Mortgage refinance rates in Canada.
Our best uninsured 5-year fixed refinance rate today is 4.29% and variable 3.70%. Refinance up to 80% of your home’s value to consolidate debt, fund a renovation, or cut your payment — we shop 100+ lenders and run your penalty break-even first.
A lower rate that doesn't beat your penalty is a loss — we run the break-even first.
Get your refinance rateThe best mortgage refinance rate on our board today is about 4.29% (uninsured 5-year fixed). Refinancing lets you borrow up to 80% of your home’s value (minus your balance) at mortgage rates — far below cards or loans — to consolidate debt, renovate, or cut your payment. The deciding number is the prepayment penalty: we run the break-even before recommending it, and if your first mortgage carries a low rate, a second mortgage often beats breaking it.
When refinancing pays off
Refinancing replaces your mortgage with a new one — at today’s rate, a new amortization, or a larger amount. It wins when you’re consolidating high-interest debt, funding a renovation, or your current rate is well above market. We always run a break-even versus any prepayment penalty before recommending it.
The number that decides it is the penalty, and it’s where most lenders stay quiet. The Big-6 banks generally calculate the Interest Rate Differential from their posted rate for your remaining term minus the discount you received at signing, which can produce a penalty several times larger than a monoline’s contract-rate IRD on an identical balance — on a $500K mortgage that can be a five-figure difference. We compute your exact penalty using your lender’s real method, then weigh it against the interest you’d save. A lower rate that doesn’t beat the penalty is a loss dressed as a win — so if your first mortgage carries a great low rate, we’ll often show you that a second mortgage beats breaking it.
What are you refinancing for?
Consolidate, renovate, or restructure — and the tools to check it's worth it. Same 100+ lender network behind each.
Consolidate debt
Roll high-interest cards and loans into one low mortgage rate and payment.
Fund a renovation
Borrow against your equity for a reno at mortgage rates, not card rates.
Second mortgage?
If your first carries a low rate, a second can beat breaking it — we model both.
Penalty check
Run the IRD before you refinance — the number that decides if it's worth it.
HELOC instead
Flexible, interest-only draws on your equity — compare against a refinance.
Refinance calculator
See your available equity and the break-even on real numbers.
6 things to know before you refinance
Refinancing can be the cheapest way to borrow — or a loss dressed as a win. Here's how to tell.
Lowest rate of any borrowing
A refinance prices your equity at mortgage rates — far below any unsecured loan or credit card, and below a HELOC or second mortgage.
Up to 80% of your home's value
Access equity up to 80% LTV minus your balance — on a $900K home with a $400K mortgage, that's up to $320K for debt, renovations, or investment.
We run the penalty break-even
A lower rate that doesn't beat your penalty is a loss dressed as a win. We compute your exact IRD and weigh it against the interest you'd save.
Big-6 penalties are bigger
The Big-6 banks generally use a posted-rate IRD (posted rate for the remaining term minus your original discount), which can be several times a monoline's contract-rate IRD on the same balance. We use your lender's real method.
Refinance vs second mortgage
If your first mortgage has a great low rate, breaking it re-prices everything at today's higher rates. A second leaves it untouched — we show which wins.
100+ lenders, one application
We shop your refinance across the whole market — banks, monolines, credit unions — and bring back the lowest, free to you.
Why refinance with us
- Penalty break-even run first — we won't recommend a refinance that doesn't pay for itself.
- Refinance vs second vs HELOC modelled on your numbers, net of every cost.
- 100+ lenders on one application — the lowest refinance rate for your file.
- FSRA #13737 · Rate Beat: we try to beat an eligible Big-6 offer, or pay you $500 (conditions apply) · no bureau pull to start.
Refinance rates — FAQ
What rate can I get when I refinance?
How much can I borrow when I refinance?
Is it worth refinancing if I'll pay a penalty?
Why refinance instead of a HELOC or loan?
How is the prepayment penalty calculated?
Should I refinance, or take a second mortgage instead?
Sources
Primary sources for the rules and figures above. Rules, rates and lender policies change, so confirm anything you plan to act on with a licensed advisor.
- 1. OSFI, Guideline B-20: Residential Mortgage Underwriting Practices and Procedures: Federally regulated lenders cap conventional (uninsured) residential mortgages, including refinances, at 80% loan-to-value; the HELOC portion is limited to 65%.
- 2. CMHC, CMHC Refinance for Building Secondary Suites: CMHC's insured refinance is limited to funding secondary suites; mortgage insurance isn't available to take equity out, so refinances are priced as uninsured loans.
- 3. Financial Consumer Agency of Canada, Mortgage fees: Prepayment penalties: Breaking a fixed-rate mortgage usually costs the greater of three months' interest or the interest rate differential (IRD); some lenders calculate the IRD using the posted rate minus the discount you received.