Switch lenders. Keep your balance.

Move your mortgage to a better lender at renewal time, often with legal fees covered.

Market Pulse

Canada

May 18, 2026

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Live: Best Transfer Rates

Live as of: May 18, 2026 | Canada

Purchase Price

Down Payment

Down Payment %

Amortization (max 35)

Yrs

Frequency

Reset

Nesto

3.60%

Interest Rate

3 Years • Variable

3 Year Variable Mortgage

Payment & Cost

Est. Monthly Payment $1,442

Interest (5yr) $47,994

Interest (3 Years) $29,632

Inquire

ATB Financial

3.65%

Interest Rate

5 Years • Variable

5 Year Variable High-Ratio

Payment & Cost

Est. Monthly Payment $1,450

Interest (5yr) $48,681

Inquire

RBC Royal Bank

Ratings

Google: 5

Trustpilot: 4

RateBuddy: 3

3.65%

Interest Rate

5 Years • Variable

5 Year Variable Closed

Payment & Cost

Est. Monthly Payment $1,450

Interest (5yr) $48,681

Inquire

Pine

3.65%

Interest Rate

5 Years • Variable

5 Year Adjustable Mortgage

Payment & Cost

Est. Monthly Payment $1,450

Interest (5yr) $48,681

Inquire

Nesto

3.65%

Interest Rate

5 Years • Variable

5 Year Variable Mortgage

Payment & Cost

Est. Monthly Payment $1,450

Interest (5yr) $48,681

Inquire

Coast Capital Savings

3.69%

Interest Rate

5 Years • Variable

5 Year Variable Mortgage

Payment & Cost

Est. Monthly Payment $1,456

Interest (5yr) $49,232

Inquire

First National Financial LP

3.70%

Interest Rate

5 Years • Variable

5 Year Variable Mortgage

Payment & Cost

Est. Monthly Payment $1,458

Interest (5yr) $49,369

Inquire

Less

Page 2 of 3

Will Refinancing Save You Money?

Enter your current mortgage details and a potential new rate to see how much you could save on your monthly payments and over the next five years.

Your Scenario

Remaining Mortgage Balance

Remaining Amortization

Years

Your Current Rate

Potential New Rate

Potential Monthly Savings

Enter your details to see the savings.

Best Rates by Province

Compare regional lending criteria and exclusive local offers.

View Interactive Map

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Does Refinancing Make Sense for You?

Our decision-making toolkit helps you see the numbers clearly. Answer these key questions to find out if refinancing is the right move.

Calculate Your Savings

Compare your current payment to a new one and see your potential monthly savings.

Calculate Savings

Estimate Your Penalty

Estimate the cost of breaking your current mortgage to see if refinancing is worth it.

Estimate Penalty

Find Your Break-Even Point

Find out how many months it will take for your savings to cover the refinancing costs.

Find Break-Even

Explore All Financial Tools

Pro Tip: Is Refinancing Worth It?

Ask these three questions before you break your mortgage.

What is the penalty to break my current mortgage? This is your primary cost. Use our Penalty Estimator to get a clear idea of this number.
How much will I save with the new, lower rate? Calculate your potential monthly and long-term savings with our Refinance Savings Calculator.
What is my "break-even" point? This is the most important question. How many months will it take for your monthly savings to completely pay off the penalty and other closing costs? If you plan to stay in your home longer than the break-even point, refinancing is likely a smart move.

Mortgage Rates by Lender

Compare rates from Canada's top banks and credit unions.

RBC

RBC Royal Bank Big 5 Bank

TD Canada Trust Big 5 Bank

BNS

Scotiabank Big 5 Bank

BMO

BMO Bank of Montreal Big 5 Bank

CIBC

CIBC Big 5 Bank

NBC

National Bank Major Bank

ING

Tangerine Digital Bank

ATB

ATB Financial Alberta Focus

DES

Desjardins Credit Union

MER

Meridian Credit Union

Connect First Credit Union

First West Credit Union

Your Refinance Decision Hub

Get clear, professional answers to the most important questions about refinancing your mortgage in Canada.

What is Refinancing? Top Reasons to Refinance When is the Best Time? Refinance vs. Renewal What are the Costs?

Refinancing is the process of replacing your current mortgage with a completely new one. This new mortgage pays off your old loan, leaving you with a single, updated mortgage. Homeowners do this for several strategic reasons, most often to secure a better interest rate or to access the equity they've built in their home.

There are three primary benefits:

Secure a Lower Rate: Lower your monthly payments and save thousands in interest.
Access Home Equity: A cash-out refinance provides funds for renovations, investments, or education.
Consolidate Debt: Roll high-interest debt into your new mortgage for a single, lower-interest payment.

The ideal time to refinance is when the financial benefit outweighs the costs. You need to calculate if the savings from a new, lower interest rate will be greater than the prepayment penalty for breaking your current mortgage term early. Our calculators can help you determine your break-even point.

A renewal happens at the end of your term, allowing you to sign a new term with your existing lender, often without re-qualifying. A refinance breaks your current term to create a new mortgage, which can be with any lender. Refinancing is necessary to change your loan amount (like a cash-out) but often involves a penalty.

The main cost is the prepayment penalty from your current lender. Additionally, there are other closing costs to consider, which can include legal fees, appraisal fees, and potentially a title insurance fee. It's crucial to factor all these costs into your calculation.

Could a lower payment be just a few clicks away?

Whether you want to lower your monthly payment, access equity, or consolidate debt, our simple wizard helps you compare personalized offers in minutes. No commitment, just clarity.

See Your Refinance Options