Will I pay a penalty to refinance?

Usually, if you refinance before your term ends. On a variable rate it's often three months' interest. On a fixed rate it can be the interest rate differential, which is sometimes much larger. We get an estimated figure from your lender first and weigh it against what you save, so you see the real cost before deciding.

Does consolidating debt actually save money?

It lowers the monthly payment almost every time. Whether it lowers the total depends on how fast you pay it down. Spread over 30 years, even a low rate adds up. We show you both numbers side by side, and a plan to keep the total down.

Is refinancing at renewal cheaper?

Often, because there's no penalty when your term ends. If you're within a few months of renewal, it can be worth waiting. We'll look at your dates and tell you.

Do I have to pass the stress test again?

Yes, a refinance is a new mortgage, so you qualify again. Simply moving an existing mortgage to a new lender at renewal, without borrowing more, no longer requires it.

What if my credit has taken a hit?

A refinance with an alternative lender can still work, and clearing high-interest debt is often what rebuilds credit fastest. See our page on bruised credit, or just ask us.

Your home has been working. Put it to work for you.

Consolidate debt, renovate, or add a rental suite using the equity you’ve built. We show you the honest math first, including what it costs to break your current mortgage.

Apply for a mortgage ↗Get more info

You could access up to

Home value

Mortgage still owed

Based on the 80% limit for a regular refinance. What you qualify for also depends on income and credit. An estimate, not an approval.

Why people refinance

The four most common reasons.

01Consolidate high-interest debt and increase cash flow

Roll credit cards, car loans and lines of credit into your mortgage. One payment instead of five, usually at a far lower rate.

02Renovate or add a rental suite

Fund the work from your equity. If you're adding a legal suite, there's a program that lets you borrow more than usual.

03Pay for something big

Tuition, a family emergency, a down payment for a child. Borrowing against your home usually costs less than an unsecured loan.

04Change the terms

Lower the payment, stretch or shorten the amortization, or move to a lender that suits you better at renewal.

The honest math on consolidation

Monthly paymentLower

On the card

In your mortgage

Total interest, if you only make the minimumCan be higher

Cleared in a few years

Stretched over 30 years

An illustration of the trade-off, not your numbers. We run your real ones.

Moving a credit card into your mortgage almost always drops the monthly payment. That part is easy to sell.

What gets skipped is the other side. Debt you’d have cleared in three years, stretched over thirty, can cost more in total even at a much lower rate. So we show you both numbers, the monthly saving and the lifetime cost, and build in a plan to pay it down faster. If the math doesn’t work, we’ll tell you.

Refinance, home equity line of credit, or second mortgage

Three ways to use your equity. The right one depends on how and when you need the money.

Refinance

Up to 80% of your home's value

How it works: One lump sum. Your mortgage is replaced with a bigger one.
Best for: A known amount, like consolidating debt or a planned renovation.

Home equity line of credit

Up to 65% on its own, 80% combined with your mortgage

How it works: Draw what you need, when you need it. Pay interest only on what you use.
Best for: Costs that come in stages, or a safety net you may never touch.

Second mortgage

Depends on the lender

How it works: A separate loan behind your first mortgage, usually from an alternative or private lender.
Best for: When breaking your first mortgage would cost too much, or you can't qualify for a regular refinance yet.

Adding a rental suite

Borrow up to 90% to build a suite in your home.

A regular refinance stops at 80%. A federal program lets homeowners borrow up to 90% of what the home will be worth once a legal secondary suite is finished. The rent can help carry the payment.