{"id":2734,"date":"2026-03-11T22:07:10","date_gmt":"2026-03-11T22:07:10","guid":{"rendered":"https:\/\/effortlessmortgage.ca\/blogs\/?p=2734"},"modified":"2026-03-11T22:09:34","modified_gmt":"2026-03-11T22:09:34","slug":"mortgage-refinancing-reasons","status":"publish","type":"post","link":"https:\/\/effortlessmortgage.ca\/blogs\/mortgage-refinancing-reasons\/","title":{"rendered":"Mortgage Refinancing Isn&#8217;t Just About Rates"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2734\" class=\"elementor elementor-2734\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-46528b68 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"46528b68\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6f49500f\" data-id=\"6f49500f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cfd0296 elementor-widget elementor-widget-html\" data-id=\"cfd0296\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p><strong>Last updated:<\/strong> March 11, 2026 \u2022 <strong>Author:<\/strong> Effortless Mortgage<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b39e5e1 elementor-widget elementor-widget-text-editor\" data-id=\"b39e5e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong data-start=\"276\" data-end=\"300\">Mortgage refinancing<\/strong> isn\u2019t just about rates \u2014 it\u2019s often about making your monthly budget easier. Whether you\u2019re a homeowner or a homebuyer, this is worth knowing: <strong>refinancing is simply updating your mortgage plan to better fit your life today<\/strong>.<\/p>\n<p>And if you\u2019re a first-time buyer, don\u2019t worry &#8212; you don\u2019t need to \u201cknow refinancing\u201d yet\u2026 but understanding it now will help you plan smarter later.<\/p>\n<p>Here\u2019s the big misconception we hear all the time: \u201cRefinancing only makes sense if rates drop a lot.\u201d <em>Not always<\/em>.<\/p>\n<p>Because refinancing isn\u2019t just about rates. A lot of the time, it\u2019s about making your monthly budget easier.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f3051f3 elementor-widget elementor-widget-html\" data-id=\"f3051f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<section class=\"tldr\" role=\"note\" aria-label=\"TL;DR\">\n  <h2 class=\"sr-only\">TL;DR<\/h2>\n  <p><strong>TL;DR:<\/strong><\/p>\n  <ul>\n    <li>\n      <p>Refinancing isn\u2019t only a rate play \u2014 it can be a monthly budget \/ cash flow move.<\/p>\n    <\/li>\n    <li>\n      <p>Homeowners refinance for two big reasons: (1) reduce monthly pressure and (2) access home equity for a purpose.<\/p>\n    <\/li>\n    <li>\n      <p>If you want to access equity, your home appraisal matters \u2014 and appraisals can come in lower than expected compared to a couple years ago.<\/p>\n    <\/li>\n    <li>\n      <p>Even without taking a big lump sum out, refinancing can still help when the goal is simplifying payments.<\/p>\n    <\/li>\n    <li>\n      <p>Real example below shows <strong>$4,294\/mo \u2192 $2,367\/mo<\/strong>.<\/p>\n    <\/li>\n  <\/ul>\n<\/section>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dc57b11 elementor-widget elementor-widget-heading\" data-id=\"dc57b11\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What Refinancing Means<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58f855f elementor-widget elementor-widget-text-editor\" data-id=\"58f855f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Refinancing means you\u2019re changing your current mortgage. That can involve:<\/p>\n<ul>\n<li>adjusting your rate or term<\/li>\n<li>changing your payment structure<\/li>\n<li>consolidating other debts<\/li>\n<li>accessing equity (if it fits your plan)<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c20271 elementor-widget elementor-widget-heading\" data-id=\"7c20271\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Why People Refinance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f7eae0 elementor-widget elementor-widget-text-editor\" data-id=\"2f7eae0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>1) To lower the pressure on monthly payments<\/strong><\/p>\n<p>This is one of the most common reasons right now.<\/p>\n<p>If you have multiple high-interest payments (credit cards, lines of credit, etc.), refinancing can sometimes combine things into one payment that\u2019s easier to manage.<\/p>\n<p><strong>2) To access equity for something specific<\/strong><\/p>\n<p>Examples:<\/p>\n<ul>\n<li>home renovations<\/li>\n<li>buyout \/ separation<\/li>\n<li>investing in a property<\/li>\n<li>tuition payments<\/li>\n<li>a major life change where a cash buffer helps<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2aedb47 elementor-widget elementor-widget-text-editor\" data-id=\"2aedb47\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 data-section-id=\"1k4bp2c\" data-start=\"2341\" data-end=\"2377\">Quick Heads-Up: Appraisals Matter<\/h2>\n<p data-start=\"2379\" data-end=\"2581\">If you\u2019re trying to access equity, your home\u2019s appraisal matters a lot \u2014 and <strong data-start=\"2456\" data-end=\"2507\">appraisals can come in lower than people expect<\/strong> compared to a couple years ago. That can limit how much you can take out.