What is Refinancing?
Refinancing means replacing your current mortgage with a new one — often to get a better rate, change terms, or access equity.
Definition
Homeowners refinance to lower their interest rate, change their amortization, switch between fixed and variable, or borrow against their equity. Done well, it can reduce your payments or free up funds for renovations and other goals.
Refinancing usually involves new approval, an appraisal, and closing costs, and breaking your existing mortgage early may trigger a penalty. It's worth comparing the savings against those costs before deciding.
When refinancing matters
- Lowering your interest rate or payment
- Accessing equity for renovations
- Consolidating debt into your mortgage
How Homeprint helps with refinancing
Homeprint keeps your property details and documents ready to share, so refinancing applications go more smoothly.
- Keep every related document in one secure place
- Track your home's value and finances over time
- Stay connected with trusted neighbourhood experts
Refinancing — FAQ
Related terms
Own your home with confidence
Create your free Homeprint account and bring everything about your home together.