This Canada mortgage refinance calculator helps calculate the impact of refinancing your mortgage. Calculate your new monthly mortgage payment based on an updated mortgage rate or accessing home equity. Using a mortgage renewal calculator is also a good to use to understand how staying with your current lender will impact your finances.
Refinance mortgage rates
Mortgage rates are an important consideration that you need to keep in mind when refinancing a mortgage in Canada. The mortgage rate that you choose will directly impact your mortgage payments. It is important to explore current refinance mortgage rates to ensure you understand how it will impact your monthly payments.
What are the reasons to refinance?
Refinancing your mortgage could be a good option if you want to take advantage of lower mortgage rates that another lender can offer you. If you cancel your current mortgage mid term you may incur penalties related to breaking your existing contract. The advantages of refinancing your mortgage could mean improved mortgage affordability.
Since you are switching lenders when you refinance your mortgage rates the process is similar to initially applying for a mortgage. This means that you will be assessed to ensure that you are able to afford your mortgage. This includes the lender assessing your debt service ratios as well as a mortgage stress test which means determining the current value of your property.