Refinancing A Mortgage

Refinancing your mortgage can be a wise financial decision, but it’s not always straightforward. Whether your mortgage term is approaching its end or you’re currently in the midst of one, our team at Black Knight Capital will assess your existing rate, analyze the figures, and inform you if refinancing is a viable option. If we can offer you a better rate, we’ll demonstrate the potential savings you could achieve.

Refinancing A Mortgage

Refinancing can be complex, but at Black Knight Capital, we keep it simple. We’ll walk you through the fine print, explain your costs and options, and only recommend refinancing if the math adds up in your favour.

As an independent brokerage, we are not bound to any single lender. This freedom enables us to evaluate various offers and champion the option that suits you best.

Discover Your Renfinancing Potential

Refinancing isn’t one-size-fits-all. We’re here to answer your questions and help you explore your options.

 FAQs

  • Renewing means extending your mortgage with your current lender when your term ends. Refinancing involves replacing your existing mortgage with a new one—with the same lender or a different one—to get a better rate, access equity, or change your terms.

  • Yes, but it may come with penalties. We’ll calculate the costs and help you decide if breaking your mortgage early is worth it based on your current rate and potential savings.

  • In most cases, yes. Your lender will need to assess the current value of your home to determine how much equity you have and what terms they can offer.

  • Indeed, refinancing in Canada entails particular regulations and procedures. For instance, you can usually refinance up to 80% of your property's value, and this process requires terminating your existing mortgage to initiate a new one. This could lead to prepayment penalties, particularly if you are still within your mortgage term. Many Canadians choose to refinance to obtain a more favorable interest rate, consolidate their debts, or tap into their home equity. Collaborating with a Canadian mortgage broker such as Black Knight Capital can provide you with clarity on your choices and assist you in confidently navigating the refinancing journey.

  • Not at all. Refinancing can also help you access your home equity for renovations, consolidate high-interest debt, or switch to a different mortgage structure that better suits your goals.