<\/p>\n<p data-start=\"2583\" data-end=\"2738\">But even when you\u2019re <strong data-start=\"2604\" data-end=\"2611\">not<\/strong> taking out a big lump sum, refinancing can still help if the goal is <strong data-start=\"2681\" data-end=\"2738\">simplifying payments and improving monthly cash flow.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c851640 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"c851640\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cb3ce0f elementor-widget elementor-widget-heading\" data-id=\"cb3ce0f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A Real Mortgage Refinancing Example (with actual numbers)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-951710d elementor-widget elementor-widget-text-editor\" data-id=\"951710d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"2794\" data-end=\"2840\">Here\u2019s a real-life style example we see often:<\/p><p data-start=\"2842\" data-end=\"3022\"><strong data-start=\"2842\" data-end=\"2852\">Before<\/strong><br data-start=\"2852\" data-end=\"2855\" \/>\ud83d\udc49 Current mortgage balance: <strong data-start=\"2884\" data-end=\"2896\">$305,000<\/strong><br data-start=\"2896\" data-end=\"2899\" \/>\ud83d\udc49 Current mortgage payment: <strong data-start=\"2928\" data-end=\"2944\">$1,492\/month<\/strong><br data-start=\"2944\" data-end=\"2947\" \/>\ud83d\udc49 Other monthly debt payments (cards\/LOC\/vehicle\/etc.): <strong data-start=\"3004\" data-end=\"3020\">$2,802\/month<\/strong><\/p><p data-start=\"3024\" data-end=\"3067\">That\u2019s <strong data-start=\"3031\" data-end=\"3047\">$4,294\/month<\/strong> going out the door.<\/p><p data-start=\"3069\" data-end=\"3213\"><strong data-start=\"3069\" data-end=\"3125\">After refinancing (rolling debts into the mortgage):<\/strong><br data-start=\"3125\" data-end=\"3128\" \/>\u2705 New mortgage balance: <strong data-start=\"3152\" data-end=\"3164\">$470,000<\/strong><br data-start=\"3164\" data-end=\"3167\" \/>\u2705 New all-in monthly payment: <strong data-start=\"3197\" data-end=\"3213\">$2,367\/month<\/strong><\/p><p data-start=\"3215\" data-end=\"3303\">That\u2019s a drop from <strong data-start=\"3234\" data-end=\"3259\">$4,294 \u2192 $2,367\/month<\/strong><br data-start=\"3259\" data-end=\"3262\" \/>= <strong data-start=\"3264\" data-end=\"3280\">$1,927\/month<\/strong> freed up in cash flow.<\/p><p data-start=\"3305\" data-end=\"3442\">Not because of a \u201cmagic rate\u201d \u2014 but because they stopped paying high interest in multiple places and simplified everything into one plan.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5edc117 elementor-widget elementor-widget-image\" data-id=\"5edc117\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"740\" src=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2026\/03\/refinancing-1024x947.png\" class=\"attachment-large size-large wp-image-2738\" alt=\"\" srcset=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2026\/03\/refinancing-1024x947.png 1024w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2026\/03\/refinancing-300x278.png 300w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2026\/03\/refinancing-768x710.png 768w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2026\/03\/refinancing.png 1080w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-88ebdac elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"88ebdac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b6cd96 elementor-widget elementor-widget-heading\" data-id=\"2b6cd96\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">When Refinancing Usually Makes Sense<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-960e300 elementor-widget elementor-widget-text-editor\" data-id=\"960e300\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"3529\" data-end=\"3565\">Refinancing is worth exploring when:<\/p>\n<ul data-start=\"3566\" data-end=\"3794\">\n<li data-section-id=\"1b6a26t\" data-start=\"3566\" data-end=\"3619\">\n<p data-start=\"3568\" data-end=\"3619\">your mortgage + other debt payments are stacking up<\/p>\n<\/li>\n<li data-section-id=\"1yivmsj\" data-start=\"3620\" data-end=\"3681\">\n<p data-start=\"3622\" data-end=\"3681\">you want to consolidate high-interest debt into one payment<\/p>\n<\/li>\n<li data-section-id=\"pzowv1\" data-start=\"3682\" data-end=\"3745\">\n<p data-start=\"3684\" data-end=\"3745\">you need equity for a clear purpose (reno, buyout, investing)<\/p>\n<\/li>\n<li data-section-id=\"f4rtcj\" data-start=\"3746\" data-end=\"3794\">\n<p data-start=\"3748\" data-end=\"3794\">your