Lower your rate, roll high-interest credit cards into your mortgage, or take out up to 80% of your home's value. We do the exact math — including your bank's penalty for breaking early — so you know your real savings before you decide.
Up to 80% of home valueExact penalty mathConsolidate credit-card debtInvestment line of creditStretch to 30-year paybackClosing in 21 days
Most homeowners with high-interest credit card or line-of-credit debt are bleeding money — $10K on a credit card at 21% costs $2,100/year just in interest. Rolling that into a mortgage at 4.59% drops it to $459/year. But banks won’t volunteer this math because consolidation reduces their unsecured-lending fees. We do the math first, recommend only if it works, and disclose every penny of penalty + closing cost upfront.
A refinance restructures your existing Canadian mortgage. We model the breakage penalty (IRD or 3 months’ interest), the new rate, all closing costs, and your savings net of fees — then tell you honestly whether to do it. Most files we recommend break-even within 18-24 months. Equity take-out up to 80% LTV on uninsured refinances. We shop the full lender market: A-lenders, credit unions, monolines, and B-tier where appropriate.
What you get
Why Canadians choose Mortgage Squad Advisors.
Net-of-penalty savings analysis on every file — penalty math is computed exactly using your lender’s posted-rate method
Up to 80% LTV equity take-out on uninsured refinances
Debt consolidation: roll cards, lines of credit, car loans, and CRA debt into your mortgage at mortgage rates
Stress-test simulation before you commit — qualify at contract rate +2% or 5.25% (OSFI B-20)
Independent legal review covered by Mortgage Squad Advisors on refinances over $1M
Switch lenders if your current bank won’t match — discharge handled end-to-end
Maya AI models penalty + new rate + break-even in 60 seconds
Closing in as little as 21 days on clean files
30-year amortization available on uninsured refinances (cashflow relief)
$0 fee to you — lenders pay us on funding (always disclosed in writing)
Maya · 24/7 AI advisor
Have a question right now? Maya answers instantly in 50+ languages.
Current lender, rate, balance, maturity date. Takes 5 minutes — Maya can pull it from your portal if you’re an existing client. We also need your property tax bill and last 2 paystubs (or BFS docs if self-employed).
2
We run the math
Exact penalty (IRD or 3 months’ interest), new rate, appraisal cost, legal fees, discharge fee, and break-even timeline. You see every number, every assumption, every fee. No hidden costs, no surprises at the lawyer.
3
Approve and close
If the math works, we move. New mortgage funds, your old one is paid out, debts are settled at closing if consolidating. Monthly cashflow improves the day you close. Most files close 21-35 days from approval.
“We refinanced and consolidated three balances — credit card, line of credit, and a small car loan — into our mortgage. Cashflow improved by $640/month and we’ll have it all paid off in 18 years instead of dragging it out forever. The portal made the document chase a non-issue.”
— Olivia C., Refinance client, Calgary AB
FAQ
Common questions, answered.
Don’t see yours? Ask Maya — instant answer, any time.
When does refinancing make sense in Canada?
When (1) your rate is at least 0.50% above current pricing AND your remaining term has more than 24 months, OR (2) you’re carrying $20K+ in non-mortgage debt above 8%, OR (3) you need home equity for a defined purpose like a renovation, investment, or education. We model net-of-penalty savings on every file and only recommend if you actually come out ahead.
What is the prepayment penalty and how is it calculated?
Most fixed Canadian mortgages charge a ‘breakage’ penalty equal to the greater of 3 months’ interest or the Interest Rate Differential (IRD). Variable mortgages typically charge 3 months’ interest only. Big-6 banks (RBC, TD, Scotia, BMO, CIBC) use posted-rate IRD which is materially larger than monolines like MCAP or First National. We compute the exact penalty using your lender’s actual method — and tell you if you should wait.
How much home equity can I access through a refinance?
Up to 80% of your home’s current appraised value, less your remaining balance. Example: $900K home × 80% = $720K max financing, minus your $400K balance = up to $320K equity available. For 80%+ you need an insured refinance product (Sagen Purchase Plus Improvements or HELOC top-up), or a B-lender option for specific use cases.
What can I use the equity for?
Anything: home renovation, investment property down payment, education, debt consolidation, business cashflow, or even tax-loss harvesting strategies. Interest on borrowed funds used for income-producing investments is tax-deductible in Canada (Smith Manoeuvre, REIT/dividend portfolios). We flag deductibility opportunities but recommend confirming with your accountant.
Will refinancing extend my amortization?
It can — that’s your choice. Up to 30 years on uninsured refinances (subject to lender). Extending amortization lowers your monthly payment but increases total lifetime interest. We model both scenarios: keeping your current amortization for max interest savings, OR extending for cashflow relief. Best practice: extend if needed for budget, then accelerate prepayments when cashflow recovers.
What’s the difference between refinance and HELOC?
A refinance replaces your existing mortgage with a new one at a new rate. A HELOC is a revolving line of credit secured against your home equity — variable rate, interest-only payments allowed, draw and repay flexibly. Refinances win on rate. HELOCs win on flexibility. Many clients use a combination (re-advanceable mortgage). See /home-equity-line-of-credit for the side-by-side comparison.
Do you charge a fee for refinancing?
$0 to you on standard A-lender refinances. The new lender pays us a finder fee (typically 0.50%-1.10% of the funded amount) on closing. We disclose exact compensation in writing on every file. B-lender and private refinances may carry a brokerage fee — always disclosed before you commit, never deducted without your written consent.
How long does a Canadian refinance take?
21-35 days end-to-end on most A-lender files. Faster (14-21 days) if your file is clean and the appraisal completes promptly. B-lender and equity-take-out files run 30-45 days due to additional underwriting. Document checklist: photo ID, current mortgage statement, property tax bill, last 2 paystubs (or 2 years T1/NOAs for BFS), and your most recent mortgage statement.
Can I refinance with bad credit or CRA debt?
Often yes via alternative (B-tier) or private lenders. CRA debt can typically be rolled into a refinance up to 75% LTV with most B-lenders, and most A-lenders require CRA debt cleared before close anyway. Bruised credit (below 600 beacon) typically requires a B-lender at higher rates but lets you consolidate and rebuild. See /bad-credit-mortgage and /cra-debt-mortgage for full detail.
Should I refinance now or wait until renewal?
Depends on your current rate vs market, remaining term, and penalty size. Rule of thumb: if your remaining term is under 12 months, wait for maturity (no penalty). If 12-24 months remaining, math is usually close — we run it both ways. If 24+ months remaining and rate gap is 0.75%+, refinancing usually wins. Our refinance calculator and your dedicated advisor model both paths explicitly.
What happens to my property tax and insurance escrow on refinance?
If you currently pay property tax through your lender (PIT mortgage), the new lender will set up a fresh tax account and your old lender will refund any escrow surplus at closing. Home insurance just needs to be re-assigned to the new lender — your broker handles the paperwork. We coordinate the timing so there’s no gap in coverage and no double-payment of taxes.
