Refinancing Your Home

With a mortgage refinance, you'll be able to access some of the equity you've built up in your home (equity being the difference between your property value and the amount of your outstanding mortgage). Your ACU account manager will work with you to renegotiate your mortgage and free up usable equity. How you use it, is up to you! Home renos, a new car, a special investment opportunity, to fund your retirement or to pay for a round-the-world once in a lifetime holiday!

Make sure to ask us if any interest savings on a new mortgage will offset any penalties if you choose to pay off your current one, early.

Build more equity, faster

Maybe when you took out your mortgage, you were cautious and opted for a longer term and lower monthly payments. Now that you feel more financially secure, you might want to look at a mortgage refinance. Refinancing to a shorter term at a higher monthly payment could save you tens of thousands of dollars in interest. You'll also build up equity in your home faster and you'll have all that additional equity to borrow against, if you need to.

Refinancing to ease your debt load

You can also refinance your mortgage to free up cash to pay off any high interest debts you have outstanding. This will effectively amalgamate your debt at your lower mortgage rate.

Refinance and reduce your monthly payments

Whenever mortgage rates fall, you might want to refinance and reduce your monthly payments. We'll figure out your refinancing fees and any penalties, and hopefully you'll be able to reduce your monthly payment by as much as a couple of hundred dollars. That bonus cash can be used to finance a major purchase or to boost investments such as RRSPs.

 

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