Montréal

Juan GutierrezMortgage broker · Quebec

What is Refinancing? · Buying process

Refinancing

Refinancing replaces your mortgage with a new, larger one to use the equity in your home: consolidating debt, renovating, investing. In Canada you can refinance up to 80% of the property's value.

Updated October 22, 2026

Unlike a renewal, refinancing requires a full re-qualification (income, credit, stress test) and a property appraisal. Done before the end of the term, it triggers the current contract's penalty; calculate it before deciding.

An alternative is the home equity line of credit (HELOC), which lets you use equity without replacing the whole mortgage. Which one fits depends on the amount, the use and the rate of your current contract.

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