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Refinancing

Make your mortgage work for you again.

Lower your payment, free up cash from your home, or pay off higher-interest debt. A licensed broker will check whether refinancing makes sense for you, and compare lenders if it does.

  • Takes about 90 seconds
  • 100% free, no obligation
  • No credit check to get started

How it works

Find out if refinancing is worth it

  1. Tell us your goal

    Lower payment, cash out, debt consolidation or new terms. Plus a few details about your home.

  2. A broker runs the numbers

    A licensed broker in your province weighs the savings against costs like any prepayment penalty.

  3. You decide

    If it's worth it, they compare lenders and handle the paperwork. If not, they'll tell you.

Good to know

Before you refinance

There are usually costs

Breaking your mortgage early can mean a prepayment penalty, plus legal and appraisal fees. A good broker adds these up before you commit.

You can borrow up to 80%

In Canada, a refinance can generally go up to 80% of your home's value, minus what you still owe.

Timing matters

Refinancing at renewal avoids the penalty. If you're close to your renewal date, it may be worth waiting.

Want the full picture? Read When does refinancing make sense?.

Questions

Common questions

Is this really free?

Yes, 100% free. You never pay Brightrate anything, and there's no obligation. Brokers are paid by the lender when a mortgage closes. In rare cases, like private lending, a broker may charge a fee, and they must tell you before you agree to anything.

Is refinancing the same as renewing?

No. Renewing means starting a new term when your current one ends. Refinancing means changing your mortgage itself, often to borrow more or change its terms, and can happen before your term ends.

Will I pay a penalty?

If you break your mortgage before the end of its term, usually yes. Your broker will estimate it so you can see whether refinancing still saves you money.

Will this affect my credit score?

No. Answering these questions doesn't involve a credit check. If you decide to apply later, your broker will ask your permission first.

Who will contact me, and how?

One licensed mortgage broker in your province, by phone, text or email. Your details go only to that broker. They're never sold to marketers.

See if refinancing pays off.

A few quick questions. A licensed broker runs the numbers, for free.

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