01
Define what you want to achieve
You may want to fund improvements, reorganize debts or change your payment structure. List the amount needed and compare alternatives before replacing your mortgage.
02
Count the costs first
A refinance may involve a mortgage penalty, appraisal, legal work and lender or broker fees. Compare these costs against the benefit over the time you expect to keep the loan.
03
Have a repayment plan
Consolidating short-term debts into a mortgage may reduce the payment while extending repayment. Your home secures the debt, so plan how you will pay it down.
Bring to your conversation
- Mortgage payout statement
- Estimated property value
- Purpose of funds and debt balances
General information only. Product availability, eligibility and conditions vary by lender and application.