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Refinance Resources
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Why would I refinance my mortgage?
Common reasons include:
Securing a lower interest rate if current rates are lower than your original rate. NerdWallet+1
Accessing home equity (cash-out refinance) for renovations, debt consolidation, investments. cibc.com+1
Changing mortgage terms (e.g., switching from variable to fixed rate, shortening or lengthening amortization).
What are the costs and risks involved in refinancing?
You may incur pre-payment penalties for breaking your current mortgage term early.
There are legal fees, appraisal fees, registration/discharge costs.
If you extend your amortization period or increase your debt, you may pay more interest over the long term.
When is a good time to refinance?
A good time might be when:
Current interest rates are significantly lower than what you’re currently paying.
You have enough home equity, your credit and income are strong, and the savings from refinancing outweigh the costs and penalties.
What’s the difference between refinancing and renewing a mortgage?
Renewing means staying with the same lender and extending or setting a new term when your current term ends — you’re not changing much.
Refinancing means obtaining a new mortgage agreement (with same or new lender), likely altering terms, interest rate, borrowing additional funds, and possibly breaking your current contract.
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