Thinking about refinancing but not sure if the numbers stack up? Between rising payments, prepayment penalties, appraisal and legal fees, and a maze of offers from banks and private lenders, it’s hard to tell what a “good” refinance rate looks like—or whether switching will truly save you money. You also need to weigh speed and documents: some lenders move in days on equity, others require full income files and take longer. Clarity matters before you break your term.
This guide rounds up the top 10 mortgage refinance rates in Canada today and puts them side‑by‑side. For each lender, you’ll see indicative rates, who it’s best for, prepayment options and penalties, plus typical fees, speed and document lists. We’ll also note factors that affect pricing (province, loan‑to‑value, credit, insured vs. uninsured) so you can compare like‑for‑like and estimate your break‑even. Ready to compare? Let’s begin with Private Lender Inc. (MyPrivateLender.com).
1. Private Lender Inc. (MyPrivateLender.com)
If you’re equity‑rich but bank‑declined, Private Lender Inc. focuses on second mortgages that qualify you on home equity—not credit score or traditional income. The result is flexible refinancing built around your budget, with the option to set payments (including pre‑paying from loan proceeds at closing) and move forward across Canada.
Today’s indicative refinance rates
Private lenders don’t post one-size-fits-all mortgage refinance rates. Pricing is quote‑based and driven primarily by your available equity, property, province and deal complexity—not your beacon score. Use this quick check to estimate room for a refi: LTV = (Existing mortgage + New 2nd) / Current value. In Canada, standard refinancing lets you access up to 80% of your home’s value, subject to lender guidelines.
- What moves pricing: Loan‑to‑value, location, property type/condition, position (2nd vs. 3rd), and term.
Who this is best for
This is ideal for homeowners who need fast, flexible capital and don’t fit bank boxes.
- Credit‑challenged or past bankruptcy/consumer proposal
- Self‑employed or variable income that’s hard to document
- Cash‑needs now: debt consolidation, renovations, business funds
Prepayment options and penalties
Terms are customised. Options can include interest‑only servicing or pre‑paid payments from proceeds at closing to keep monthly costs low. Any early payout fees and discharge costs are disclosed in your commitment. As with any refinance, weigh potential penalties and fees against savings before proceeding.
Fees, speed and documents
Expect standard refinance costs like legal fees and often an appraisal (common across lenders). Equity‑first underwriting means fewer income documents; the focus is on your home and requested LTV. The team brings 20+ years of private mortgage and real estate experience and serves borrowers, investors and brokers nationwide.
- Typical asks: Property value evidence, mortgage statement(s), ID, property tax details.
- Good to know: Some brokers/lenders cover legal costs on larger balances in Canada; ask if you qualify.
2. RBC Royal Bank
RBC Royal Bank is a Big 6 lender with nationwide coverage, publishing posted and special‑offer mortgage refinance rates across fixed and variable terms. If you qualify for prime underwriting and want full‑service advice with branch access, RBC is a solid benchmark to compare against broker and private‑lender quotes.
Today’s indicative refinance rates
RBC lists current fixed and variable rates for purchases, switches and refinances, including special offers alongside posted rates. Your refinance pricing will vary by province, loan‑to‑value (LTV), insured vs. uninsured status, amortisation, and file strength. Remember that in Canada you can typically access up to 80% of your home’s value on a refinance, subject to lender guidelines.
- Use specials as a baseline: Compare RBC specials to broker‑exclusive rates and factor your penalty if breaking mid‑term.
- Consider structure options: Traditional refinance, a home equity line of credit (HELOC), or a blend‑and‑extend can change costs—compare total interest and fees.
Who this is best for
RBC suits borrowers who can document income, want mainstream pricing, and prefer a single‑bank solution for banking and credit.
- Salaried or strong documented income looking for competitive prime rates.
- Up to 80% LTV with standard property types in good condition.
- Debt consolidation or renovation funds where full underwriting is acceptable.
Prepayment options and penalties
RBC offers standard big‑bank prepayment privileges; the exact allowances depend on the specific product and term in your commitment. Penalty math matters when you’re breaking early.
- Fixed‑rate penalty: Greater of three months’ interest or the interest rate differential (IRD).
- Variable‑rate penalty: Typically three months’ interest.
- Prepayments: Expect options like lump‑sum and payment‑increase privileges—confirm your exact limits before you sign.
