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.
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?
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.
You can refinance your mortgage at National Bank, even if it was originally granted by another financial institution.
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 prepaying the loan without penalty. Contact an advisor to learn more.
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.
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 Genworth. A revolving mortgage cannot be used to finance more than 80% of the value of the home.
3. Certain conditions apply.