We understand that life happens and that financial needs change. You may want to pay off your high-interest debt, finance your children's post-secondary education, care for an elderly parent, or add that new kitchen you've been dreaming about. We will tailor a program to meet your needs and make life more manageable.
First, it's important to understand the difference between renew and refinance. Renew means that your current mortgage term is about to end and that you need a new mortgage term for the balance of the mortgage, with no increase in amount. Refinance means that you are looking for an increase in the amount of your current mortgage. It may be at the time of renewal or it may be at some point during your current mortgage term. If refinancing comes during the course of your current mortgage term, then an interest penalty will apply to "break" your current mortgage term and start a new mortgage.