Mortgage Refinance

Refinancing means replacing your current mortgage with a new one — to access equity, lower your payment, or restructure debt. There are three main reasons people refinance.

1. Consolidate debt

You can borrow up to 80% of your home’s value, minus your current mortgage balance, to pay off higher-interest debt.

Example: A $600,000 home × 80% = $480,000. Subtract a $350,000 mortgage and you have $130,000 available. Rolling credit cards and loans into your mortgage can free up $1,000–$2,000+ per month in cash flow, at a far lower rate than cards or lines of credit.

2. Access your equity (equity take-out)

Same 80% calculation, but you take the funds as cash — for a down payment on a rental or second home, a renovation, a business, or investments.

3. Lower your rate or change your amortization

Same 80% calculation, but you take the funds as cash — for a down payment on a rental or second home, a renovation, a business, or investments.

What to know before you refinance

Breaking a fixed mortgage early usually triggers a penalty (often an IRD — interest rate differential). I'll calculate it so there are no surprises.

Refinances are capped at 80% of your home's value.

A refinance is a great moment to review whether your mortgage is properly protected — ask me about mortgage life and critical illness coverage.