5 Steps to Refinance Your Mortgage in Canada (And 5 Reasons You Should)

HomeHappy • March 22, 2021

Imagine you’re going on a grand adventure. You’re off to seek treasure, finally invest in your future… with no compass, no direction, and no map. Basically, you don’t know where you’re going, just that you are.


It’s easy to get lost when you can’t chart a path.


Navigating the mortgage process alone can be a lot like sailing uncharted waters without the skills to do so. Sure, you can manage. But it’s much more risky and stressful. 


Choose smooth sailing instead. We’ll guide you through the mortgage basics, while you captain the ship. All the joyous adventure, way less painful hassle. 


Owning a home means you build credit, grow equity, and are investing in your future. It also gives you a powerful tool you can use to consolidate debt, invest in property or other assets. This tool is refinancing. Let’s dive in:


Refinancing 101


Time to bust the myth that when you sign the dotted line, you must forever endure your mortgage at those rate and terms. This misconception is daunting, especially if your interest rates and terms were less than great.


Your solution? Refinancing. It’s a way for your mortgage to adapt to your needs, and can help your overall financial goals. 


Replace your existing mortgage with a new one, and voila! You’ve refinanced. Your new loan pays the remaining debt of your old mortgage. Now it’s out with the old that didn’t serve you, and in with new terms, better rates, and possibly lower monthly payments, too.


5 Reasons To Consider Refinancing


  1. Lower Interest Rates: Take advantage of dips in the market. While there may be some fees and penalties to breaking your contract, the long-term savings with a lower rate can vastly outweigh initial cost. 
  2. Lock in Rates: Many Canadians choose to refinance their mortgage to lock in at a lower rate and/or to avoid higher rates in the future.
  3. Change Terms: You can refinance to change your amortization period (how long it takes you to pay off your mortgage), or to change your mortgage to a fixed or variable product. 
  4. Access Home Equity (cash): You build home equity as you pay your mortgage. To calculate yours, subtract the remaining amount of your mortgage from the total market price of your home. Your mortgage has a better interest rate than a personal loan, such as a line of credit. Borrowing from your home equity can be a smarter move, when you need cash for larger purchases like home renovations, making investments, or paying for your child’s education.
  5. Consolidate Debt: If you have multiple loans, varying payments, and high rates… you may be struggling to stay afloat. With enough equity, you can pay off high-interest debt by refinancing. Consolidating everything into one long-term loan (your new mortgage) makes your payments manageable. With one interest rate, and one payment, you can stop juggling the bills and start planning ahead.


Your Step-by-Step guide to refinance a mortgage


Overwhelm is for people without a plan, and we always have your back. 


Let’s break down the process and keep it simple.


Step 1: Evaluate the market. 

Refinancing is only beneficial under the right circumstances. It’s critical to evaluate your mortgage annually against current market rates in your area, so you know when the timing is right. We’re always happy to consult, and share insight so you understand when to act.

Step 2: Apply. 

Much like getting your first mortgage, you need to start the refinance process with a mortgage loan application. Compile the necessary information, and submit for review. We’re great at streamlining this process and crossing T’s and dotting I’s, if you want help.


Step 3: Research Options.

Your financial situation and refinancing goals will determine the type of mortgage product you get. We can help ask the right questions and help you do your homework to carefully consider your options that will work for you now and in the future.



Step 4: Gather documents. 

You need all relevant documents for a seamless submission process. We use an intuitive digital application process that tells you the exact documents required for your application. You can also upload them securely through our portal. 


Step 5: Prepare yourself.

Even when the market indicates refinancing is your best option, the process may not be as simple as you expect. There’s a lot of factors involved, and fees and costs to consider. In order to save money, you need to plan ahead and look at all relevant information. While a lower interest rate or better terms can help you save money long term, you need to know your options to get the most benefit. 


Wrapping it up


Refinancing can be overwhelmingly beneficial for many. 


This year, 1 in 6 people will refinance, and many will choose the wrong financing for them. You’re considering refinancing to save money, not stress more. 


We want your savings to outweigh any administrative costs, fees, and penalties. So let us crunch the numbers first (remember, our services are usually free!). There’s so much to evaluate, and a pros-and-cons list can get unwieldy fast without expert insight. 


As you embark on your next home-buyer’s quest, we can guide you through hassle-free. Get a roadmap to your home-buying and financial goals, reach the reward at the end, and have the energy (and money) to enjoy it fully! 


Be secure and happy in your decisions. Always get the best deal. Contact us today. 

