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Why renew or refinance your mortgage?

Have your circumstances changed or is your mortgage term up?
It could be time to look at your options, such as:

Finance a renovation
Adjust your payments
Fund a large purchase
Get a better interest rate
Improve your cash flow
Consolidate your debt

Renewing vs. refinancing: understand the difference

Looking to make changes to your mortgage? Find out which option is best for you.

When to renew your mortgage?

Renewing your mortgage can take place without penalty up to 90 days prior to the end of your term, but no later than the maturity date.

What does renewing mean?

Renewing your mortgage is a good idea if you have come to the end of your term and have to renegotiate the interest rate and term.

How to renew

Get in touch with your East Coast CU mortgage advisor to talk about your plans for renewing. We will guide you through your options.

When to refinance your mortgage?

Refinancing is the way to go when you want to add funds to your mortgage, borrow money against your homes equity, or shorten and change the terms of your mortgage.

What does refinancing mean?

Refinancing your mortgage means you change the term, interest rate, and amount owing by paying off your existing mortgage with a new mortgage that has up-to-date terms and a current rate.

How to refinance

Get in touch with your East Coast CU mortgage advisor to discuss your plans to re-finance. We’ll steer you in the right direction.

Renewing and refinancing

Advice for your home ownership journey


Planning a home renovation?

Renos don’t have to be stressful. Get useful info on financing options, so all you’ll have to worry about is what paint colour to choose.

Home financing

The real home financing cost checklist

This detailed checklist will help you keep track of all the extra costs that sneak up (and add up!) when buying a home.

Home maintenance

Tips for maintaining your home

Welcome to homeownership, where maintenance is a year-round job. Be prepared for every season, and the changes they bring to your home and your budget.


Ready to crunch some numbers?

Use our mortgage calculator to compare products and get an idea of what your home ownership budget might look like.

These calculators are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.

See what renewing or refinancing can do for you