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Mortgage Refinance

Refinancing your mortgage with Lower is a great way to reduce your mortgage payments, take advantage of a low interest rate, consolidate debt or fund other goals. With the right mortgage you’ll have affordable payments or be mortgage-free sooner.

  • Get pre-approved without affecting your credit
  • Find the best rate from 40+ local lenders
  • Rely on our support for a stress-free experience

The right source for
Canadian mortgages

Lower is Canada’s premium mortgage broker offering mortgages for every type of new home, whether it's to live in or an investment.

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  • We do the hard work

    We do the hard work

    Lower advisors will do all the application admin.

Canadians love

Rated 4.9 / 5 on Google, Facebook, Trustpilot, Comparewise and others.

  • Brian Molnar
    Brian Molnar


    Buying a home for your family is so important. Ammar made us feel comfortable with at ease with this process. He took his time to understand our needs but was very quick with the process.

  • Karen Austin
    Karen Austin


    I bought my first home a few years back and used @lowerdotca. It was a great experience so I called them when I was ready to purchase my second house. Ammar and his team go above and beyond.

  • Valerie Fincher
    Valerie Fincher


    We had a great experience with Ammar and his team. He explained us all of our options without us feeling the pressure or rushed. I highly recommend.

  • Jeff Mahlum
    Jeff Mahlum


    I was extremely nervous being a first time home buyer in Toronto. With prices skyrocketing I wasn't sure this was the right move but after speaking to Ammar, he made me feel confident.

  • Clementine Mason
    Clementine Mason


    Ammar went above and beyond our expectations, answering all of our questions and securing us an even better rate that we'd hoped for! The entire process was very smooth and we will be recommending his mortgage services.

  • Averi Blackwell
    Averi Blackwell


    I was working with a broker before and it was a nightmare. Thank goodness I found Ammar. He was always quick to respond to help us. We will definitely be using Ammar when it’s time to renew our home.

  • Melissa Dodds
    Melissa Dodds


    I was anxious being a first-time home buyer in the Toronto market. Ammar was referred to me by a friend of the family and he definitely made the process much easier to work through!

  • John Hartman
    John Hartman


    We really appreciated Damien’s patience and compassion through this entire process. We are very happy with our rate and how easy he made our experience.

  • Ruben Gonzalez
    Ruben Gonzalez


    Ammar was amazing to work with from start to finish. Found us such an excellent rate. He went above and beyond for us.

  • Nicola Weber
    Nicola Weber


    @lowerdotca helped me with my purchase of my third business property. He found us the best rates. I would recommend Shawn if you need to speak to anyone.

  • Brooke Cheng
    Brooke Cheng


    My family member recommend @lowerdotca and to speak to Ammar. He doesn't disappoint. I was very satisfied with his service.

  • Fredy Pollich
    Fredy Pollich


    My previous mortgage broker retired so I had to find a new one. When I contacted Lower. The whole team is amazing. I was impressed right off the bat. Very professional.

  • Tricia Seward
    Tricia Seward


    @lowerdotca was recommended to me by a fellow business owner who used their services to refinance their property. I found Ammar to be knowledgeable and efficient in helping us to reduce our rate and liquidate the capital we needed to expand our business.

  • Judson Flatley
    Judson Flatley


    So glad I found Damien and Lower. The last time I had to renew my mortgage was a headache. Damine is familar with the challenges of applying as a self-employed individual and got our re-financing done without any trouble.

  • Josephine R
    Josephine R


    Lower gave us confidence in our purchase. I won’t even hesitate calling because they are just that great! Very easy to understand and work with.

  • Albert Taylor
    Albert Taylor


    I've worked with Lower many times. I highly recommend them to my clients who are in need. They work hard to get the best rates.

  • William Westley
    William Westley


    I was referred to Damien because I wanted to purchase the building my business is in when my landlord decided to sell. We went over all of my options and I ended up not only managing to purchase the building but also get extra funds to

  • Javier Garcia
    Javier Garcia


    Very reliable team. They are straight forward which I liked. They are honest but they also work very hard to find the best rates for you.

  • Michele Peers
    Michele Peers


    I had the pleasure of speaking to Shawn about a few things. Including purchasing property for my business and we got approved very quick. I will be using his services for my business in the future.

  • Donal Lynch
    Donal Lynch


    I used @lowerdotca to help with the purchase of my second investment property. Damien made the process quick and straightforward, which I appreciated as I have a hectic schedule.

FAQs about Mortgage Refinancing

Have a different question? Contact us today.

Should I refinance my mortgage?

This factor depends on what you are looking to gain. For example, a mortgage refinance may be a good option if you want to save money through a lower monthly rate. It could also be ideal for consolidating existing loans or accessing your home's equity in cash.

When should I refinance a mortgage?

When you are overwhelmed with debts and find it hard to pay off your mortgage, you may consider mortgage refinancing to avoid losing your property. However, this may cost you 2% to 6% of your overall mortgage as closing fees.

How much does it cost to refinance a mortgage?

A mortgage refinance comes with some associated costs, especially when breaking your mortgage before it runs its course. An estimated $2300 to $10,000 can be inquired as cost, which includes the application fee, credit score check fee, appraisal fee, survey fee, and the like. Although all fees can be calculated using a mortgage refinance calculator.

How long does it take to refinance a mortgage?

