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Compare mortgage rates if you are shopping around for a new mortgage because you want to take out home equity you have built up by refinancing your mortgage.

If you want to tap into your home's equity and refinance your mortgage, compare mortgage rates today. Simply select your province of residence, click "Go" and answer a few simple questions to compare:

  • Mortgage rates that are updated daily, as they change
  • Fixed mortgage rates and variable mortgage rates
  • Open mortgage rates & closed mortgage rates
  • Mortgage rates, mortgage payments, terms and amortization periods

What is home equity?

Home equity is the difference between the market value of your home and any unpaid debt registered against your property (including your mortgage). If the only debt registered against the house is your mortgage, your home's equity increases as you make mortgage payments.

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Why do people want to borrow against their home equity?

There are many reasons why Canadians borrow against the equity they've built up in their home. For example some people:

  • Pay for home renovations using their home equity
  • Use their home's equity to pay for schooling
  • Consolidate other, higher interest debts, with the help of their home equity

About refinancing your mortgage to take advantage of your home's equity

To refinance your home mortgage loan means to pay off your current mortgage and replace it with a new mortgage. If you are refinancing your mortgage with a new lender in order to borrow money on your home's equity, your 'old' mortgage lender may require you to pay a penalty in order to opt out of your current mortgage obligations.

These penalties, in most cases, are one of three options:

  • Three months' interest penalty
  • A set penalty amount provided to you by the lender at the time when you signed your original mortgage and which is likely outlined in your mortgage agreement
  • Interest Rate Differential (also sometimes referred to as IRD)

Each lender calculates their penalties differently and you should ask your lender for a "payout summary" in advance to see if it makes financial sense to refinance your mortgage for home equity purposes.

Are you looking to get a home equity loan?

Home equity loans are loans that use your home's equity as security and are often available at lower interest rates than personal loans or credit cards. The amount you are allowed to borrow is based on how much equity you have on your home, as per lender's discretion.

This summary is for informational purposes only and should not be relied upon without verification by contacting a mortgage professional.

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