Refinance a mortgage and compare equity options
How does refinancing my mortgage work?
Refinancing can change your mortgage or release home equity. It is different from renewing an unchanged balance. Compare the extra borrowing, repayment period and all fees, because a smaller payment can still mean a higher total cost.
Where to begin
- List the current mortgage balance and all other debts secured by your home.
- Ask the lender to assess your home’s value and explain available equity options.
- Compare refinancing with a home equity loan, HELOC or second mortgage.
- Include appraisal, legal, title and possible mortgage-breaking costs.
- Complete the lender’s qualification process and review the new payment schedule before accepting.
Before you open the official service
- Current mortgage agreement and secured-debt balances.
- Purpose and amount of additional borrowing.
Keep your actual documents and account details off this website. Use the official service’s current checklist before applying.
What to check for your situation
Equity is not an approval. Secured borrowing puts the home at risk, and a second mortgage does not replace payments on the first.
Fees, processing times and document rules can change. This page helps you navigate; it does not confirm eligibility or replace the government’s instructions.
Official sources
canada.ca · Official websiteFCAC — Borrowing against home equityEquity is appraised home value less mortgage and other home-secured debt. Home equity loans, HELOCs and second mortgages differ; fees and insurance costs may apply.Checked
Prepared by Active K Digital from the linked public guidance. Read our source approach.