Fees, speed and documents
Expect normal refinance costs such as legal fees and often an appraisal. Some lenders/brokers in Canada cover legal fees on larger balances; ask your RBC mortgage specialist about any current promotions. Timelines vary by file complexity.
- Typical documents: Government ID, recent mortgage statement, property tax bill, home insurance.
- Income proofs: Recent pay stubs and T4s/NOAs; self‑employed usually provide T1s and financials.
- Process notes: Appraisal commonly required; allow time for underwriting and funding logistics.
3. TD Canada Trust
TD Canada Trust is another Big 6 benchmark for mortgage refinance rates, with widely published posted and special‑offer pricing across fixed and variable terms. If you want mainstream approval standards, full digital and branch support, and the option to compare fixed vs. variable or a hybrid structure, TD is a useful yardstick before you consider broker exclusives or private quotes.
Today’s indicative refinance rates
TD displays both posted and special rates, and variable offers are typically expressed as a discount to the TD Mortgage Prime Rate (for example, “Prime minus X%”). Your actual refinance rate depends on province, LTV, amortisation, file strength, and whether the mortgage is insured or uninsured. As with most Canadian lenders, refinancing generally allows access to up to 80% of your home’s value, subject to guidelines.
- Compare like‑for‑like: Use TD specials as a baseline, then weigh them against broker alternatives and your break cost.
- Structure matters: A traditional refinance, a HELOC, or a blend‑and‑extend can change your total interest and fees—model each.
Who this is best for
TD suits borrowers who can document income and want competitive prime‑lender pricing with strong service and tooling.
- Salaried or well‑documented income seeking stable fixed or competitive variable terms.
- Standard properties up to ~80% LTV for consolidation, renovations, or rate‑drop opportunities.
- Banking ecosystem users who value integrated chequing, credit and mortgage support.
Prepayment options and penalties
Prepayment features vary by product and term, but align with big‑bank norms.
- Fixed‑rate penalties: Greater of three months’ interest or IRD.
- Variable‑rate penalties: Commonly three months’ interest.
- Prepayments: Typically include lump‑sum and payment‑increase privileges—confirm exact allowances in your commitment.
Fees, speed and documents
Expect standard refinance costs such as legal fees and, commonly, an appraisal. Some lenders/brokers in Canada cover legal costs on larger balances—ask about current TD promotions. Timelines depend on appraisal and underwriting.
- Documents: ID, recent mortgage statement, property tax bill, insurance.
- Income proofs: Recent pay stubs and T4s/NOAs; self‑employed usually provide T1s and business financials.
- Process tip: Model your break‑even by adding penalties and fees to the new term’s interest to see true savings.
4. Scotiabank
Scotiabank is a Big 6 mainstay with nationwide branch and digital support, publishing mortgage refinance rates across fixed terms (generally 3–10 years) and variable options. If you qualify for prime underwriting and want a familiar bank experience, it’s a reliable benchmark to compare against broker specials and private‑lender quotes.
Today’s indicative refinance rates
Scotiabank displays posted and special‑offer pricing for fixed and variable terms, with variables typically quoted as a discount to the bank’s prime rate. Your actual mortgage refinance rates depend on province, LTV, insured vs. uninsured status, amortisation and overall file strength. In Canada, standard refinancing can unlock up to 80% of your home’s value, subject to lender guidelines.
- Use specials as baseline: Compare Scotia specials to broker exclusives; add your prepayment penalty to see true savings.
- Structure choice matters: A traditional refi or a HELOC will change total costs—model each scenario.
Who this is best for
Scotiabank suits borrowers who are comfortable with full income documentation and want mainstream pricing plus broad service options.
- Salaried or well‑documented income seeking competitive prime‑lender terms.
- Standard properties up to ~80% LTV for consolidation, renovations or rate improvements.
- Banking ecosystem users who value integrated chequing, credit and mortgage support.
Prepayment options and penalties
Prepayment features vary by product and term; confirm the details in your commitment before you sign.
- Fixed‑rate penalty: Greater of three months’ interest or IRD (interest rate differential).
- Variable‑rate penalty: Typically three months’ interest.
- Prepayments: Expect lump‑sum and payment‑increase privileges—verify exact annual limits.
Fees, speed and documents
Plan for standard refinance costs such as legal fees and, commonly, an appraisal. In Canada, some lenders/brokers cover legal fees on larger balances—ask if you qualify. Timelines hinge on appraisal scheduling and underwriting.
- Documents: ID, recent mortgage statement, property tax bill, home insurance.
