Canadians today face many reasons to refinance their mortgage.
For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate.
Refinancing is also a good option to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.
Lower your interest rate; get a shorter term; convert variable to fixed-rate, or vice versa; to access equity for a large purchase; and to consolidate debt. Breaking your contract for a lower interest rate can save you money over time.