Trusted mortgage services
Refinance to lower payments or tap your equity
Consolidate debt, renovate or free up cash. We compare over 50 lenders and show you whether refinancing beats the alternatives.
- 5-yr fixed
- 4.89%
- 5-yr variable
- 3.70%
Updated Oct 27 · on approved credit · Compare to bank rates
When refinancing makes sense
Refinancing replaces your current mortgage with a new one, usually to borrow against your home's equity, lower your payments by extending the amortization or move to a better rate. Most lenders will refinance up to 80% of your home's appraised value, minus what you already owe.
If you refinance before your term ends, you will usually pay a prepayment penalty, so the savings have to outweigh it. We compare a full refinance with a blend-and-extend at your current lender, a home equity line of credit or a second mortgage, and show you the total cost of each.
Common reasons to refinance
Debt consolidation
Replace high-interest credit cards and loans with mortgage-rate debt and one lower monthly payment.
Renovations and suites
Fund a renovation from your equity, or use the federal program that lets eligible homeowners refinance with an insured mortgage to add a secondary suite.
Helping family
Use your equity to help a child or relative with a down payment.
How it works
How a refinance works
Check your equity
We estimate your home's value and what you owe to see how much you can access.
Price the penalty
If you are mid-term, we get your payout penalty and weigh it against the savings.
Compare options
Refinance, blend-and-extend, home equity line or second mortgage, side by side.
Close
Your new lender orders an appraisal, your lawyer or notary pays out the old mortgage and any debts, and your new payments begin.
Frequently asked questions
You have questions — we have answers!
Refinance Your Mortgage
How much can I get from a refinance?
Up to 80% of your home's appraised value with most lenders, minus your current balance and any penalty or costs paid from the new loan. You also need to qualify for the larger mortgage, so your income and debts can limit the amount even when you have plenty of equity. The federal secondary suite program allows up to 90% of the home's value after the suite is built, for eligible projects.
Will I pay a penalty to refinance?
Usually, if you are mid-term. Variable-rate mortgages often charge three months' interest; fixed-rate mortgages usually charge the greater of three months' interest or the interest rate differential, which can be larger. Refinancing at renewal avoids the penalty.
What is the difference between a refinance and a HELOC?
A refinance replaces your mortgage with a larger one and gives you a lump sum, with every payment going toward principal and interest. A home equity line of credit lets you borrow and repay as needed, up to 65% of your home's value, and you only pay interest on what you use. A refinance suits a one-time need; a line suits costs that come in stages. Mid-term, a refinance usually means a penalty, while adding a line may not.
Do I have to pass the stress test to refinance?
Yes. A refinance is treated as new borrowing, so federally regulated lenders qualify you at the greater of your contract rate plus 2% or 5.25%, and they review your income, debts and credit again. That is different from a straight switch at renewal, which no longer needs the stress test. If you don't qualify for the full amount, a smaller refinance, a home equity line or a second mortgage may still work.
What does it cost to refinance?
Besides any prepayment penalty, expect an appraisal, legal or notary fees to register the new mortgage, and possibly a discharge fee from your current lender. Some lenders cover part of these costs, so we compare that along with the rate, and most of them can be paid from the new mortgage. If you are mid-term, our renewal penalty tracker gives you a first estimate of the penalty.
Today's rates
Our rates vs the banks'
We shop 50+ lenders, so the rate you're offered isn't limited to one bank's rate sheet. Updated Oct 27.
Apply for your mortgage in minutes
Everyone's rate is different. What's yours?
Our job is to find you a competitive rate and terms that fit. Your rate qualification depends on certain factors, such as credit score and home equity, as per Canadian regulations. Get your details fast — there's no cost and no obligation.
- Current variable mortgage rate
- 3.70%
- Current prime rate
- 4.45%
| Term | Bank posted | Our rates | Action |
|---|---|---|---|
| 6 Months | 5.54% | 5.09% | Get this rate: 6 Months |
| 1 year fixed | 5.49% | 4.79% | Get this rate: 1 year fixed |
| 2 year fixed | 5.39% | 4.59% | Get this rate: 2 year fixed |
| 3 year fixed | 6.05% | 4.69% | Get this rate: 3 year fixed |
| 4 year fixed | 5.99% | 4.84% | Get this rate: 4 year fixed |
| 5 year fixed | 6.19% | 4.89% | Get this rate: 5 year fixed |
| 7 year fixed | 6.40% | 5.09% | Get this rate: 7 year fixed |
| 10 year fixed | 6.80% | 5.09% | Get this rate: 10 year fixed |
| 5 year variable | No bank rate | 3.70% | Get this rate: 5 year variable |
Bank posted rates are the big banks' posted rates published by the Bank of Canada (1, 3 and 5 years) and by Dominion Lending Centres (other terms). Some conditions may apply. Rates may vary from province to province. Rates subject to change without notice. Rates change often and depend on your down payment, credit and property; on approved credit (O.A.C.). E.&O.E.
Contact us
Have a question about your mortgage?
Contact info
Call, email or send us a message. We negotiate with over 50 lenders to find the right mortgage for you.
- Our location525 W 8th Ave #800, Vancouver, BC V5Z 1C6
- Phone number778-838-8005
- Email addressinfo@coastalblue.ca