{"id":9118,"date":"2024-01-02T15:26:11","date_gmt":"2024-01-02T20:26:11","guid":{"rendered":"https:\/\/myratecompass.ca\/blog\/?p=9118"},"modified":"2025-07-20T14:33:25","modified_gmt":"2025-07-20T18:33:25","slug":"how-to-refinance-a-mortgage-in-canada-a-comprehensive-guide","status":"publish","type":"post","link":"https:\/\/myratecompass.ca\/blog\/mortgages\/how-to-refinance-a-mortgage-in-canada-a-comprehensive-guide\/","title":{"rendered":"How to Refinance a Mortgage in Canada"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/how-to-refinance-a-mortgage-in-canada-a-comprehensive-guide\/#What_Does_It_Mean_To_Refinance_A_Mortgage\" title=\"What Does It Mean To Refinance A Mortgage? \">What Does It Mean To Refinance A Mortgage? <\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/how-to-refinance-a-mortgage-in-canada-a-comprehensive-guide\/#Why_Do_Homeowners_Refinance_Their_Mortgage\" title=\"Why Do Homeowners Refinance Their Mortgage? \">Why Do Homeowners Refinance Their Mortgage? <\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/how-to-refinance-a-mortgage-in-canada-a-comprehensive-guide\/#The_Benefits_Of_Refinancing_A_Mortgage\" title=\"The Benefits Of Refinancing A Mortgage\">The Benefits Of Refinancing A Mortgage<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/how-to-refinance-a-mortgage-in-canada-a-comprehensive-guide\/#The_Potential_Downsides_Of_Mortgage_Refinancing\" title=\"The Potential Downsides Of Mortgage Refinancing\">The Potential Downsides Of Mortgage Refinancing<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/how-to-refinance-a-mortgage-in-canada-a-comprehensive-guide\/#How_To_Calculate_The_Cost_Of_Mortgage_Refinancing\" title=\"How To Calculate The Cost Of Mortgage Refinancing\">How To Calculate The Cost Of Mortgage Refinancing<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/how-to-refinance-a-mortgage-in-canada-a-comprehensive-guide\/#Alternatives_To_Mortgage_Refinancing\" title=\"Alternatives To Mortgage Refinancing\">Alternatives To Mortgage Refinancing<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/how-to-refinance-a-mortgage-in-canada-a-comprehensive-guide\/#Conclusion_-_Is_Mortgage_Refinancing_The_Right_Choice_For_You\" title=\"Conclusion &#8211; Is Mortgage Refinancing The Right Choice For You? \">Conclusion &#8211; Is Mortgage Refinancing The Right Choice For You? <\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/how-to-refinance-a-mortgage-in-canada-a-comprehensive-guide\/#FAQs_About_Mortgage_Refinancing\" title=\"FAQs About Mortgage Refinancing\">FAQs About Mortgage Refinancing<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9118\" class=\"elementor elementor-9118\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-286e0a1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"286e0a1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5ebf0a1\" data-id=\"5ebf0a1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-115718c elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"115718c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Refinancing your mortgage can be a strategic financial move for homeowners. It involves replacing your current mortgage with a new one. Homeowners choose to refinance for a wide variety of reasons, ranging from lower interest rates to a changing financial situation.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e03d280 elementor-widget elementor-widget-heading\" data-id=\"e03d280\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"What_Does_It_Mean_To_Refinance_A_Mortgage\"><\/span><b>What Does It Mean To Refinance A Mortgage? <\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-47451a9 elementor-widget elementor-widget-text-editor\" data-id=\"47451a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Refinancing a mortgage in Canada is a financial strategy that involves <strong>replacing your current home loan with a new one<\/strong>. During this process, you can negotiate new terms, such as lower interest rates, and change the duration of your home loan.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc6272a elementor-widget elementor-widget-heading\" data-id=\"bc6272a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Why_Do_Homeowners_Refinance_Their_Mortgage\"><\/span><b>Why Do Homeowners Refinance Their Mortgage? <\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a3941c3 elementor-widget elementor-widget-text-editor\" data-id=\"a3941c3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li>The decision to refinance should be based on your financial circumstances and goals. However, some scenarios can make refinancing particularly appealing:<\/li><\/ul><p>\u00a0<\/p><ul><li><strong>Falling Interest Rates:<\/strong> If mortgage rates have fallen significantly since you took out your loan, refinancing may allow you to secure a lower interest rate and save on interest payments over time.