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Refinancing Your Mortgage

What is Refinancing?

Refinancing is when you replace your current mortgage with a new one at a different rate, term and amortization period. Most people refinance their property to free up cash for large purchases, renovations or to consolidate debt into one manageable payment with a lower interest rate.

What are the benefits of refinancing with RBC?

While there are important considerations before determining if refinancing is right for you, refinancing can help you:

  • Take advantage of lower interest rates

    Because the interest rate on a mortgage is typically less than other types of credit, refinancing enables you to consolidate higher interest debt into one lower rate solution. Refinancing can also give you the opportunity to benefit from falling mortgage rates.

  • Access equity in your home

    Unlock the equity in your home to access cash that can be used to finance major purchases, home renovations or pay off other debt.

  • Get expert advice from a name you can trust

    Royal Bank of Canada is among the largest banks in Canada, with a team of Mortgage Specialists dedicated to offering practical financial solutions, competitive rates, personal service and advice that’s tailored to you.

get expert advice from a name you can trust
access equity in your home
unlock the equity in your home

Benefits and considerations of refinancing your mortgage

Benefits
  • Potential to get a lower interest rate and save money on your mortgage.
  • Ability to consolidate debt into a regular payment at a lower rate.
  • Access to equity for major expenses at a potentially lower interest rate.
Considerations
  • Fees and charges associated with breaking and refinancing your mortgage may be higher than the interest savings.
  • A lower payment potentially may remove the incentive to pay down debt faster.
  • Tapping into your equity today reduces the equity you have built up in your home.
Benefits
  • Potential to get a lower interest rate and save money on your mortgage.
  • Ability to consolidate debt into a regular payment at a lower rate.
  • Access to equity for major expenses at a potentially lower interest rate.
Considerations
  • Fees and charges associated with breaking and refinancing your mortgage may be higher than the interest savings.
  • A lower payment potentially may remove the incentive to pay down debt faster.
  • Tapping into your equity today reduces the equity you have built up in your home.

How to refinance your mortgage

Considering refinancing? We highly recommend speaking with an advisor who can review your financial picture and help determine if refinancing is the right financial move for you. In the meantime, here are the steps to refinancing your mortgage:

1. Understand why you want to refinance.

Is refinancing the right option for you? Take a look at our list of some of the benefits and considerations to determine if it’s the best way to reach your goals.

2. Figure out your timing.

Is it worth breaking your current mortgage early or can you wait until it’s time to renew? If you can wait until the end of your mortgage term, there will be no penalties for breaking your mortgage early. If you need to break the mortgage during its term, be sure you understand the costs involved.

3. Determine what you want to replace your current mortgage with

RBC Homeline Plan

The RBC Homeline Plan combines your RBC Mortgage and Royal Credit Line into one product that allows you to access the equity you have in your home. And, it gives you the flexibility to use funds in a way that best suits your needs. Learn more about the benefits of an RBC Homeline Plan.

Blend and extend your current mortgage

RBC can offer you a blended rate on your mortgage, which is essentially a blend of your current mortgage rate plus any additional money you borrow at current market rates.

4. Connect with an RBC Financial Advisor

An RBC Financial Advisor will help you understand what your options are and if refinancing is right for you. If you’re ready to refinance, they will guide you through the process from start to finish. Book an appointment with a RBC Financial Advisor today.

If you are an RBC Online Banking client and have had an opportunity speak with an RBC Financial Advisor, you can start your refinance online through RBC Mortgage Mover.

How you can manage higher mortgage payments

As interest rates remain elevated, we have resources to help you manage the possibility of higher mortgage payments.

Learn More

Tools and Resources

While RBC offers tools and resources to support you with your home financing needs, we encourage you to connect with an RBC Financial Advisor to help you through the process.

Tools and Calculators

Mortgage Fundamentals

Connect with an RBC Financial Advisor today.

Book an appointment with a RBC Financial Advisor to discuss your refinancing needs.

Book an Appointment
Book an appointment

If you are an RBC Online Banking Client, you can start your refinance online through

RBC Mortgage Mover
RBC Mortgage Mover

Find out the estimated value of your home by answering a few questions. Get Started