Refinancing your mortgage

Tap your home's equity to finance a large purchase

What is mortgage refinancing?

Refinancing your mortgage means borrowing based on the net worth of your home—the difference between its current market value and the remaining balance on your mortgage.

By refinancing your home, you can borrow up to 80% of its estimated value and enjoy a new source of credit to finance your projects.

Perfect if you are looking to:

Renovate your home
Buy a second home, car or other big-ticket item
Help finance your child's education

For a limited time:

Transfer your mortgage and receive cashback

Is your mortgage with another bank?
Request a transfer with or without refinancing and you could receive up to $3,000 cashback.

View transfer offer

3 ways to refinance your mortgage

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Opt for a home equity line of credit

You can convert your mortgage into an All-In-One™ line of credit. You'll be able to access the funds you repay,¹ so you won't have to resubmit an application every time you need more credit.

We also offer one of the lowest interest rates on the market, so why not consolidate your debt (like credit card balances) and save on interest?

See the All-In-One

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Choose a fixed or variable rate

Applying for refinancing is a good time to take stock of your finances. If you opt for a mortgage loan¹ and want to protect yourself against interest rate fluctuations, choose a fixed-rate loan. This guarantees your rate throughout the term and allows you to make equal monthly payments to simplify your budgeting.

If you've got some leeway in your budget, why not opt for a variable rate—you could save on interest if rates drop.

See our mortgage loans

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Leveraging your home's equity

With a revolving mortgage, you're free to use any available credit for your financial needs,² without paying legal fees. It's like getting a personal loan, but at a much lower rate.

You decide the amortization period and term of each portion used and also have the option of repaying the loan without prepayment charge. Contact an advisor to learn more.

Find an advisor

Refinancing for renovations

Refinancing lets you take advantage of the low interest rates on your mortgage. You can access additional funds by simply adding them to your mortgage. The amount depends on the value of your home. This can be a great option, whether you're planning on a bunch of small upgrades or one large renovation project.

Apply for refinancing

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Little details that matter

*This offer is valid until January 31, 2022. It is intended for clients who are transferring an eligible mortgage from another financial institution at the current promotional rate. The amount of the cashback varies depending on the amount of the mortgage: the cashback is $1,000 for a loan of $100,000 to $249,999, $1,250 for a loan of $250,000 to $499,999 and $1,500 for a loan of $500,000 or more. The cashback will be granted at the time of the loan disbursement. The loan must be disbursed within 90 days of receipt of the client's application for a mortgage. The mortgage must be for a fixed or variable term of 4 years or more. The loan must be for a residential building with 1 to 4 owner-occupied units. This offer may be modified, extended or withdrawn at any time without notice. The offer cannot be combined or cumulated with any other National Bank offer, promotion or advantage. You must maintain your loan for the duration of the term, failing which you will have to repay a portion of the cashback you received, in proportion to the unexpired portion of the term. Mortgage loans are granted subject to National Bank credit approval. Employees of National Bank and its affiliates are not eligible for the offer.

TM All-In-One is a trademark of National Bank of Canada.

1. Subject to credit approval by National Bank of Canada. Certain conditions apply.

2. National Bank offers revolving mortgages. Certain conditions apply when funds are used by holders of a loan insured by the Canada Mortgage and Housing Corporation (CMHC) or Sagen^TM (formerly known as Genworth). A revolving mortgage cannot be used to finance more than 80% of the value of the home.

(^TM Sagen is a trademark of Genworth Financial Canada, the mortgage insurance company.)