Mortgage Refinance

What is mortgage refinance?

Refinancing your mortgage means renegotiating your existing mortgage loan agreement. You might do this to consolidate debts, or you could use the equity in your property to increase your mortgage loan amount for large expenses.

By refinancing at the end of your current mortgage term, you may be able to avoid prepayment charges.

Should I refinance my mortgage?

Whether it’s a TD Mortgage or a TD Home Equity FlexLine, refinancing can help with certain goals:
  • Debt consolidation. Merge higher interest debts into one manageable payment with a lower interest rate.
  • Home renovations. Get the money you need to renovate or make repairs.
  • Investing. Take advantage of an investing opportunity (speak to your tax advisor first).

The pros and cons of refinancing

Pros of refinancing
Cons of refinancing
Access the equity you’ve built up in your home.
Increasing the amount you are borrowing may lengthen the time it takes to pay off your mortgage.
Consolidate your debts and lower your overall interest rate.
Your overall interest rate might be lower but the amount owing on your mortgage may be higher.
Possibly get a lower interest rate and pay less for your mortgage over time.
There may be additional costs, including a prepayment charge.

Consider the cost to refinance

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Before you decide on refinancing your TD Mortgage or a TD Home Equity FlexLine, be sure to look at all potential costs. Prepayment charges may apply if the agreement is ended before the term is done. There may also be associated fees for mortgage registration and property valuation.

But if you’re able to take advantage of lower interest rates, your overall savings may make it worthwhile.

Other useful information

Renewal and refinancing resources

Resources you’ll need if your mortgage is up for renewal or you want to refinance your mortgage.

Mortgage Payment Calculator

See what your mortgage payments could be and discover ways you can save money.

Our rates

See our current mortgage rates for various mortgage types and term lengths.

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