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What To Do If You Have Missed A Payment

By HomeHappy • September 10, 2025
If you’ve missed a payment on your credit card or line of credit and you’re wondering how to handle things and if this will impact your creditworthiness down the road, this article is for you. But before we get started, if you have an overdue balance on any of your credit cards at this exact moment, go, make the minimum payment right now. Seriously, log in to your internet banking and make the minimum payment. The rest can wait. Here’s the good news, if you’ve just missed a payment by a couple of days, you have nothing to worry about. Credit reporting agencies only record when you’ve been 30, 60, and 90 days late on a payment. So, if you got busy and missed your minimum payment due date but made the payment as soon as you realized your error, as long as you haven’t been over 30 days late, it shouldn’t show up as a blemish on your credit report. However, there’s nothing wrong with making sure. You can always call your credit card company and let them know what happened. Let them know that you missed the payment but that you paid it as soon as you could. Keeping in contact with them is the key. By giving them a quick call, if you have a history of timely payments, they might even go ahead and refund the interest that accumulated on the missed payment. You never know unless you ask! Now, if you’re having some cash flow issues, and you’ve been 30, 60, or 90 days late on payments, and you haven’t made the minimum payment, your creditworthiness has probably taken a hit. The best thing you can do is make all the minimum payments on your accounts as soon as possible. Getting up to date as quickly as possible will mitigate the damage to your credit score. The worst thing you can do is bury your head in the sand and ignore the problem, because it won’t go away. If you cannot make your payments, the best action plan is to contact your lender regularly until you can. They want to work with you! The last thing they want is radio silence on your end. If they haven’t heard from you after repeated missed payments, they might write off your balance as “bad debt” and assign it to a collection agency. Collections and bad debts look bad on your credit report. As far as qualifying for a mortgage goes, repeated missed payments will negatively impact your ability to get a mortgage. But once you’re back to making regular payments, the more time that goes by, the better your credit will get. It’s all about timing. Always try to be as current as possible with your payments. So If you plan to buy a property in the next couple of years, it’s never too early to work through your financing, especially if you’ve missed a payment or two in the last couple of years and you’re unsure of where you stand with your credit. Please connect directly; it would be a pleasure to walk through your mortgage application and credit report. Let’s look and see exactly where you stand and what steps you need to take to qualify for a mortgage.

Start Smart: Get Pre-Approved for Your Mortgage

By HomeHappy • September 3, 2025
Thinking of Buying a Home? Here’s Why Getting Pre-Approved Is Key If you’re ready to buy a home but aren’t sure where to begin, the answer is simple: start with a pre-approval. It’s one of the most important first steps in your home-buying journey—and here's why. Why a Pre-Approval is Crucial Imagine walking into a restaurant, hungry and excited to order, but unsure if your credit card will cover the bill. It’s the same situation with buying a home. You can browse listings online all day, but until you know how much you can afford, you’re just window shopping. Getting pre-approved for a mortgage is like finding out the price range you can comfortably shop within before you start looking at homes with a real estate agent. It sets you up for success and saves you from wasting time on properties that might be out of reach. What Exactly is a Pre-Approval? A pre-approval isn’t a guarantee. It’s not a promise that a lender will give you a mortgage no matter what happens with your finances. It’s more like a preview of your financial health, giving you a clear idea of how much you can borrow, based on the information you provide at the time. Think of it as a roadmap. After going through the pre-approval process, you’ll have a much clearer picture of what you can afford and what you need to do to make the final approval process smoother. What Happens During the Pre-Approval Process? When you apply for a pre-approval, lenders will look at a few key areas: Your income Your credit history Your assets and liabilities The property you’re interested in This comprehensive review will uncover any potential hurdles that could prevent you from securing financing later on. The earlier you identify these challenges, the better. Potential Issues a Pre-Approval Can Reveal Even if you feel confident that your finances are in good shape, a pre-approval might uncover issues you didn’t expect: Recent job changes or probation periods An income that’s heavily commission-based or reliant on extra shifts Errors or collections on your credit report Lack of a well-established credit history Insufficient funds saved for a down payment Existing debt reducing your qualification amount Any other financial blind spots you might not be aware of By addressing these issues early, you give yourself the best chance of securing the mortgage you need. A pre-approval makes sure there are no surprises along the way. Pre-Approval vs. Pre-Qualification: What’s the Difference? It’s important to understand that a pre-approval is more than just a quick online estimate. Unlike pre-qualification—which can sometimes be based on limited information and calculations—a pre-approval involves a thorough review of your finances. This includes looking at your credit report, providing detailed documents, and having a conversation with a mortgage professional about your options. Why Get Pre-Approved Now? The best time to secure a pre-approval is as soon as possible. The process is free and carries no risk—it just gives you a clear path forward. It’s never too early to start, and by doing so, you’ll be in a much stronger position when you're ready to make an offer on your dream home. Let’s Make Your Home Buying Journey Smooth A well-planned mortgage process can make all the difference in securing your home. If you’re ready to get pre-approved or just want to chat about your options, I’d love to help. Let’s make your home-buying experience a smooth and successful one!

