Mortgage refinancing
that pays you back —
penalty included.
We compute your exact prepayment penalty, shop 100+ lenders, and only recommend refinancing when you genuinely come out ahead.
Mortgage refinancing in Canada replaces your existing mortgage with a new one — usually to lower your rate, consolidate high-interest debt, or access equity. Breaking a fixed term early triggers an IRD penalty (Interest Rate Differential), which lenders calculate as the greater of 3 months' interest or the IRD. A broker models the full break-cost vs. savings before you commit.
Four reasons it can make sense.
The deciding number is always your saving net of the penalty. We run this math first, every time.
Lower your rate
If your rate is 0.50%+ above today's market with 24+ months left on your term, monthly savings often cover the penalty inside two years. We show you the exact break-even before you commit.
Access home equity
Pull up to 80% of your home's appraised value for a renovation, investment down payment, or education. We model the full numbers so there are no surprises at the lawyer's office.
Consolidate high-interest debt
$10,000 on a credit card at 21% costs $2,100/year. At mortgage rates, the same balance costs a fraction. Rolling high-interest debt into your mortgage can transform monthly cash flow.
Change your term or amortization
Extend to 30 years for payment relief, shorten for faster payoff, or switch between fixed and variable. Uninsured refinances can go up to 30 years with most A-lenders.
How to refinance
your mortgage.
Penalty first, savings second, decision last.
That order matters.
Bring us your file
Share your lender, rate, balance, and maturity date — takes about 5 minutes. We'll also need your property tax bill and last 2 paystubs (or T1s and NOAs if self-employed).
We run the full math
Exact penalty (IRD or 3 months' interest), new rate, appraisal, legal fees, and discharge costs — plus your break-even timeline. You see every number before you commit a dollar.
Approve and close
If the math works, we move. The new mortgage funds, the old one is paid out, and high-interest debts are settled at closing. Most A-lender files close in 3–5 weeks from approval.
We can help across
many scenarios.
Tap any situation below to see how we approach it.
If you’re…Your rate is 0.5%+ above market with 24+ months left
Your rate is 0.5%+ above market with 24+ months left
A full refinance likely beats the penalty. We'll show you the exact break-even so you know before you commit.
Run my numbersIf you’re…You carry $20,000+ in credit card or line-of-credit debt
You carry $20,000+ in credit card or line-of-credit debt
Rolling it into your mortgage at mortgage rates can save thousands per year and dramatically improve monthly cash flow.
See my savingsIf you’re…You need cash for a renovation or investment property
You need cash for a renovation or investment property
Access up to 80% of your home's appraised value through a prime A-lender refinance — no second mortgage needed.
Check my equityIf you’re…You want lower monthly payments
You want lower monthly payments
A 30-year amortization on an uninsured refinance reduces your payment. We model the total interest cost tradeoff so you choose with the full picture.
Model my paymentsIf you’re…You locked a low rate and want equity without breaking it
You locked a low rate and want equity without breaking it
A HELOC or second mortgage may beat a full refinance. We compare all paths side by side and disclose every fee.
Compare HELOC vs refiIf you’re…You have CRA debt or bruised credit
You have CRA debt or bruised credit
B-tier and private lenders can often help — sometimes consolidating CRA debt and resetting your credit profile at the same time.
Explore my optionsReal savings —
including the penalty.
The penalty is real. So is the saving. Here's what it can look like when debt consolidation is part of the picture.
- Current rate5.59% fixed
- Mortgage balance$450,000
- Monthly payment~$2,850
- Credit card debt$25,000 @ 21%
- Credit card payment~$525/month
- Total monthly outflow~$3,375
- New rate4.14% fixed
- New balance$475,000
- Monthly payment~$2,520
- Credit cardCleared at closing
- Annual CC interest$0
- Total monthly outflow~$2,520
Illustrative only — your rate, penalty, and savings will differ. We compute your exact numbers before you commit. Try the refinance calculator.
Common questions,
clear answers.
Penalty math, equity limits, fees, timelines — answered plainly.
When does refinancing make sense in Canada?
Refinancing makes sense when your rate is at least 0.50% above today's market with 24+ months left, you carry $20,000 or more in high-interest debt, or you need home equity for a defined purpose. We model net-of-penalty savings on every file and only recommend refinancing if you genuinely come out ahead.
How much home equity can I access through a refinance?
Up to 80% of your home's appraised value, minus what you owe, on a prime A-lender refinance. Example: $900,000 home × 80% = $720,000 maximum financing; minus a $400,000 balance = up to $320,000 accessible. Going above 80% requires a B-lender or private second mortgage at higher rates.
What is the prepayment penalty and how is it calculated?
Fixed mortgages charge the greater of 3 months' interest or the Interest Rate Differential (IRD). Variable mortgages charge 3 months' interest only. Big-6 banks use a posted-rate IRD, which tends to be larger than the contract-rate IRD monolines use. On a $500,000 mortgage, a posted-rate IRD can run five figures. We compute your exact penalty using your lender's own formula before you commit.
What can I use the equity for?
Renovations, an investment property down payment, education, debt consolidation, or business cash flow. Interest may be tax-deductible when the borrowed money earns income — confirm deductibility with your accountant before you borrow.
Do you charge a fee to refinance?
$0 to you on standard A-lender refinances. The lender pays us a finder fee at closing, disclosed in writing on every file. B-lender and private refinances may carry a brokerage fee — always disclosed before you commit and never deducted without your written consent.
How long does a Canadian refinance take?
Most A-lender refinances close in 3–5 weeks from approval. You'll need: photo ID, most recent mortgage statement, property tax bill, and last 2 paystubs (or 2 years of T1 General returns and Notices of Assessment if self-employed).
We’ll try to beat your rate.
If we can’t, we pay you $500.¹
¹ Rate Beat: eligible Big-6 bank written offers only · same product, term & amount · $500 paid to you or your nominated charity at closing · conditions apply