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:
Instantly you'll be able to compare a variety of mortgage rates if you are considering home mortgage refinancing.
As an added bonus, our unique service allows you to secure rates online. Simply fill out the quick online mortgage application for the opportunity to secure a mortgage rate (rate hold guarantee included)! This is ideal for mortgage refinance pre-qualification, giving you a better sense of how much equity you're able to take out of your home.
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 mortgage, 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.
If you are thinking about refinancing your mortgage you are not alone. Many homeowners have debated if mortgage refinancing makes sense for them given how low interest rates are and have been in Canada. Popular reasons for mortgage refinance are to:
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, refinancing may save you money in the long run because you'll be paying less in interest.
If lowering your immediate monthly costs isn't your main goal, perhaps a more appropriate objective is to shorten the term of the loan.
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:
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 July 2012 by Canada's Ministry of Finance, lowered the maximum amount Canadians can borrow in refinancing their mortgages to 80 per cent from 85 per cent of the value of their homes. This new guideline is meant to help prevent homeowners from taking on more risk than they can handle by pulling out too much equity from their homes. For a full overview of the changes, see: New Mortgage Rules Kick In To Cool Canadian Housing Market.
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