Refinancing Your Mortgage

Online Banking

Refinancing

When does it makes sense to refinance your mortgage?

To refinance your mortgage means you are renegotiating the terms of your existing mortgage either to lower your borrowing costs, or to access the equity in your home.

Why refinance?

  • To get a lower interest rate: If mortgage rates have dropped since you first signed your mortgage, then you're in luck. You're able to take advantage of reduced interest rates and lower mothly payments by refinancing your mortgage. Even a slight reduction in rates can lower your monthly payments and your overall cost of borrowing.
  • To consolidate higher-interest debt: Refinancing your mortgage can free up cash to help you pay off higher interest debt like credit cards or unsecured loans.
  • To tap into your home equity: When you make payments on your mortgage, you build equity in your home. You can access up to 80% of your home's appraised value in cash, to put towards large purchases, or to simply use as you wish.

Talk to our Financial Advisor to learn more about refinancing, and if it's right for you.

Or, you can apply now and get a no-obligation quote!

Our Current Mortgage Rates

Mortgages (Rates effective 2019-06-18) Rates
3 Year Closed Variable 3.45%
5 Year Closed Variable 3.45%
6 Month Fixed Open Mortgage 6.75%
1 Year Fixed Open Mortgage 6.35%
1 Year Fixed Closed Mortgage 3.54%
2 Year Fixed Closed Mortgage 3.65%
3 Year Fixed Closed Mortgage 3.75%
4 Year Fixed Closed Mortgage 3.85%
5 Year Fixed Closed Mortgage 3.75%

Why Borrow From SPARK

  • Flexible payment schedules
  • No-commitment pre-approvals
  • 90-day rate guarantee
  • 20/20 pre-payment privileges
  • Skip-a-payment twice a year
  • Optional credit insurance
  • And more!
Why Borrow From SPARK?