Refinance today and
Refinance Your Auto Loan or Mortgage to take advantage of more favourable terms, better interest rates, or to access the home's equity.
Why Refinance
Refinancing can adjust various aspects of your mortgage or car loan, such as new amortization, new term, and new payment structure, to better suit your current financial situation or goals.
If your credit situation has improved since you took out the loan, you’re eligible for a lower rate by refinancing into a new home loan or vehicle loan.
Rates on shorter loan terms are lower than longer terms. Shortening your loan term allows you to pay off the loans faster and save a lot of money in interest over the life of the loan.
You can also lower your monthly mortgage payments by extending your payoff date past what it currently is, so you’re paying less in principle each month.
With a cash-out refinance, you can borrow against your equity to obtain funds for any purpose. You receive the money at closing, the amount of which is added onto the principle you owe.
Other Reasons to Refinance
You can use a cash-out refinance to pay off other debts to save money on interest and reduce your total monthly payments.
Mortgage rates are usually lower than the interest rates paid on credit cards and other unsecured debt, so you save on interest payments.
Mortgages can also be repaid over longer terms than most other types of debt, up to 30 years, so you can reduce your monthly payments against debt principle.
If you currently have an ARM (adjustable-rate mortgage), you may choose to refinance to a fixed-rate loan to lock in your rate for the remainder of your mortgage. That way, you don’t have to worry about your monthly payments increasing if rates should rise.
There are times, usually after a divorce, when someone who originally signed onto a loan is no longer to be held financially responsible for the loan. The only way to get them off the mortgage is by refinancing. This can also be used to remove the name of a co-signer whose support is no longer necessary and wishes to be freed of liability.
How It Works
Save the headache and gas by applying directly from your mobile devices. Our 2-minute hassle-free online application will get you pre-approved instantly.
Save your precious time by avoiding lineups at banks to apply for refinancing. You can get pre-approved within the comfort of your own home.
With partners across Canada, we are able to match you up with the best rates for your situation.
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