Remortgage Canada: When, Why, and How to Refinance Your Mortgage

When you remortgage Canada, refinancing your existing mortgage with a new loan to get better terms, lower payments, or access home equity. Also known as refinancing your mortgage, it’s not just about chasing lower interest rates—it’s a strategic move that can save you thousands or unlock cash for home repairs, debt, or investments. Many homeowners in Canada wait too long or jump at the first offer, missing out on real savings. The truth? The best time to remortgage isn’t when rates drop—it’s when your financial situation, home value, or loan terms shift in your favor.

Mortgage rates, the interest percentage lenders charge you on your home loan. Also known as home loan rates, it’s the single biggest factor in your monthly payment and total cost over time. In Canada, rates fluctuate with the Bank of Canada’s policy and market conditions. If your current rate is above 5%, and you can lock in under 4%, you’re likely looking at hundreds of dollars saved each month. But rate isn’t everything. Your credit score, a three-digit number lenders use to judge your reliability as a borrower. Also known as FICO score, it directly impacts what rates you qualify for. A score below 680 might still get you approved, but you’ll pay more. And your home equity, the portion of your home’s value you actually own after subtracting your mortgage balance. Also known as equity in your house, it’s the fuel behind cash-out refinances. If your home has gone up in value since you bought it, you might have $50,000 or more in equity you can tap without selling.

People remortgage Canada for different reasons: to lower payments, shorten their loan term, switch from variable to fixed, or pull out cash for renovations or medical bills. But it’s not always a win. Closing costs, prepayment penalties, and extended loan terms can eat into your savings. That’s why checking your current mortgage contract and running the numbers is non-negotiable. You don’t need a financial advisor to do it—just a calculator, your latest statement, and a clear goal.

What you’ll find below are real, practical posts from Canadian homeowners who’ve been through this. From how to calculate if remortgaging saves you money, to what credit score you really need, to why your home equity matters more than your income right now. No fluff. No jargon. Just what works.