Thinking about refinancing your mortgage? It's a smart move if you want to lower your monthly payments, get some cash out for a big project, or just switch to a better deal. But with so many banks and lenders out there, figuring out who to go with can be a headache. You need someone offering good rates, fair fees, and terms that actually work for you. We've looked at the top contenders for 2026 to help you find the best refinance mortgage lenders.

Key Takeaways

• RBC Royal Bank, Canada's largest bank, offers a wide range of refinancing options, including HELOCs and home equity loans, with a strong national presence both online and in branches.
• Tangerine Bank provides a fully digital refinancing experience with competitive rates due to lower overhead, ideal for those who prefer online banking and 24/7 access.
• Scotiabank offers refinancing with potential for negotiation on rates and benefits like Scotia Rewards, suitable for those with existing banking relationships.
• BMO Bank of Montreal provides robust refinancing solutions through its extensive branch network and digital platforms, appealing to customers who value established banking relationships and personalized guidance.
• CIBC, another major Canadian bank, offers comprehensive refinancing options, blending traditional branch services with digital tools for a flexible customer experience.

1. RBC Royal Bank

RBC Royal Bank, Canada's largest bank, offers a pretty wide range of options when it comes to refinancing your mortgage. They've got the standard rate-and-term stuff, which means you can tweak your interest rate, payment schedule, or how long you have to pay it off, all without pulling extra cash out.

But they also let you do cash-out refinancing, where you can borrow up to 80% of your home's value. This is handy if you need funds for, say, a big renovation project or maybe some investments. They also have this thing called the RBC Homeline Plan. It's a bit different because it bundles your mortgage and a home equity line of credit (HELOC) into one package. This gives you a revolving credit line, kind of like a credit card but secured by your home, up to 65% of its value.

Getting approved usually means you'll need a credit score of at least 680 and proof of steady income. RBC will check your employment history and how much debt you already have. They'll also need to appraise your home to see what it's worth now. If you're self-employed, be ready to provide more paperwork.

Here’s a quick look at what they offer:

• Rate-and-Term Refinance: Adjust your rate, payment, or amortization period.
• Cash-Out Refinance: Access up to 80% of your home's value for other needs.
• RBC Homeline Plan: Combines mortgage and HELOC for flexible credit access.
• Home Equity Loan: A standalone option with fixed rates for predictable payments.

While RBC's posted rates might be a little higher than some competitors, they're often open to negotiation. You should also factor in legal fees, which can run from $800 to $1,500, plus any discharge fees if you're switching from another lender. It makes sense to consider RBC if you like having physical branches to visit, value existing customer perks, or want the stability of dealing with a major financial institution.

Refinancing with RBC can be a solid choice if you're looking for flexibility and have a good credit history. Their various products mean you can likely find something that fits your financial goals, whether that's just lowering your monthly payments or tapping into your home's equity for a specific purpose.

2. Tangerine Bank

Tangerine Bank is a digital-only bank, which means everything happens online or through their app. If you're someone who likes to handle things from your couch without visiting a branch, this could be a good fit. They let you refinance your mortgage to change your rate type, adjust how long you have to pay it back, or switch from a variable to a fixed rate, all digitally.

You can tap into your home's equity with Tangerine, potentially pulling out up to 80% of its appraised value. This cash can be used for pretty much anything – home improvements, paying off other debts, or covering unexpected big expenses. Their online system is designed to walk you through the process, showing you where you are in the application at any time.

Beyond just refinancing, Tangerine also offers a home equity line of credit (HELOC). This works like a credit card for your home equity, giving you ongoing access to funds. You manage it through your online banking or mobile app, so you don't have to reapply every time you need money. This digital approach can speed things up compared to older banks that might require multiple in-person meetings.

Here’s a quick look at what Tangerine generally requires:

• A credit score of at least 680.
• Proof of income.
• The ability to keep at least 20% equity in your home after refinancing to avoid mortgage insurance.

Because they don't have physical branches, Tangerine often has lower overhead costs. This can translate into rates that are a bit better than what you might find at the big traditional banks. You'll still have typical costs like legal fees (around $800-$1,300) and appraisal fees ($300-$500), but the rate itself might be more attractive.

