Refinance Planning
Refinancing
Compare payments, fees and penalties against the goals you want to achieve.
Who it helps
Homeowners reviewing debt, cash flow or a major expense.
Decide what a refinance needs to achieve
Perhaps you are planning a renovation, reviewing household payments or considering another property. Start with the goal and the amount you need, then compare a change now with keeping the current mortgage or waiting until renewal.
Look beyond the new payment
Ask for the current lender’s written payout and penalty information. Include legal, appraisal and setup costs when comparing options. A lower payment can come from spreading repayment over a longer period, which may increase total interest.
Prepare a useful comparison
- Your mortgage balance, rate, payment and maturity date.
- The purpose of additional borrowing, estimated budget and timing.
- A list of other debts, balances and payments if consolidation is being considered.
If you want to borrow against your home for several purposes, explore home equity and debt consolidation. If the main issue is a coming maturity date, start with renewal guidance.
Ask us to help frame your refinance comparison. Keep documents out of the inquiry form; the team can arrange secure delivery. Independent reading: mortgage prepayment rights and penalties.
How we help
A plan built around your goals
A clear objective
Define the amount, purpose and result you need from a change.
A full-cost comparison
Review fees and total repayment alongside the monthly payment.
A considered timeline
Compare acting now, waiting for renewal or keeping the current arrangement.
Process
Your next steps
1
Outline the goal
Tell us what you would like to change and any important deadline.
2
Gather the costs
Request current lender figures and review the likely costs of new financing.
3
Review the alternatives
Compare options and conditions before committing to a replacement mortgage.
Relevant team members
Talk with the team
Mortgage Agent Level 2
Team Lead
Rasha Ingratta
Rasha supports mortgage planning and financing decisions as part of the ShopMortgages.ca team.
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Mortgage Agent Level 2
Mortgage Fulfillment Specialist
Cassandra Attenborough
Cassandra supports mortgage fulfillment, documentation and file coordination at ShopMortgages.ca.
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What else to consider
- Debt consolidation
- Penalty analysis
- Cash-flow strategy
FAQ
Common questions
Does a lower rate make refinancing worthwhile?
Not on its own. Include the penalty and other costs, the remaining term and how long you expect to keep the new mortgage in the comparison.
Could refinancing reduce my monthly payment?
It may, but the reason matters. A longer repayment period can reduce the payment while increasing overall interest. Ask to compare both the payment and total cost.
Should I wait until renewal?
Ask for a comparison of the costs and timing of both approaches. A spending deadline or the current contract may affect the choice; refinancing is not automatically the better option.
Start the conversation
Tell us about your mortgage goals
Tell us your question and how to reach you. Please leave account numbers and sensitive documents out of this form.