Guide to Refinance Your Mortgage in Canada

Start by reviewing terms, rate, balance, and any penalties or fees; clarify your purpose for refinancing.
Check your credit score and report for accuracy; it affects approval and favourable mortgage terms.
Compare lenders and rates, then weigh closing, appraisal, legal, and prepayment costs against long-term savings.
Processing can include underwriting, a property appraisal for LTV, and using an attorney or notary for legal steps.
Equity access is often up to 80% LTV; early 2025 rules may allow 90% for legal secondary suites.