- Income proofs: Recent pay stubs and T4s/NOAs; self‑employed usually provide T1s and business financials.
- Process tip: Build a break‑even that includes penalties, legal and appraisal to validate the switch.
5. BMO (Bank of Montreal)
BMO is a Big 6 benchmark for refinancing, publishing widely viewed special offers and providing full branch and digital support. If you’re aiming for mainstream underwriting and want to compare “bank special” pricing against broker quotes, BMO’s Smart Fixed line is a useful yardstick before you factor in your prepayment penalty and fees.
Today’s indicative refinance rates
BMO posts specials that vary by term and file details (province, LTV, insured vs. uninsured). Examples of advertised specials include:
- 3‑year fixed: 4.54%
- 5‑year Smart Fixed (default‑insured): 4.49%
- 5‑year Smart Fixed: 4.64%
Actual mortgage refinance rates depend on your profile and structure. As with most Canadian lenders, standard refinancing can access up to 80% of your home’s value, subject to guidelines and appraisal.
Who this is best for
BMO suits borrowers who can document income and want competitive bank pricing with the Smart Fixed option.
- Salaried or well‑documented income targeting predictable payments
- Standard properties up to ~80% LTV for consolidation or renovations
- Banking ecosystem users seeking integrated accounts, credit and mortgage servicing
Prepayment options and penalties
Confirm the exact allowances in your commitment, but big‑bank norms apply.
- Fixed‑rate penalty: Greater of three months’ interest or IRD
- Variable‑rate penalty: Typically three months’ interest
- Prepayments: Lump‑sum and payment‑increase privileges are available—verify annual limits for your product
Fees, speed and documents
Expect standard refinance costs (legal; often appraisal). Some lenders/brokers in Canada cover legal fees on larger balances—ask about current eligibility. Turnaround depends on appraisal timing and underwriting.
- Core docs: ID, current mortgage statement, property tax bill, home insurance
- Income proofs: Recent pay stubs and T4s/NOAs; self‑employed usually provide T1 Generals and business financials
- Tip: Model a break‑even that includes your penalty, legal and appraisal to validate the switch
6. CIBC
CIBC is a Big 6 bank with nationally published fixed and variable mortgage refinance rates and full branch/digital support. It’s a solid benchmark if you qualify for prime underwriting, want mainstream pricing, and prefer an integrated banking relationship for chequing, credit, and mortgage services.
Today’s indicative refinance rates
CIBC posts current rates and specials that vary by province, LTV, insured vs. uninsured status, amortisation, and file strength. Examples on public rate tables show fixed terms such as 1‑year 4.99%, 2‑year 4.54%, 3‑year 4.39%, 4‑year 4.49%, and 5‑year 4.54%, with variables often quoted as a discount to prime (e.g., a 3‑year variable at Prime − 0.30%). In Canada, refinancing generally allows access to up to 80% of your home’s value, subject to lender guidelines and appraisal.
- Tip: Compare CIBC specials to broker‑exclusive offers and add your prepayment penalty and fees to see true savings.
Who this is best for
CIBC fits borrowers who can document income and value a one‑bank solution.
- Salaried or well‑documented income seeking competitive prime‑lender pricing
- Standard properties up to ~80% LTV for debt consolidation or renovations
- Clients wanting HELOC options alongside a traditional refinance
Prepayment options and penalties
Prepayment privileges and penalties depend on product and term; confirm in your commitment.
- Fixed‑rate penalty: Greater of three months’ interest or IRD (interest rate differential)
- Variable‑rate penalty: Typically three months’ interest
- Prepayments: Lump‑sum and payment‑increase privileges are common; verify annual limits
- Alternatives: Some borrowers consider blend‑and‑extend—compare its total cost to a straight refi
Fees, speed and documents
Expect standard refinance costs such as legal fees and, commonly, an appraisal. In Canada, some lenders/brokers cover legal costs on larger balances—ask if you qualify. Timelines hinge on appraisal scheduling and underwriting.
- Core docs: ID, current mortgage statement, property tax bill, home insurance
- Income proofs: Recent pay stubs and T4s/NOAs; self‑employed typically provide T1s and business financials
- Process tip: Model a break‑even that includes penalty, legal, and appraisal to validate switching mortgage refinance rates
7. National Bank of Canada
National Bank of Canada offers mainstream refinance options with branch support plus flexible equity access tools. Alongside fixed and variable terms, NBC highlights its All‑In‑One line of credit and a revolving mortgage structure, and it’s currently promoting a refinance cashback for eligible files—useful when you’re balancing mortgage refinance rates against total switching costs.
