Refinancing can be a smart way to reduce your interest rate, access equity, or change your mortgage terms—but before you jump in, it’s important to understand the costs involved. Here’s a breakdown of what you might expect to pay when refinancing your mortgage in Canada.

1. Mortgage Penalties

Breaking your existing mortgage early? You may face a penalty.

I will always check with the lender for an exact quote before proceeding.

2. Appraisal Fee

Lenders often require a new appraisal to confirm your property’s current market value.

3. Legal Fees

Refinancing is a legal change to your mortgage contract, and a lawyer or notary is required to register the new mortgage.

4. Discharge & Registration Fees

Your existing mortgage needs to be legally discharged, and a new one registered with the land registry.

5. Title Insurance (if applicable)

Some lenders require title insurance when refinancing.

6. Broker or Lender Fees

Depending on how you apply:

7. Other Costs to Consider

Is It Worth It?

The key is to compare your total costs to your long-term savings.

Ask yourself:

How I Can Help

As your agent, I’ll run the numbers with you and ensure you’re making a well-informed choice. I’ll also work to minimize fees where possible and negotiate with lenders on your behalf.