"},"content-classification":[16],"topic":[116],"cluster":[229],"pp_author":[87],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Refinancing a Mortgage in Canada: How To Do It Right - NerdWallet<\/title>\n<meta name=\"description\" content=\"A mortgage refinance means breaking a mortgage contract and signing a new one. Learn how to maximize the benefits of refinancing your mortgage.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-to-refinance-mortgage\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Refinancing a Mortgage in Canada: How To Do It Right - NerdWallet\" \/>\n<meta property=\"og:description\" content=\"A mortgage refinance means breaking a mortgage contract and signing a new one. 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