What is it?

Refinancing your mortgage is when you replace your current mortgage with a new one by paying off the old balance with a new loan that has different terms and conditions, such as a new interest rate. To be eligible, you need increased equity in your home, which is the extra value your home has gained over time.

Why would you refinance?

People may choose to refinance their mortgage for a variety of reasons, including financing home improvements, paying for their children’s education, buying a big-ticket item, or simply to consolidate debt. If you have built up more equity in your home, refinancing can help you access the cash value tied up in your property.

Refinancing vs. Renewing

Refinancing your mortgage and renewing your mortgage are two different things. Refinancing means you’re replacing your existing mortgage with a new one that has different terms and conditions. Renewing, on the other hand, means your mortgage term is coming due and you need to negotiate a new term and interest rate for your existing mortgage.

Your step-by-step guide to refinancing your home

The step-by-step guide below is a comprehensive guide tailored to support you at every stage of your refinancing journey - from research to refinancing. While some may prefer a hands-on approach, remember that we're here for you every step of the way. Feel free to dive into the process independently, but don't hesitate to reach out to us whenever you need guidance. Together, let's navigate through each step.

Step 1

Meet with a financial expert

bullet icon

Meet with one of our Mobile Mortgage Specialists or Financial advisors to explore your refinancing options.

bullet icon

Bring your ID, proof of employment income, tax documents and all the information from the home appraisal.

Step 2

Determine the value of your home

bullet icon

Work with your Mobile Mortgage Specialist or Financial Advisor to figure out the current market value of your home.

bullet icon

Calculate your potential equity. This is the difference between your home’s current market value and the outstanding balance on any loans for the home (how much you’ve paid for your home vs. how much you still owe).

Step 3

Finalize details and financing

bullet icon

Clearly define the purpose of refinancing, whether it be for debt consolidation, funding a vacation, home renovations, educational expenses, etc.

bullet icon

Review and confirm all the details of the refinancing arrangement, including interest rates, fixed or variable and open or closed mortgage, payment schedule, and any associated fees.

bullet icon

Once the refinancing is complete, work with your Mobile Mortgage Specialist or Financial Advisor on how to access the refinanced funds.

Reasons to refinance

Money icon

Debt consolidation

Combine your high-interest debt with a lower-interest mortgage, streamlining your payments and potentially saving money.

Money icon

Home renovation

Access the equity in your home to fund renovations and increase your home’s value.

Investment icon

Lower interest rates

Refinancing when interest rates are lower can reduce monthly payments and overall interest costs over the life of your loan.

Meet our Mobile Mortgage Specialists

As a first-time homebuyer, we understand the importance of flexibility. Our Mobile Mortgage Specialists bring the branch to you, accommodating your schedule and providing personalized service, ensuring you can easily navigate the journey to your first home without any unnecessary stress.

Tools & Resources


See how consolidating your debt using a lower interest rate can reduce interest costs.

Money Advice for Life

Managing multiple loans and debts can be a daunting task. One powerful solution is loan consolidation.

Have questions? That’s what we’re here for!

A female employee wearing a headset sits at her desk and smiles to camera.

Give us a call

Have questions about which mortgage option is most suitable for you?

A female employee wearing a black blazer is smiling at someone off camera. 

Connect with us

Ready to start your homeownership journey?