From Summer Shine to Fall Fine: Smart Home Projects to Tackle Before the First Frost

By HomeHappy • August 27, 2025
As patios wind down and pumpkin spice ramps up, fall is the perfect reset for your home—and your homeowner game plan. These quick wins boost comfort, curb appeal, and efficiency now, and set you up for a low-stress winter (and a strong spring market). 1) Safety & “silent leak” checks (Weekend-ready) Clean gutters & downspouts. Add leaf guards where trees overhang. Roof scan. Look for lifted shingles, cracked flashings, or moss. Seal the shell. Re-caulk window/door trim; replace weatherstripping. Test alarms. New batteries for smoke/CO detectors; add one near bedrooms. Why it matters: Prevent water intrusion and heat loss before storms roll in. 2) Heat smarter, not harder Furnace/boiler tune-up and filter change. Smart thermostat with schedules and geofencing. Draft hunt. Foam gaskets behind outlets, door sweeps on exterior doors. ROI tip: Efficiency upgrades lower monthly bills and can improve lender ratios if you’re eyeing a refinance later. 3) Fall-proof your yard (so spring you says “thanks”) Aerate + overseed + fall fertilize for thicker turf next year. Trim trees/shrubs away from siding and power lines. Mulch perennials and plant spring bulbs now. Shut off/bleed exterior taps and store hoses to avoid burst pipes. 4) Extend outdoor season (cozy edition) Portable fire pit or propane heater + layered blankets. Path/step lighting for darker evenings (solar or low-voltage). Weather-resistant storage for cushions/tools to preserve value. Neighborhood curb appeal: Warm lighting and tidy beds make a big first impression if you list in shoulder season. 5) Water management = winter peace of mind Re-grade low spots and add downspout extensions (2–3+ metres). Check sump pump (and backup). Look for efflorescence or damp corners in the basement. 6) Mini-renos that punch above their weight Entry/mudroom upgrade: hooks, bench, boot trays, closed storage. Laundry room tune-up: counter over machines, sorting bins, task lighting. Kitchen refresh: new hardware, tap, and under-cabinet lighting in one afternoon. Budget guide: Many of these land under a micro-reno budget—perfect for a modest line of credit. 7) Indoor air quality tune-up Deep clean vents and dryers (including the rigid duct). Add door mats (exterior + interior) to catch grit/salt. Houseplants or HEPA purifier for closed-window months. Fast Timeline (pin this to the fridge) Late August–September Gutters/downspouts, roof/caulking, HVAC service, lawn care, plant bulbs, exterior tap shut-off plan, path lighting. October Weatherstripping/sweeps, fire pit setup, organize mudroom/garage, test alarms, sump check, downspout extensions, dryer vent cleaning. Financing smarter: make your mortgage work for your home Annual mortgage check-in. As rates, income, and goals evolve, a quick review can free up cash flow or open options for a small fall project budget. HELOC vs. top-up refinance. For bite-size projects, a HELOC can be flexible. For bigger renos you plan to pay down, a top-up refi might make more sense. Bundle & prioritize. Knock out the high-impact, low-cost items first (air sealing, safety, water management) before the cosmetic upgrades. Not sure which route fits your fall plans? We’ll run the numbers and map the best financing path for your specific budget and goals. Quick Checklist (copy/paste) โ˜ Clean gutters/downspouts; add guards โ˜ Roof & flashing visual check โ˜ Re-caulk, weatherstrip, add door sweeps โ˜ HVAC service + new filter โ˜ Aerate/overseed/fertilize; trim trees; plant bulbs โ˜ Path & entry lighting โ˜ Drain/bleed outdoor taps; store hoses โ˜ Downspout extensions; sump test โ˜ Dryer vent cleaning โ˜ Mudroom/garage organization โ˜ Schedule mortgage review / discuss HELOC vs refi Ready to make fall your low-stress season? Book a quick fall mortgage check-up—15 minutes to see if a small credit line or a tweak to your current mortgage could cover your priority projects without straining cash flow.