Refinance your mortgage with a clear plan.

Refinancing can make sense when the savings outweigh the penalty and costs, you need equity for renovations or investments, you want to consolidate high-interest debt, your income or credit has improved enough to qualify for a better product, or you are approaching renewal and want to restructure. We calculate your break-even point first, so you can see whether it pays off.

The penalty depends on your mortgage type. Fixed-rate mortgages typically incur an Interest Rate Differential (IRD) penalty or 3 months' interest, whichever is greater. Variable-rate mortgages usually face a 3 months' interest penalty only, which is considerably lower. Use our Renewal & Switch Calculator to estimate your break cost before deciding.

Conventional refinancing allows you to access up to 80% of your home's current appraised value minus your outstanding mortgage balance. For example, on a $900,000 home with a $400,000 mortgage, you could access up to $320,000 as a cash lump sum. The final amount depends on your credit, income qualification, and lender guidelines.

Often, yes. B-lenders are flexible on credit score, and private lenders do not look at credit score as a requirement, since they focus mainly on your home equity. Rolling high-interest debt into a mortgage can lower your monthly payments, and many borrowers move to a bank mortgage later as their credit improves. Private mortgages cost more and carry fees that are disclosed in writing before you commit.

Timelines vary by lender and file. The main steps are the appraisal, lender underwriting and commitment, and legal registration with your lawyer. A-lenders and B-lenders usually take several weeks, while private funding often takes 3 to 10 business days once documents are complete. lendsimpl coordinates all parties to keep the process on schedule.

A mortgage renewal simply continues your existing balance under new terms at the end of your term, no penalty, no equity access, no change in principal. A refinance changes your loan amount or terms mid-term or at maturity, allowing equity access or rate reset, but triggering a prepayment penalty if breaking mid-term. The right choice depends on your goals and timing.

Yes, the stress test applies to new mortgage applications, including refinances, at federally regulated lenders. You must qualify at the higher of your contract rate plus 2% or the minimum qualifying rate set by the regulator. If your income or credit has changed, a broker can help you find lenders where you qualify comfortably, including B-lenders and private lenders that are not federally regulated.

Yes. Rolling credit cards, car loans and unsecured lines of credit into your mortgage can mean a different rate than those debts carry, which can change your monthly payments. Spreading the debt over a longer period can increase the total interest you pay, so we calculate the lifetime cost and the break-even point before you decide.

Yes, debt consolidation is a common reason Ontario homeowners refinance. Rolling credit cards, car loans, and lines of credit into your mortgage can change your monthly payments, though you pay that debt over a longer period. Our calculator shows your monthly and annual difference.

Any fee that applies to your file is disclosed in writing before you commit. Fees mainly come up on private lender files, where a broker fee and lender fees typically apply. You receive advice, a comparison across 50+ lenders, a break-even analysis and support through closing, with no pressure to proceed.