<\/li><li>\u00a0<\/li><li><a href=\"https:\/\/myratecompass.ca\/blog\/personal-finance\/how-to-improve-your-credit-score\/\"><strong>Improved Credit Score:<\/strong><\/a> If your credit score has improved since you took out your mortgage, you may be eligible for lower rates, making refinancing a potentially beneficial move.<\/li><li>\u00a0<\/li><li><strong>Accessing Equity:<\/strong> If you need to access a large sum of money and have significant equity in your home, refinancing can be a cost-effective way to do this.<\/li><\/ul><p>While these reasons seem promising, it&#8217;s important to understand the processes and costs involved before considering a mortgage refinance. <strong>The following sections explore the costs and benefits of mortgage refinancing. <\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e0d72c elementor-widget elementor-widget-heading\" data-id=\"1e0d72c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"The_Benefits_Of_Refinancing_A_Mortgage\"><\/span><b>The Benefits Of Refinancing A Mortgage<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84159c6 elementor-widget elementor-widget-text-editor\" data-id=\"84159c6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Lower interest rates: <\/strong>If current mortgage rates are lower than what you have, refinancing can save you money over time. Even a 1% difference in interest can save you thousands.<\/li><li>\u00a0<\/li><li><strong>Accessing home equity<\/strong>: Home equity refers to how likely you are to sell your property for more money than you bought it for. You can build equity by refinancing if you move to a <em>shorter loan term<\/em>. If you already have good <a href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/the-real-cost-of-home-renovations\/\">home equity, refinancing allows you to add value such as home renovations<\/a> and investment by accessing your equity (the difference between your home&#8217;s value and what you owe).<\/li><li>\u00a0<\/li><li><strong>Altering mortgage terms: <\/strong>Changes in your financial situation might necessitate changes in your mortgage terms. A homeowner may choose to <strong>change their monthly payment<\/strong> to be less or more, depending on their financial situation. They may also wish to switch from a <strong>fixed-rate mortgage to an Adjustable Rate Mortgage<\/strong> (ARM).<\/li><li>\u00a0<\/li><li><a href=\"https:\/\/myratecompass.ca\/blog\/personal-finance\/debt-consolidation\/\"><strong>Debt Consolidation<\/strong>:<\/a> Debt consolidation involves merging your debts into one manageable payment. When you refinance you can <strong>pay off all your debts with one loan, then pay back the loan<\/strong>. This can be a strategic move if you want to consolidate high-interest debts.<\/li><\/ul><p>\u00a0<\/p><p>Refinancing your mortgage allows you to restructure your mortgage terms to something that suits your financial goals and lifestyle. However, this is not an easy process and involves certain disadvantages:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11390f9 elementor-widget elementor-widget-heading\" data-id=\"11390f9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"The_Potential_Downsides_Of_Mortgage_Refinancing\"><\/span><b>The Potential Downsides Of Mortgage Refinancing<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7f3260a elementor-widget elementor-widget-text-editor\" data-id=\"7f3260a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Prepayment Penalties<\/strong>: Refinancing often involves breaking your current mortgage term, which could result in prepayment penalties. <strong>These are penalties for paying off a loan earlier than the due date.<\/strong> Prepayment penalties in Canada typically cost 3 months of interest on your remaining loan. <strong>You don&#8217;t pay prepayment penalties if you have an open mortgage agreement<\/strong>.<\/li><li>\u00a0<\/li><li><strong>Extended Mortgage Term<\/strong>: Refinancing can result in a longer mortgage term. While this may reduce your monthly payments, it could also mean you&#8217;ll <strong>be in debt for longer<\/strong>.<\/li><li>\u00a0<\/li><li><strong>Potential for more debt<\/strong>: If you&#8217;re refinancing to access the equity in your home, it&#8217;s crucial to have a plan for using these funds wisely or you could end up in more debt. If you refinance your mortgage to consolidate your debt, you will have to be careful to stick to your new payment plan.<\/li><li>\u00a0<\/li><li><strong>Impact on Credit Score<\/strong>: Refinancing your mortgage involves a hard credit check, which can temporarily lower your credit score. However, once your new <a href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/mortgage-payment-frequency\/\">mortgage is in place and you&#8217;re making payments<\/a> on time, your credit score should start to increase again.