current mortgage no longer fits your life<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"3796\" data-end=\"3824\">It <span style=\"text-decoration: underline;\">may not be<\/span> worth it when:<\/p>\n<ul data-start=\"3825\" data-end=\"3993\">\n<li data-section-id=\"15qvlbs\" data-start=\"3825\" data-end=\"3891\">\n<p data-start=\"3827\" data-end=\"3891\">you\u2019re only chasing a tiny rate drop and the savings are minimal<\/p>\n<\/li>\n<li data-section-id=\"s8zep\" data-start=\"3892\" data-end=\"3952\">\n<p data-start=\"3894\" data-end=\"3952\">penalties\/fees outweigh the benefit based on your timeline<\/p>\n<\/li>\n<li data-section-id=\"1e5twkx\" data-start=\"3953\" data-end=\"3993\">\n<p data-start=\"3955\" data-end=\"3993\">you plan to sell soon (timing matters)<\/p>\n<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5a01fa4 elementor-widget elementor-widget-heading\" data-id=\"5a01fa4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What We Look at When We \"Run the Numbers\"<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-268b3c0 elementor-widget elementor-widget-text-editor\" data-id=\"268b3c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>To tell you if refinancing makes sense, we look at:<\/p>\n<ul>\n<li>your current mortgage details (rate, term, renewal date)<\/li>\n<li>any penalty to break early (if applicable)<\/li>\n<li>your home\u2019s estimated value + what an appraisal might support<\/li>\n<li>your full debt picture (this is often where the biggest monthly relief is)<\/li>\n<li>your timeline and goals<\/li>\n<\/ul>\n<p>We\u2019ll explain it in plain language so you can decide without guessing.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13dd657 elementor-widget elementor-widget-image\" data-id=\"13dd657\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.effortlessmortgage.ca\/private-mortgage.php\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"200\" src=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-1024x256.png\" class=\"attachment-large size-large wp-image-1400\" alt=\"Private mortgage with bad credit\" srcset=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-1024x256.png 1024w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-300x75.png 300w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-768x192.png 768w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-1536x384.png 1536w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit.png 1584w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d640479 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"d640479\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6e3c9bc elementor-widget elementor-widget-heading\" data-id=\"6e3c9bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">FAQs<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-feb5720 elementor-widget elementor-widget-text-editor\" data-id=\"feb5720\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"2754\" data-end=\"2905\">We keep this page updated so you can check <strong data-start=\"1007\" data-end=\"1040\">current mortgage rates Canada<\/strong> without hunting across multiple sites.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5bd1bdc elementor-widget elementor-widget-heading\" data-id=\"5bd1bdc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Will checking refinance options affect my credit score?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e062e0a elementor-widget elementor-widget-text-editor\" data-id=\"e062e0a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"4516\" data-end=\"4613\">Not just by asking questions. If we need a credit check for an application, we\u2019ll tell you first.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-df7073c elementor-widget elementor-widget-heading\" data-id=\"df7073c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Can I refinance if my home value isn't what it was in 2021-2022?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b4da05 elementor-widget elementor-widget-text-editor\" data-id=\"9b4da05\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"2754\" data-end=\"2905\">Sometimes yes, sometimes no \u2014 it depends on equity, income, credit, and the goal. If equity access is limited, payment restructuring may still be an option.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-364a5ac elementor-widget elementor-widget-heading\" data-id=\"364a5ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Is refinancing only for people who want cash out?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f3a975 elementor-widget elementor-widget-text-editor\" data-id=\"8f3a975\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"4900\" data-end=\"4982\">No. Many refinances are done to <strong data-start=\"4932\" data-end=\"4953\">simplify payments<\/strong> and reduce monthly pressure.