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Mortgage Refinance

Breaking your current mortgage for a new one, with the same lender or a different one, is what is known as a mortgage refinance. Some possible advantages of a refinance may include getting a lower mortgage rate, being able to access the equity in your property, consolidating your debts, or changing the duration of your loan.

There may be fees and penalties associated with a refinance that can exceed the possible savings so it is important to assess all the factors before you make your decision. Let Mortgage Squad Agents handle all your mortgage refinance needs.

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    Different Options for a Mortgage Refinance

    There are a few different options available if you choose to go for a mortgage refinance. These options are not mutually exclusive and you can achieve many when you refinance.

    Benefits of a Mortgage Refinance

    There are many reasons why people choose to go with a mortgage refinance. Depending on your existing mortgage, your property and finances, and the market you may be able to take advantage and benefit.

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    What are the Risks and Costs of a
    Mortgage Refinance?

    A mortgage refinance can be a useful tool that may save you money but that depends on your existing mortgage, your financial situation, and the market. Depending on the context a refinance may not be the option for you.


    You may incur penalties for breaking your mortgage agreement and going for a refinance.

    Fees and Closing Costs

    There are processing and closing fees associated with a mortgage refinance.

    Selling the Property

    Since there are penalties and fees when you go with a mortgage refinance it usually takes some time to break even or to realise your savings, sometimes this can be many years.

    Processing Times

    Since the lender will need to assess your finances and situation it can take some time to get your mortgage refinance approved, generally between 30 to 60 days.

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    Commonly Asked Questions

    There are a few reasons to get a mortgage refinance including lowering your mortgage rate, accessing your equity, or to consolidate debt. If you are able to lower your mortgage rate by 1% or more and have several years left on your mortgage it may be worth going with a mortgage refinance.

    Depending on your context a mortgage refinance can be a good or a bad idea. If the associated penalties and costs of breaking your current mortgage are greater than the possible savings, it may be better to investigate other options available to you

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