Refinance

Last updated: October 2026

What is Refinance in Canadian mortgages?

Replacing an existing mortgage with a new one (same lender or different lender) before maturity. Incurs prepayment penalty.

What is the Refinance limit for Canadian mortgages?

Max 80% LTV

Refinance example

Worked example

Refinancing to access equity for renovations or debt consolidation.

Related deal types terms

Purchase
Transfer (Switch)
HELOCHome Equity Line of Credit
Equity Takeout
Consolidation
Owner-Occupied

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