<\/li><\/ul><p>\u00a0<\/p><p>Now that you have a rough overview of the pros and cons of refinancing your mortgage, let&#8217;s go over how to calculate the costs involved in mortgage refinancing.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-973a708 elementor-widget elementor-widget-heading\" data-id=\"973a708\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"How_To_Calculate_The_Cost_Of_Mortgage_Refinancing\"><\/span><b>How To Calculate The Cost Of Mortgage Refinancing<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-14a1ba6 elementor-widget elementor-widget-text-editor\" data-id=\"14a1ba6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Refinancing your mortgage involves costs such as prepayment penalties, legal and appraisal fees, and mortgage registration fees. If you lengthen your mortgage agreement, the long-term costs of paying your monthly instalments will also add up. <strong>When calculating the costs involved in refinancing, you need to account for the following<\/strong>:<\/p><ul><li><strong>Prepayment Penalties:<\/strong> These penalties can be significant if you&#8217;re breaking your mortgage term early. The exact amount will depend on your mortgage contract and lender.<\/li><li>\u00a0<\/li><li><strong>Legal and Appraisal Fees:<\/strong> These are necessary to process the refinancing and can range from a few hundred to a few thousand dollars.<\/li><li>\u00a0<\/li><li><strong>Mortgage Registration Fee:<\/strong> This fee is charged to register the new mortgage and varies based on the province.<\/li><\/ul><p>\u00a0<\/p><p>If you\u2019re uncertain where to begin your calculations, there are several online calculators to help give you a rough idea of how much you may save or pay extra for your mortgage refinance. <a href=\"https:\/\/wowa.ca\/calculators\/mortgage-refinance-calculator\" target=\"_blank\" rel=\"nofollow noopener\">Here is an example of a mortgage refinance cost calculator in Canada<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-252a042 elementor-widget elementor-widget-heading\" data-id=\"252a042\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Alternatives_To_Mortgage_Refinancing\"><\/span><b>Alternatives To Mortgage Refinancing<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-adbd613 elementor-widget elementor-widget-text-editor\" data-id=\"adbd613\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If refinancing isn&#8217;t the best option for you, there are alternatives to consider:<\/p><p><strong>Mortgage Renewal:<\/strong> If your mortgage term is almost up, you may choose to renew your mortgage with your current lender or switch to a new lender, potentially at a lower rate.<\/p><p><strong>Mortgage Restructuring:<\/strong> This involves changing the terms of your existing mortgage, such as extending the amortization period or changing the interest rate.<\/p><p><strong>Second Mortgage or Home Equity Line of Credit (HELOC):<\/strong> If you need to access the equity in your home, a second mortgage or HELOC could be an alternative to consider.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f5eb4f2 elementor-widget elementor-widget-heading\" data-id=\"f5eb4f2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><b>Conclusion - Is Mortgage Refinancing The Right Choice For You? <\/b><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ddc4962 elementor-widget elementor-widget-text-editor\" data-id=\"ddc4962\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Whether you\u2019re refinancing your mortgage to pay your child\u2019s university fees, or want to take advantage of falling interest rates, refinancing can be a beneficial financial strategy if handled correctly. If you want to get started refinancing your mortgage and are sure you will benefit from the change in mortgage terms, speak to a financial advisor or mortgage specialist.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b4c8a5 elementor-widget elementor-widget-heading\" data-id=\"5b4c8a5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"FAQs_About_Mortgage_Refinancing\"><\/span><b>FAQs About Mortgage Refinancing<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-071edf4 elementor-widget elementor-widget-text-editor\" data-id=\"071edf4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Q: Is it worth it to refinance your mortgage?<\/strong><\/p><p>A: Depending on your financial situation and level of debt, refinancing can be beneficial. You can access your home equity, get lower interest rates, and get to change your mortgage terms. If the benefits outweigh the potential prepayment penalties and additional administrative and long-term costs, then refinancing is a beneficial move.<\/p><p><strong>Q: How does refinancing affect your credit?