Which Refinancing Option is Right for You?

There are a lot of rules when it comes to refinancing. Some say it’s only worthwhile when the interest rate drops at least two percentage points. Others suggest that most are likely to get better terms simply by refinancing. For most Canadians, refinancing can be beneficial. At the very least, it is a good option to explore.

There are different ways to refinance your loan. If this is your preferred route, then you need to decide which option will work best for your situation.

Refinancing Options

As housing prices soar, many borrowers want to take advantage by refinancing their mortgage. The refinancing options can include combining first and second mortgages, debt consolidation or negotiating a new loan altogether. You could also attempt to break your mortgage in the hope of refinancing. Some borrowers do this to get a loan with terms that are more suited to their financial situation. This is a common method if someone experiences a change in their life such as losing a job or starting a new business.

Speak to your lender to get an idea of what’s best for your financial situation. Also, it doesn’t hurt to meet with a few different lenders to get an idea of what a refinanced loan could look like.


Refinancing offers borrowers a new mortgage with new terms. It replaces the old loan and the goal is to receive more favourable terms with respect to interest rate, monthly payment or the timeframe of the loan.

It doesn’t make sense to refinance unless you get something beneficial out of the arrangement. Ideally, you walk away with a lower interest rate or monthly payment. Refinancing can improve your cash flow, which can help pay for renovations, post-secondary education, medical expenses or travel. You could also negotiate to pay off the loan in a shorter amount of time. This will help you build equity faster.

The first step towards refinancing is to learn more. Contact us today to speak about your refinancing options. We’re equipped to answer your questions and guide you towards a decision that will offer you the most benefits.



Bob Aggarwal

Mr. Aggarwal was one of the original founders of Canadalend.com, one of the largest volume Mortgage Brokerage houses in Canada. Mr. Aggarwal has over 12 years of experience in Brokerage and Lending in the small and medium business sector, as well as experience and expertise in the residential housing market. Since the inception of Canadalend.com, Mr. Aggarwal has been instrumental in developing the Canadalend.com operating platforms, and policies and procedures which have guided the organization to date.


Apply Online in 60 Seconds & Get Approved Now!

Please note * are required fields

Loan Details

*Purpose of Loan
* Do you currently own a home?    Yes   No

Personal Details

*First Name
*Last Name
*Date of Birth
*Email Address
*Current Address
*Select Province
*Postal Code
*Residential Status
*Home Phone
Cell Phone


Preferred Agent
*Please tell us where you heard about us?

Sign Up for Free Promotions*

Would you like to sign up for FREE newsletters, offers and special promotions from CanadaLend? You may later unsubscribe.


Terms & Conditions

I Agree

We respect your privacy

Please note, if necessary, we may require further information from you to process your application. By clicking "Apply Now" you are consenting to receive future such e-mails from us with regards to your application.

* Your consent is sought by CanadaLend.com 675 Cochrane Dr, #104, West Tower, Markham, ON L3R 0B8