Refinancing your mortgage is a means of replacing high-interest debt with a loan that has a lower interest rate. But it can also be done in order to switch from a fixed to variable rate, or vice versa, or to eliminate a balloon payment. A cash-out refinancing is one that involves you paying off your loan and borrowing an additional amount. The entire loan amount is secured by a mortgage lien on your home.

Refinancing can help you:

• Pay for renovations
• Take out equity for leverage it elsewhere
• Finance education
• Buy a new vehicle
• Consolidate existing debts

Things to consider

• You may increase the amount of your existing mortgage up to 80% of the current appraised value of your home.*
• If you increase the amount of your mortgage, additional fees may apply (title insurance, legal fees etc.)

*If you need more than 80% of the appraised value of
  your home, then the mortgage will be underwritten,
  or "insured" by either Canada Mortgage and Housing
  Corporation (CMHC) or GE Capital.

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