Today’s indicative refinance rates
NBC doesn’t publish one flat refinance rate; pricing depends on province, LTV, insured vs. uninsured status, amortisation and overall file strength. As with most Canadian lenders, refinancing can let you access up to 80% of your home’s value, subject to guidelines and appraisal. You can structure funds via a traditional refi, an All‑In‑One HELOC‑style solution, or a revolving mortgage—compare each path on total interest, fees and flexibility.
- Structure choice matters: Fixed for payment certainty; variable if you have budget room and expect rate relief; revolving/All‑In‑One for on‑demand access to repaid equity.
Who this is best for
NBC suits prime‑qualified borrowers who value flexibility and potential cashback to offset fees.
- Refinancers seeking cashback: Up to $3,500 for eligible additional financing
- Equity access seekers: All‑In‑One and revolving options for renovations, consolidation or larger projects
- Branch‑supported banking: Integrate chequing and mortgage under one roof
Prepayment options and penalties
Confirm your exact privileges in the commitment, but big‑bank norms generally apply in Canada.
- Fixed‑rate penalty: Greater of three months’ interest or IRD (interest rate differential)
- Variable‑rate penalty: Typically three months’ interest
- Prepayments: Lump‑sum and payment‑increase options vary by product and term—verify limits
Fees, speed and documents
NBC’s refinance promotion (to Nov 4, 2025) pays cashback based on total mortgage balance, with key conditions: at least $50,000 in additional financing, total balance $100,000+, a minimum 4‑year fixed or 5‑year variable term, and mortgage payments from an NBC chequing account. Cashback is deposited within two days of disbursement; early payout/renegotiation can trigger pro‑rated repayment of the bonus. Loans are subject to credit approval, and you are responsible for appraisal, legal and other costs. NBC notes its revolving mortgage lets you use available credit without paying legal fees; maximum financing remains capped at 80% and conditions apply, especially for insured loans.
- Typical docs: ID, current mortgage statement, property tax bill, home insurance; income proofs per employment type
- Timing: Driven by appraisal scheduling and underwriting; build a break‑even including penalty, legal, appraisal and any cashback
8. Equitable Bank (EQ Bank)
Equitable Bank (EQ Bank) is a national alternative to the Big 6 that many Canadians add to their comparison set when shopping mortgage refinance rates. Treat it as a side‑by‑side benchmark alongside bank specials and broker quotes; your final pricing will hinge on province, loan‑to‑value (LTV), insured vs. uninsured status, amortisation, and overall file strength.
Today’s indicative refinance rates
Equitable Bank’s refinance pricing is file‑specific. As with other Canadian lenders, refinancing generally lets you access up to 80% of your home’s value, subject to guidelines and appraisal. Variable offers are commonly expressed as a discount to a lender’s prime, while fixed terms trade off certainty versus potential savings.
- What moves pricing: LTV, property type/condition, province, insured status, and term.
- Baseline tip: Compare any quote against bank specials and include your penalty to see true savings.
Who this is best for
EQ Bank suits borrowers expanding their search beyond the Big 6 and comparing competitive, mainstream alternatives.
- Rate shoppers who want another national benchmark in the mix
- Standard properties up to ~80% LTV for consolidation or renovations
- Documentation‑ready borrowers comfortable with full income verification
Prepayment options and penalties
Confirm exact privileges in your commitment; Canadian norms generally apply.
- Fixed‑rate penalty: Greater of three months’ interest or IRD (interest rate differential)
- Variable‑rate penalty: Typically three months’ interest
- Prepayments: Lump‑sum and payment‑increase options—verify annual limits
Fees, speed and documents
Expect standard refinance costs like legal fees and, commonly, an appraisal. In Canada, some lenders/brokers cover legal costs on larger balances (often $200,000+); ask if you qualify. Timelines depend on appraisal scheduling and underwriting.
- Core docs: ID, current mortgage statement, property tax bill, home insurance
- Income proofs: Recent pay stubs and T4s/NOAs; self‑employed typically provide T1s and business financials
- Pro move: Build a break‑even that adds penalty, legal and appraisal to your new term’s interest
9. First National Financial
First National Financial is a national lender many Canadians add to their short‑list when comparing mortgage refinance rates against Big 6 banks and other alternatives. If you’re documentation‑ready and want competitive fixed or variable options under standard Canadian refi rules, it’s a solid benchmark to model side‑by‑side.
