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A mortgage refinance allows you to renegotiate the terms of your mortgage, and can also allow you to borrow additional money. The are a number of reasons to refinance your mortgage: to shorten the term of your mortgage, change from a variable interest rate mortgage (VRM) to fixed, or use the equity built up in your home to finance renovations or other large purchases.


Many people will use a 'cash out refinance' replace their current mortgage with a larger one, which allows them to take some of that loan as a cash lump sum. This can allow you to finance large purchases - such as home renovations or school tuition. It can also help save you money by consolidating your debt into one convenient payment.

Let Myette guide you through the options of leveraging

the equity in your most valuable asset.

We can explore how taking advantage of flexible mortgage features and interest rates can allow you to withdraw equity while keeping your payments affordable.​

A mortgage refinance may be right for you if you want:

  • To consolidate your debt at a lower rate of interest than most major credit cards and loans

  • Help with yours or your children’s education costs, new car, a home renovation and more

  • Emergency funds to handle unexpected expenses

  • To purchase investments or maximize your RRSP contributions

  • A residential property, including rental properties of up to four units.

Cash Out Refinance vs Equity Take-Out

A cash out refinance and a home equity loan might seem the same - they both result in you taking out money and owing more money on your home - but they differ in a few key ways:

  • A cash out refinance changes the terms of your existing mortgage, whereas a home equity loan or line of credit function as a separate loan

  • A home equity loan or line of credit allows you to keep the terms of your existing mortgage

  • A refinanced mortgage generally has a longer term than a home equity loan or line of credit

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