How to Refinance Your Mortgage

Couple Speaking with Lending Specialist
Using the equity in your home can be an excellent way to pay for a larger expense such as a home renovation or purchasing a vacation property or to pay off debt. 

Refinancing your mortgage allows you to borrow up to a maximum of 80% of the current market value of your home, including the current balance of your mortgage balance and other real-estate secured debt. When refinancing your mortgage ,you are essentially replacing your existing mortgage with a new one, which requires a standard credit application. 

At Cambrian, we typically approve mortgage refinance applications within 48 hours, meaning you can start using your equity quickly.

Here are some steps to help speed up the process:

1. Start your application online

Completing your application online is easy and can be done from the comfort of your home. If you are an existing Cambrian member, you can apply by logging into CambrianOnline and clicking on the application in Lending Centre.  The financial details we have on file for you will pre-populate in the application. That makes it much easier for you!

If you are new to Cambrian, you can start your application at any time at cambrian.mb.ca by selecting “Apply” in the top right corner of your screen.

2. Check to make sure your financial details are correct

If it has been a while since you applied for your mortgage, you will want to update the information that we have on file since your last application. You may have had an increase in your income, an appreciation in the value of your home, or obtained new assets that will strengthen your application. Ensuring all financial information is up to date will make assessing your application faster.

3. Things to know about your application

One of Cambrian’s Lending Specialists will review your application to ensure that it is complete and will contact you with any questions they may have. An appraisal and title search may be required to ensure that there is enough equity in the home to lend you the requested funds. 

If you currently have a mortgage and the term is not yet expired, the current mortgage rates will apply to the new amount borrowed and the existing rate will continue on your existing mortgage amount.  The new mortgage amount and rate will be blended with the amount and rate of your existing mortgage. If interest rates are lower at the time of refinancing, your overall mortgage rate will go down.  

Refinancing your mortgage is an easy way to tap into your home’s equity for a large purchase. 

Start your application online today or speak to a Cambrian Lending Specialist in any of our 11 branches!