Refinancing Your Mortgage

There are many reasons why you might consider refinancing your mortgage. However, the three most common reasons are:

  • Save money
  • Lower your mortgage rate
  • Lower your monthly mortgage payments


In some cases, if you refinance before your renewal date you may have to pay a penalty. Most of the time, banks will not explain how their Interest Rate Differential (IRD) penalties are calculated. There are a number of ways these penalties can be calculated, and it can change from bank to bank.

You should be aware that descriptions of penalties you receive from your bank may be misleading. A penalty of "3 months' interest or IRD" sounds straight forward, but it’s not that simple. It turns out that some banks have an IRD penalty which is double what other banks would charge for paying out the exact same mortgage.

It depends on how the bank chooses to calculate the spread in an IRD penalty. Unfortunately, they generally will not explain that to you until you make a payment. Make sure to do your homework before refinancing your mortgage in order to avoid any surprises.

The Benefits of Working with

When it comes to your mortgage you want someone who is working for you, not against you. At we consider not only the best rate for your situation, but also the best overall terms available. These includes getting you the absolute lowest possible pre-payment penalty calculations, should you need to refinance or pay the mortgage out in the future.

All things being equal, we will also try to avoid lenders who register either re-advance or collateral charges. That way you will have the most flexibility should something change down the road.

When you work with you’ll get more than just a good rate. You’ll get a mortgage that works for you and your lifestyle, no matter what your future holds.

Is Refinancing Your Mortgage Right for You?

If you’re considering refinancing your mortgage and are looking for some advice we would be happy to speak with you about it. Our agents are willing to work with you for as long as it takes in order to help you reach your goals. We’ll review your situation and if a refinance is right for you the benefits will be clear.