Refinance the smart way. Without the bait-and-switch.
Refinancing isn't always the right move — but when it is, the savings can be substantial. We model the actual numbers: your prepayment penalty, the break-even on a lower rate, the cost of borrowing equity vs. a HELOC, and the lifetime cost difference. If refinancing doesn't pencil, we tell you. If it does, we structure it cleanly.
Why clients choose Tripoint for refinance
Penalty calculation upfront
We calculate your IRD or 3-month interest penalty before recommending anything. Some banks bury this until late in the process — we don't.
Break-even modelling
Lower rate isn't always lower cost. We show you the month you actually start saving.
Equity take-out
Pull tax-free equity for renovations, investments, or a second property. Up to 80% of your home's appraised value.
Blend-and-extend options
If your penalty is too high, we can sometimes blend your existing rate with a new rate and avoid the breakage cost entirely.
How a refinance file moves at Tripoint
Goals call
Why are you refinancing? Lower payment, equity take-out, debt consolidation, or change of structure?
Penalty quote
We pull your existing payout statement so we know the real cost of breaking your current mortgage.
Lender shop
We compare what's available in the market against staying with your current lender. Often the current lender will match — sometimes not.
Application & approval
Standard refi files clear in 7–10 business days. Equity take-outs may need a fresh appraisal.
Close
Funds either roll into your existing mortgage (blend-and-extend) or your new lender pays out the old one and registers the new charge.
Common questions
When does refinancing actually make sense?
Three common scenarios: (1) interest rates have dropped enough to clear your penalty in 18 months or less, (2) you have high-interest debt to consolidate, (3) you need to access equity for renovations or investments. We run the numbers — emotional appeal isn't enough.
How much equity can I take out?
Up to 80% of your home's appraised value, minus your existing mortgage balance. Example: home appraises at $1.2M, mortgage is $500K. Maximum new mortgage is $960K — meaning you can take out up to $460K in equity.
What's an IRD penalty?
Interest Rate Differential. If you break a fixed mortgage early and current rates are lower than your contract rate, banks charge the difference for the remaining term. On a $600K mortgage with 3 years left, IRD penalties can run $15K–$25K. This is why penalty calculation has to come first.
Is the stress test still required at refinance?
Yes. As of April 2026, OSFI's minimum qualifying rate of 5.25% (or contract rate +2%, whichever is higher) still applies to refinances at federally regulated lenders. Straight switches at renewal — same balance, same amortization — are exempt.
More ways Tripoint can help
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