Consolidating debt mortgage refinance mortgage refinance

15 Mar

Mortgage loans come with the lowest interest rates because they are securitized; or in other words, they are backed by an asset – your home.

If you were unable to make your mortgage loan payments, the bank has a claim on your house, and this makes your loan less risky.

Of the 10% of Canadians who refinanced their mortgages last year, 62% cited debt consolidation or repayment as the main reason for their refinance.

You can also refinance with a Discover Home Equity Loan and avoid closing costs.

*Disclaimer: Please note that the calculation results are estimates based on our most up-to-date information sourced from lenders’ publicly stated methodology and first-hand accounts. The results do not include special offers, such as cash back incentives, or any discharge, registration, reinvestment or transfer fees you may also incur.

For an exact penalty calculation, contact your lender directly.

You have options, so here are some resources to help you decide.

If rates are lower than you're paying now, it's a good time to consider refinancing your home.