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A refinance, or “refi” for short, refers to the process of revising and replacing the terms of an existing credit agreement, usually as it relates to a loan or mortgage. When a business or an individual decides to refinance a credit obligation, they effectively seek to make favorable changes to their interest rate, payment schedule, and/or other terms outlined in their contract. If approved, the borrower gets a new contract that takes the place of the original agreement.

Reasons you may want to refinance:

  1. To lower your debt payments: Pay off any high interest rate debt (e.g. credit cards, unsecured loans, etc.) by switching it to your lower rate mortgage debt
  2. To help your family grow: Contribute to your children’s RESPs or aid in their existing education costs, enable a home renovation, or take your family on a vacation
  3. To protect your family: Emergency funds to handle unexpected expenses
  4. To invest: Maximize your RRSP or TFSA contributions, buy investment real estate (e.g. residential property, including some types of multi-residence rental properties)


Home ownership is something very important for many Canadians. Home ownership is the start to increasing your net worth and building your financial future.

Reasons to purchase property:

  1. You may be a first-time home buyer
  2. An investor looking for a second property
  3. Wanting to purchase a cottage or perhaps wanting to build your dream home


Debt consolidation involves refinancing multiple debts into a single, larger loan to streamline repayment. By consolidating debts, individuals can often secure more favorable terms, such as a lower interest rate or reduced monthly payment. This financial strategy is commonly used to manage various liabilities, including: credit cards, business debts, auto loans, and other high-interest expenses that weigh you down financially.

Key takeaways:

  1. Simplified Repayment: Enjoy the convenience of a single monthly payment.
  2. Lower Total Payment: Benefit from reduced overall payments due to lower interest rates on consolidated debt.
  3. Opportunity for Reinvestment: Any surplus funds from lower payments can be redirected towards other financial goals or investments.

HELOC (Line of credit)

A home equity line of credit (HELOC) is a line of credit that uses the equity you have in your home as collateral. The amount of credit available to you is dependent on the equity in your home, your credit score, and your debt-to-income ratio. Because HELOCs are secured by an asset, they tend to have higher credit limits and much better interest rates than credit cards or personal loans. While HELOCs usually have variable interest rates, there are some fixed-rate options available.

Key takeaways:

  1. Accessible and Affordable Borrowing: A HELOC allows homeowners to borrow money quickly using their home equity, typically at more favorable interest rates compared to unsecured borrowing options like credit cards.
  2. Debt Consolidation Utility: Homeowners can use the funds from a HELOC to consolidate and pay off higher-interest debts, such as credit card balances, effectively managing and reducing their debt burden.
  3. Interest Payments on Used Amounts: With a HELOC, interest is payable only on the amount of credit actually used, not on the total available credit limit, making it a flexible and cost-effective borrowing option.


Renewing your mortgage early means renegotiating the term and interest rate before it officially matures. Keeping an eye on market changes is crucial for financial security in real estate. Regularly checking your current mortgage helps you spot opportunities for lower rates or better terms, no matter how long you’ve had it. While some mortgages allow early renewal anytime, others may have a small prepayment charge. Even with a fee, early renewal can often be a smart move for better terms.


Not all lenders can give you the best deal all the time. Your financial situation may have changed significantly since the last time you renewed your mortgage and/or the lender may have a changed their approach to your mortgage. Sometimes its better to switch lenders to secure the best mortgage for yourself in these circumstances.


What is a Mortgage Pre-approval?

A mortgage pre-approval is a process that provides you with important information to help you with your home search.

When you get pre-approved for a mortgage, you’ll find out:

    • The maximum amount you can afford to spend on a home
    • The monthly mortgage payment associated with your maximum purchase price
    • What your mortgage rate will be for your first mortgage term

Applying for a mortgage pre-approval doesn’t commit you to one single lender. However, getting pre-approved does guarantee that the mortgage rate you are offered by a lender will not change for 120 to 160 days.

By “locking in” your mortgage rate, you’re protected if interest rates rise while you’re shopping for a home.

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