Mortgage refinance takes processes like survey, appraisal, inspection, etc. So, no one can tell you outrightly how long it will take. However, the average time is estimated to be 30 - 45 days. Of course, this time depends on your property's size and your finances' complexity.

How do you refinance a mortgage?

Be prepared to present financial statements and your credit history for review when applying for mortgage refinancing. It will be treated like a mortgage renewal. Then, you compare lenders to choose the best and create a contract. Then, you settle the previous mortgage and begin making payments on the new mortgage. It is that simple.

A mortgage refinance can prevent possible foreclosure on your property. Refinancing comes in handy when the mortgage rate is overwhelming and you can’t meet up with payments. The good thing is that several loan companies in Canada provide mortgage refinancing services.

A mortgage refinance allows you to access your home equity and consolidate debt. It works by breaking your current mortgage contract to acquire a better one, either with the same lender or a different one. So you can refinance your mortgage to get lower rates, cancel mortgage insurance, increase your credit score and reduce your term.

The idea is to save money and reduce interest rates. Therefore, you want a lender with fair mortgage refinance rates and better terms and conditions. So, if you’re wondering whether a this type of loan is a good option, this article will guide you to make the right choice.

mortgage refinance - source mortgages

Reasons for Mortgage Refinance

There are specific reasons why a mortgage refinance may be your next choice of action. It comes with different advantages, which include:

  • Lowering interest rates
  • Accessing home equity loan
  • Consolidating debts
  • Mortgage expansion

Lowering Interest Rates

Through mortgage refinancing, you can save money by getting a lower mortgage finance rate from a new lender. For example, suppose your current mortgage contract offers you 4% rates, and you get a new contract for 2.5%. In that case, you will be saving 1.5% on interest monthly. This can be calculated using a mortgage refinance calculator.

Accessing Home Equity Loan

Did you know you can access up to 80% of your home equity minus outstanding debt? Yes, that’s extra cash in your pocket. However, you can only access this home equity either through a home equity line of credit (HELOC), breaking your mortgage, or expanding your mortgage with your current lender.

Consolidating Debts

Another reason you may want to consider a refinancing your mortgage is to consolidate existing debts. A car loan or a pilling credit bill may affect your credit score if not duly paid off over time. However, a going the refinancing route can help consolidate these loans.

Mortgage Expansion

You may be interested in increasing your mortgage amount to borrow more or to change some specifics in your mortgage plans. Your application for a mortgage renewal and expansion will not be affected by whether or not your mortgage plan has been finalized. Depending on the terms and conditions, this expansion can be with your current or new lender.

How to Refinance Your Mortgage

If you are set to start the mortgage refinancing process, follow this step-by-step guide to refinance your home the right way.

  • Determine why you want to refinance your mortgage
  • Compare lenders
  • Sign a new mortgage contract
  • Break your current mortgage contract

Step 1: Determine why you want to refinance your mortgage.

If the goal is to lower your interest rate, you must weigh the consequences, benefits, and costs. Benefits include:

  • Decreased interest rate, which saves you money
  • Decreased monthly payment
  • Increased home equity
  • Increased credit score as you keep up with payments.

However, on the other side is cost implications which include:

  • Breakage cost if your mortgage term hasn’t elapsed
  • Refinancing cost, which is usually 2% to 6% of your mortgage
  • Application fees

After comparison, if it will save you money compared to the cost implications, then a mortgage refinance is best for you. Otherwise, you may consider other options.

Step 2: Compare Lenders

You are looking for a lender with favourable terms and conditions regarding mortgage refinancing. So, the need to compare lenders. However, the factors to consider are as follows:

  • Refinance Mortgage Rates: To get a reduced interest rate is the most common reason to refinance your home. Therefore, you must compare lenders to find the one that fits your situation.
  • Refinancing Fees: The idea is to save money and not spend more. You must consider the charges attached to breaking your mortgage before doing so.
  • Term Length: An affordable mortgage term length is what you should look out for so you don’t get overwhelmed with payments.
  • Customer Service: When it comes to mortgage refinancing, you want to stick with a lender with satisfactory customer service and a reputation in your province.

Step 3: Sign A New Contract.

After comparing lenders and deciding on the best, you can sign a contract to refinance your home.

Step 4: Break Your Current Mortgage Contract.

After signing a new contract, you can use the loan to pay off your previous mortgage contract. Then proceed to begin paying the new mortgage.

mortgage renewal - source mortgages

Best Mortgage Refinance Provider

Lower leads the way when it comes to mortgage financing in Canada. The company’s extensive portfolio includes a host of solutions for residential and commercial clients. These include home equity loans, commercial property loans, investment property loans, and more. And it even offers a debt consolidation solution for those who require it.

That said, one of Lower’s many offerings is a comprehensive mortgage refinance solution. Speaking to this broker’s highly experienced team is your first step to refinancing your mortgage. With Lower by your side, your journey to a successfully refinancing your mortgage will be painlessly smooth.

Mortgage Refinance Conclusion

You can switch lenders with a mortgage refinance, especially if the new lender offers better terms and rates. You get to pay off the previous mortgage and even increase the size of your mortgage to allow for borrowing additional funds.

However, fees are associated with this, especially if your loan’s term hasn’t yet run its course. Therefore, to determine whether refinancing will save you money or increase your expenses, you must weigh the benefits of the decision against the potential costs.