Estimate your penalty, your new loan amount, and whether the savings outweigh the cost — then we confirm it across 50+ lenders.
Drag the sliders — everything updates instantly.
Adjust your details to see your estimate.
Turn what you've built up into cash for renovations or major expenses.
If rates dropped or your credit improved, refinancing can cut your payment.
Roll high-interest cards and loans into one lower-rate payment.
How much equity can I access when refinancing?
In Canada you can typically refinance up to 80% of your home's appraised value — for example, on a $700,000 home that's up to $560,000, minus your current balance.
Is there a penalty to refinance before my term ends?
Usually yes — breaking a closed mortgage triggers a prepayment penalty, often three months' interest or an interest rate differential. The estimator above gives you a starting point.
When does refinancing make sense?
When you can secure a meaningfully lower rate, consolidate expensive debt, or access equity for a high-value purpose — and the long-term savings outweigh the break costs.
Can I refinance with bad credit?
Yes — alternative and B-lenders often work with refinancing for clients with credit challenges, though rates and terms will differ from a traditional bank.
How long does refinancing take?
Typically a few weeks from application to funding, depending on appraisal scheduling and lender turnaround times.
Will refinancing affect my credit score?
A refinance involves a credit check, which can cause a small temporary dip — but consolidating high-interest debt often improves your score over time.
One call connects you with 50+ lenders. Free consultation, no obligation.
In Ontario, most traditional lenders require a minimum credit score of 600 for an insured mortgage. For best conventional rates, a score of 680 or higher is recommended.
If your credit score is between 500 and 600, alternative B-lenders and private mortgage lenders may still approve you — though at a higher rate. My Future Mortgage works with a wide network of alternative lenders across Ontario.
Canadian federal rules set minimum down payments at 5% for homes up to $500,000, 10% on the portion between $500,000 and $1 million, and 20% for homes over $1 million.
First-time home buyers can access the First Home Savings Account (FHSA) and the Home Buyers' Plan (HBP) to boost their down payment.
Yes. While traditional A-lenders decline scores under 600, B-lenders and private mortgage lenders offer refinancing for credit-challenged borrowers. Equity is the most important factor.
My Future Mortgage specializes in connecting Ontario homeowners with the right lender for their unique credit situation.
If you switch lenders at renewal, you must re-qualify at the stress test rate (contract rate + 2% or 5.25%, whichever is higher). Staying with your current lender typically doesn't require a stress test.
My Future Mortgage pre-qualifies you with partner lenders before your renewal date so you know exactly what you qualify for.