Today’s indicative refinance rates
Like other lenders, First National prices files individually. Your rate depends on province, loan‑to‑value (LTV), insured vs. uninsured status, amortisation, property type/condition and overall strength. In Canada, refinancing generally lets you access up to 80% of your home’s value, subject to guidelines and appraisal. Use any quote as a baseline and add your break cost to see true savings.
- What moves pricing: LTV, insured status, term length, property and location.
Who this is best for
Best for borrowers seeking a mainstream, nationally available alternative to the Big 6 with full income documentation and standard properties.
- Documentation‑ready applicants targeting competitive fixed or variable terms
- Standard properties up to ~80% LTV for consolidation or renovations
- Rate shoppers comparing multiple national lenders
Prepayment options and penalties
Prepayment features vary by product and term—confirm in your commitment. Canadian norms typically apply.
- Fixed‑rate penalty: Greater of three months’ interest or IRD
- Variable‑rate penalty: Usually three months’ interest
- Prepayments: Lump‑sum and payment‑increase privileges; verify annual limits
Fees, speed and documents
Plan for standard refinance costs such as legal fees and an appraisal. In Canada, some lenders/brokers cover legal costs on larger balances (often $200,000+); ask if you qualify. Timing depends on appraisal scheduling and underwriting.
- Core docs: ID, current mortgage statement, property tax bill, home insurance
- Income proofs: Recent pay stubs and T4s/NOAs; self‑employed typically provide T1s and business financials
- Pro tip: Build a break‑even that adds penalty, legal and appraisal to your new term’s interest before you switch
10. Desjardins
Desjardins offers mainstream refinance options across fixed terms and variables, making it a solid comparator alongside Big 6 banks and national alternatives. If you’re documentation‑ready and want branch support with competitive, posted specials, add Desjardins to your short‑list when you model your true cost to switch.
Today’s indicative refinance rates
Desjardins posts fixed and variable options. Actual pricing depends on province, LTV, insured vs. uninsured status, amortisation and file strength. In Canada, standard refinances can unlock up to 80% of your home’s value, subject to guidelines and appraisal. Examples seen on public rate tables include:
- 4‑year fixed: 4.29%
- 7‑year fixed: 5.09%
Who this is best for
Best for borrowers comfortable with full income documentation who want mainstream pricing and service.
- Salaried or well‑documented income seeking predictable fixed or competitive variable terms
- Standard properties up to ~80% LTV for consolidation, renovations or rate improvements
- Banking relationship seekers who value integrated day‑to‑day banking and mortgage support
Prepayment options and penalties
Prepayment features vary by product/term and should be confirmed in your commitment. Canadian norms generally apply.
- Fixed‑rate penalty: Greater of three months’ interest or IRD (interest rate differential)
- Variable‑rate penalty: Typically three months’ interest
- Prepayments: Lump‑sum and payment‑increase privileges—verify annual limits for your chosen term
Fees, speed and documents
Expect standard refinance costs such as legal fees and, commonly, an appraisal. Some lenders/brokers in Canada cover legal costs on larger balances—ask if you qualify. Timelines hinge on appraisal scheduling and underwriting.
- Core docs: ID, current mortgage statement, property tax bill, home insurance
- Income proofs: Recent pay stubs and T4s/NOAs; self‑employed typically provide T1s and business financials
- Pro move: Build a break‑even that adds penalty, legal and appraisal to your new term’s interest before switching
Next steps to compare and save
You’ve seen how rates, penalties and structure change the real savings. The fastest way to decide is to stack offers on a like‑for‑like basis and run a simple break‑even. Use the quick formula below, then follow the steps to lock in a better deal without surprises.
break_even_months = (penalty + legal + appraisal - cashback) / monthly_payment_savings
- Collect numbers: balance, remaining term, rate, payment, penalty, estimated value.
- Standardise quotes: same term, amortisation, LTV; include all fees/cashback.
- Stress‑test variables: model payments at +1% to +2% rates.
- Choose structure: refi, blend‑and‑extend, HELOC, or 2nd mortgage—compare total cost.
- Get 3–4 quotes: two banks, one broker, one private equity‑based.
If timing or documentation is a hurdle, get an equity‑only second mortgage assessment and a same‑day quote from Private Lender Inc. to see if a quick, flexible refi saves you more after costs.