Refinancing
Put your home equity to work — consolidate debt, fund a renovation, or improve your cash flow.
Refinancing replaces your current mortgage with a new one, often to access built-up equity or improve your terms. Canadians refinance to consolidate higher-interest debt into one lower payment, finance a renovation, invest, or free up monthly cash flow. A Finevo advisor runs the numbers — including any penalty to break your current mortgage — so you only refinance when it genuinely puts you ahead.
What to know
Borrow up to 80% of your value
Through refinancing you can access equity up to 80% of your home's appraised value, less your outstanding balance.
Debt consolidation
Roll high-interest credit cards, lines of credit, and loans into your mortgage at a far lower rate to reduce total monthly payments.
Penalty analysis
Breaking a closed mortgage early may trigger a penalty — the greater of three months' interest or the interest rate differential (IRD). We calculate it before you commit.
Renovation and investment funding
Finance a major renovation or a down payment on another property using equity you've already built.
Good to know
- Refinances cannot be insured, so the maximum loan-to-value is 80%.
- Refinanced mortgages can be amortized over up to 30 years to lower payments.
- An appraisal is usually required to confirm your home's current market value.
This information is a general overview of Canadian mortgage options and is not financial advice. Programs, rates, and eligibility are subject to change and to lender and insurer qualification. Speak with a licensed Finevo advisor for guidance specific to your situation.
Let's find the right fit
Connect with a licensed Finevo advisor for a personalized look at your refinancing options across 40+ Canadian lenders.