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51e8ac3 elementor-widget elementor-widget-heading\" data-id=\"51e8ac3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">What costs are involved?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d0468d1 elementor-widget elementor-widget-text-editor\" data-id=\"d0468d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"2754\" data-end=\"2905\">Potential costs can include mortgage break penalties (if mid-term), appraisal\/legal fees, and lender fees depending on the lender. We\u2019ll show you the math so you can decide if it\u2019s worth it.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d744817 elementor-widget elementor-widget-heading\" data-id=\"d744817\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">What if refinancing isn't possible right now?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7f374db elementor-widget elementor-widget-text-editor\" data-id=\"7f374db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"2754\" data-end=\"2905\">You may still have options depending on your equity and goals. We\u2019ll review what fits (and what doesn\u2019t) so you can make a clear decision.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e4319ca elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"e4319ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d9a6455 elementor-widget elementor-widget-heading\" data-id=\"d9a6455\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Ready to Explore Your Options?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-657b8c2 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"657b8c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Contact Effortless Mortgage today to get connected with trusted private lenders Ontario homeowners rely on.<\/p>\n<p data-pm-slice=\"1 1 []\">We have VIP relationships with over 90+ banks,\u00a0<a href=\"https:\/\/www.effortlessmortgage.ca\/b-lender-mortgage.php\" target=\"_blank\" rel=\"noopener\">b lenders<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.effortlessmortgage.ca\/private-mortgage.php\" target=\"_blank\" rel=\"noopener\">private mortgage lenders<\/a>\u00a0including our own in-house private lender with $0 broker fee.<\/p>\n<p><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/16.0.1\/svg\/1f4f2.svg\" alt=\"\ud83d\udcf2\" \/> <strong>Call us at 1-888-978-4984<\/strong><br \/><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/16.0.1\/svg\/1f4e9.svg\" alt=\"\ud83d\udce9\" \/> <strong>Email <\/strong><a><strong>info@effortlessmortgage.ca<\/strong><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f4cd270 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f4cd270\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-53a3e08\" data-id=\"53a3e08\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8602ad3 elementor-widget elementor-widget-image\" data-id=\"8602ad3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/calendly.com\/mortgage-advisors\/quick-chat?month=2022-07\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"364\" height=\"113\" src=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2021\/07\/Book-a-15-Min-Call.png\" class=\"attachment-full size-full wp-image-806\" alt=\"Book-a-15-Min-Call\" srcset=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2021\/07\/Book-a-15-Min-Call.png 364w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2021\/07\/Book-a-15-Min-Call-300x93.png 300w\" sizes=\"(max-width: 364px) 100vw, 364px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-8661fb3 e-flex e-con-boxed e-con e-parent\" data-id=\"8661fb3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>See current mortgage rates in Canada including a featured 3.64% starting rate, plus what affects your rate. Serving ON, AB &#038; BC.<\/p>\n","protected":false},"author":1,"featured_media":2735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43,9,60,45],"tags":[],"table_tags":[],"class_list":["post-2734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-options","category-mortgage-basics","category-mortgage-rates","category-mortgage-refinance"],"_links":{"self":[{"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/posts\/2734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/comments?post=2734"}],"version-history":[{"count":13,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/posts\/2734\/revisions"}],"predecessor-version":[{"id":2749,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/posts\/2734\/revisions\/2749"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/media\/2735"}],"wp:attachment":[{"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/media?parent=2734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/categories?post=2734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/tags?post=2734"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/table_tags?post=2734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}