Refinancing your mortgage in Barrie
Lower your payments, renovate, or roll debt into one payment.
- 80%
- Of your home's value, at most
- 3 months
- Interest, the usual minimum penalty
- $0
- Penalty at the end of your term
How much equity can you use?
Up to 80% of your home's value, less what you owe.
Equity you could borrow
$0
You already owe 80% or more of your home's value.
- Most you can borrow (80%)
- $0
- Already owing
- $0
Before penalty, legal and appraisal costs.
Why people refinance
- 01
Consolidate debt
Cards and loans into one lower-rate payment.
- 02
Renovate
At a mortgage rate, not a credit card rate.
- 03
Invest or help family
A rental down payment, or a child's first home.
- 04
Lower your payment
A better rate, a longer amortization, or both.
Refinance or home equity line?
| Refinance | Home equity line | |
|---|---|---|
| You get | A lump sum | Borrow as you need it |
| Most you can borrow | 80% of value, less what you owe | 65% as a line, 80% with your mortgage |
| Rate | Fixed or variable | Usually variable |
| Best for | A known amount | Costs that come in stages |
Limits: OSFI Guideline B-20, October 2026.
Questions about refinancing
What does it cost to break my mortgage?
Usually three months' interest, or more on a fixed rate. Fixed rates often charge the interest rate differential instead. We find out yours before you decide.
Can I refinance an insured mortgage?
Yes, but the new mortgage can't be insured, so the 80% limit applies.
Is it worth refinancing to pay off debt?
Often, when the debt costs far more than your mortgage. We compare the total cost, including any penalty.
Do I have to qualify again?
Yes. It's a new mortgage, stress test included.
How long does it take?
Usually a few weeks, mostly waiting on the appraisal and the lawyer.