Considering refinancing your mortgage for a lower interest rate can save you money over time depending on charges, and the amount left outstanding on your mortgage. If you hold a variable rate mortgage you can expect to pay a penalty of three months interest, and if you hold a fixed rate mortgage, you will pay the greater of three months interest or interest rate differential penalty (IRD). Based on these costs, it might take you a bit of time to breakeven and start saving, however it is a great way to potentially save on your overall mortgage interest costs.

Refinancing can help you access up to 80% of your home's value less any outstanding mortgages. This gives you capital for investment opportunities, home renovations or your children's education amongst many other things. There are different ways you can access this equity, which includes breaking your mortgage, taking on a Home Equity Line of Credit (HELOC) or increasing your mortgage with your current lender.

You can pay out high interest debt through a refinance, provided you have enough equity in your home. For instance, if you have several outstanding debts such as a car loan, a line of credit, student loans, or credit card bills you may be able to consolidate all of the debt through the variety of refinance options available. Doing so can substantially lower your monthly payment burdens.