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Refinancing your mortgage? Compare mortgage rates online

Welcome to Kanetix® where you can compare mortgage rates easily online in minutes if you are thinking about refinancing your mortgage.

Getting started is easy. To compare today's mortgage rates all you have to do is:

  • Select your province of residence and click "GO"
  • Answer a few simple questions
  • Compare fixed and variable mortgage rates that are updated daily, as they change

Instantly you'll be able to compare a variety of mortgage rates if you are considering home mortgage refinancing.

Home mortgage loan refinancing

To refinance your home mortgage loan means to pay off your current mortgage and replace it with a new mortgage (preferably at a lower rate of interest). Refinancing can help you save money; whether it is because of a lower mortgage rate or because you get a new mortgage that has terms that better suits your needs (like the flexibility to make extra payments to prepay your mortgage quicker, increase payments, access home equity to serve as a collateral for a home equity loan, etc.)

Whatever the reason you're exploring mortgage refinancing, Kanetix's quick and easy-to-use free mortgage comparison service is helping Canadian consumers comparison shop their mortgage needs.

Compare mortgage rates and mortgage products today.

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Reasons to refinance your home mortgage

If you are thinking about refinancing your mortgage you are not alone. With interest rates as low as they are, for as long as they have been in Canada, many homeowners over the last little while have debated if mortgage refinancing makes sense for them. Popular reasons for mortgage refinance are to:

  • Get a lower interest rate and save on monthly mortgage payments
  • Lock in a particular rate if you believe rates are going to rise in the future
  • Take out home equity and use the extra money for renovations, education, etc.
  • Change from a variable rate mortgage to a fixed rate loan in order to have stable monthly payments
  • Change from a fixed to a variable rate, if you believe rates are going to fall in the future
  • Consolidate debt such as credit cards, car loans and student loans into one monthly payment
  • Combine two mortgages into one and enjoy potentially lower monthly payments as a result

Refinance mortgage rate(s)

A lower interest rate is one of the most common reasons for refinancing home mortgages because refinancing your mortgage at a reduced interest rate can lower your monthly costs. Depending on the penalties charged by your lender, by refinancing you might save money in the long run by paying less in interest.

If lowering your immediate monthly costs isn't your main goal, perhaps your goal is to shorten the term of the loan.

Additional information about home loan refinance

Your 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 find out if it makes financial sense to break your mortgage.

Note: New mortgage regulations announced in January 2011 by Canada's Ministry of Finance, lowered the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. For a full overview of the changes, see: Department of Finance Canada: Supporting The Long-Term Stability Of Canada's Housing Market

Refinance mortgage loans through Kanetix - save time and money! Compare mortgage rates today if you are looking to refinance your mortgage.

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

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