<\/strong><\/p><p>A: Refinancing your mortgage temporarily lowers your credit score, but with regular payments, your credit score will soon be back to normal.<\/p><p><strong>Q: What happens when you refinance your mortgage?<\/strong><\/p><p>A: When you refinance your mortgage, you pay off your existing mortgage and replace it with a new one, potentially with better terms or a lower interest rate.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-297fc26 elementor-widget elementor-widget-image\" data-id=\"297fc26\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/mortgage.mohamedkonate.ca\/mortgage-services\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"750\" height=\"209\" src=\"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1.png\" class=\"attachment-large size-large wp-image-15494\" alt=\"\" srcset=\"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1.png 924w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-300x83.png 300w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-768x214.png 768w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-397x110.png 397w\" sizes=\"(max-width: 750px) 100vw, 750px\" style=\"width:100%;height:27.81%;max-width:924px\" title=\"\">\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span> Refinancing your mortgage can be a strategic financial move for homeowners. It involves replacing your current mortgage with a new one. Homeowners choose to refinance for a wide variety of reasons, ranging from lower interest rates to a changing financial situation. What Does It Mean To Refinance A Mortgage? Refinancing a mortgage in Canada is&hellip; <a class=\"more-link\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/how-to-refinance-a-mortgage-in-canada-a-comprehensive-guide\/\">Continue reading <span class=\"screen-reader-text\">How to Refinance a Mortgage in Canada<\/span><\/a><\/p>\n","protected":false},"author":5,"featured_media":9300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[8],"tags":[21],"class_list":["post-9118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-blog-post-template-1-main-template-to-use","entry"],"aioseo_notices":[],"featured_image_urls":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada-375x250.jpg",375,250,true]},"post_excerpt_stackable":"<p>Table of Contents What Does It Mean To Refinance A Mortgage? Why Do Homeowners Refinance Their Mortgage? The Benefits Of Refinancing A MortgageThe Potential Downsides Of Mortgage RefinancingHow To Calculate The Cost Of Mortgage RefinancingAlternatives To Mortgage RefinancingConclusion &#8211; Is Mortgage Refinancing The Right Choice For You? FAQs About Mortgage Refinancing Reading Time: 4 Min Refinancing your mortgage can be a strategic financial move for homeowners. It involves replacing your current mortgage with a new one. Homeowners choose to refinance for a wide variety of reasons, ranging from lower interest rates to a changing financial situation. What Does It Mean&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/mortgages\/\" rel=\"category tag\">Mortgages<\/a>","author_info":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada-375x250.jpg",375,250,true]},"post_excerpt_stackable_v2":"<p>Table of Contents What Does It Mean To Refinance A Mortgage? Why Do Homeowners Refinance Their Mortgage? The Benefits Of Refinancing A MortgageThe Potential Downsides Of Mortgage RefinancingHow To Calculate The Cost Of Mortgage RefinancingAlternatives To Mortgage RefinancingConclusion &#8211; Is Mortgage Refinancing The Right Choice For You? FAQs About Mortgage Refinancing Reading Time: 4 Min Refinancing your mortgage can be a strategic financial move for homeowners. It involves replacing your current mortgage with a new one. Homeowners choose to refinance for a wide variety of reasons, ranging from lower interest rates to a changing financial situation. What Does It Mean&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/mortgages\/\" rel=\"category tag\">Mortgages<\/a>","author_info_v2":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num_v2":"0 comments","jetpack_featured_media_url":"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/How-to-refinance-a-mortgage-in-Canada.jpg","_links":{"self":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/9118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/comments?post=9118"}],"version-history":[{"count":102,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/9118\/revisions"}],"predecessor-version":[{"id":15796,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/9118\/revisions\/15796"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media\/9300"}],"wp:attachment":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media?parent=9118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/categories?post=9118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/tags?post=9118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}