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Mortgage refinancing can be a fantastic financial move if it reduces your mortgage payment, shortens the term of your loan or helps you build equity more quickly. Mortgage refinancing can also be a important tool in getting your debt under control.

Reasons why you may want to restructure your mortgage could include:
Lower monthly payments
Consolidate debt
Renovate
Pull cash out of your home
Increase your flexibility with a line of credit
Transfer your mortgage to another lender to get a lower rate
Make a large purchase at the lowest interest rate possible
Switching between a fixed-rate and an adjustable-rate mortgage

How Does Home Refinancing Work?
The concept itself is basic - you pay off your existing mortgage and take out a new one. What isn't so simple is finding favourable terms for this type of financing.

Associated Costs
There are usually costs associated with home refinancing. With the help of a CMI broker you can get an idea of the costs and weigh them against the possible financial benefits of refinancing.

Prepayment Fees – Some mortgage agreements require a prepayment fee for paying off a mortgage early. This kind of fee is less common when you refinance towards the end of the mortgage term. If you refinance in the middle of your current term, a fee is more likely. This fee is typically a percentage of the principal

Standard Mortgage Fees – Refinancing means you are obtaining a new mortgage after paying off the old one. As such, you may be required to pay the same kinds of fees you did with your first mortgage: legal fees, application fees, title search, title insurance fees, and home inspection fees

Things to consider
You may increase the amount of your existing mortgage up to 80% of the current appraised value of your home.*

If you increase the amount of your mortgage, additional fees may apply (title insurance, legal fees etc.)

*If you need more than 80% of the appraised value of your home, then the mortgage will be underwritten, or "insured" by either Canada Mortgage and Housing Corporation (CMHC) or GE Capital.

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