Refinance
Learn About Refinancing
Canadians today face many reasons to refinance their mortgage. For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate. Refinancing is also a good option to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.
Refinancing enables borrowers to take equity out of their homes for a variety of purposes including debt consolidation, home renovations etc. The following general criteria must be satisfied:
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A minimum credit score of 600. (A minimum credit bureau score of 650 is required for 95% LTV).
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No prior bankruptcy or judgements. No R3’s in the past 24 months.
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Non-residing guarantors are not permitted.
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Non-residing co-borrowers are acceptable (must be an immediate family member and on title).
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All other existing requirements related to income and credit worthiness apply.
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For more information, look at Genworth and CMHC’s guidelines.