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You can re-finance your home up to 80% of its value. Your home value is determined by an appraisal and you will also incur legal costs. Note that re-financing can pay off your debt, or re-structures  your mortgage, consider your options carefully. It may not be advisable to re-finance unless there is a strong incentive such as lower interest rates or high debt to be paid out.


Switch mortgages

This occurs when you move your  current mortgage from one lender to another. The amortization period, the applicants and the mortgage amount stays the same. If your current lender is a collateral charge lender you will need to pay for  legal expense  as the mortgage will need to be re-registered.  A collateral charge lender will register your mortgage as a re-advance-able mortgage.

Link to CMHC website will give you a better preview .



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