When you refinance, a new lender pays off
your old mortgage and replaces it with a new one - essentially a swap –to get
new terms or interest rates. Most of the time homeowners will refinance their
mortgage get a lower interest rate and reduce their monthly payments.
Refinancing should not be confused with a Second Mortgage though. A Second
Mortgage gives you money based on the equity of your home whereas Refinancing
gives you an entirely new mortgage.
In both cases, Canadalend can get you the
best rates - at the lowest fees - to save you money.