Choosing Tangerine makes sense if you're comfortable with a completely online banking experience and want competitive rates without the hassle of branch visits. Their 24/7 online access means you can manage your mortgage whenever it's convenient for you.

They also provide support over the phone seven days a week, so you're not entirely on your own if you hit a snag.

3. Scotiabank

Scotiabank is a big player in the Canadian banking scene, and they've got some solid options if you're looking to refinance your mortgage. They're known for being a pretty reliable choice, and they offer a few different ways to go about it.

You can do a standard mortgage refinance to change up your rate, adjust how long you have to pay it off, or even switch from a fixed to a variable rate, or vice versa. This is pretty standard stuff, but Scotiabank makes it accessible. They let you borrow up to 80% of your home's current value, which means you can pull out some cash for whatever you need – maybe a renovation project or even an investment.

What's kind of neat is their Scotia Total Equity Plan, or STEP. It's like a combo deal that bundles your mortgage with a home equity line of credit (HELOC). This gives you a flexible way to tap into your home's equity as you need it, while still keeping your main mortgage rate competitive. If you prefer something simpler, they also have a separate home equity loan option with fixed rates, so you know exactly what you'll pay each month.

To get approved, you'll generally need a credit score of at least 660, and they'll want to see proof of your income. They look at your job history and how much debt you already have compared to your income. They'll also get an appraisal done on your home to figure out its current worth. If you're self-employed, just be ready to provide more paperwork like tax returns.

Refinancing with Scotiabank can be a good move if you're already a customer and can take advantage of any existing discounts. Their STEP product is also a standout for those who want easy access to their home equity.

Here's a quick look at what you might expect:

• Credit Score: Minimum 660
• Loan-to-Value: Up to 80% of appraised value
• Products: Standard Refinance, Scotia Total Equity Plan (STEP), Home Equity Loan
• Fees: Legal fees ($900-$1,500), Appraisal fees ($350-$500)

4. BMO Bank of Montreal

BMO Bank of Montreal, a big player in Canadian banking, is a solid choice if you're looking to refinance your mortgage. They've got a pretty wide network of branches, over 900 of them, so you can usually find one nearby if you like talking to people face-to-face. Plus, they offer a good mix of digital tools and personal service, which is nice.

When you refinance with BMO, you can expect them to help you adjust your current loan, maybe get you a better rate or change how long you have to pay it back. They also let you tap into your home's equity, which is handy if you need cash for renovations, school, or other big expenses. You can borrow up to 80% of your home's appraised value.

Here's a quick look at what they generally require:

• Credit Score: Usually a minimum of 650.
• Income: You'll need to show proof of steady income.
• Equity: Aim to keep at least 20% equity in your home after refinancing to skip mortgage insurance.

BMO also has a product called the Homeowner ReadiLine, which is kind of like a mortgage and a home equity line of credit rolled into one. It gives you ongoing access to your home equity. They also offer a standard home equity loan if that's more your style.

Refinancing with BMO can be a good move if you already bank with them or appreciate having a large institution with plenty of support options, both online and in person. They make it pretty straightforward to adjust your mortgage terms or access your home's value.

Keep in mind that besides the loan itself, you'll likely run into some fees. Legal costs can be anywhere from $850 to $1,400, and getting an appraisal will probably set you back another $300 to $500. Their rates are usually pretty close to what other big banks are offering, maybe within 0.10% to 0.25% of the average, and sometimes you can negotiate a bit, especially if you're a long-time customer.

5. CIBC

CIBC, Canada's fifth-largest bank, offers a solid set of options if you're looking to refinance your mortgage. They have a pretty wide reach with over 1,000 branches, plus their online and phone services, so you can probably find a way to connect that works for you.

They can help you adjust your current mortgage terms, tap into your home's equity, or even combine debts into one payment. This can be a real lifesaver if you've got a bunch of different bills piling up.

When you're looking to refinance with CIBC, here's a general idea of what you might need:

• Credit Score: Generally, you'll want a score of at least 660.
• Income Verification: They'll need to see proof of your income.
• Home Equity: Aim to keep at least 20% equity in your home after refinancing to avoid extra insurance costs.
• Property Appraisal: They'll get an appraisal to figure out what your home is worth now.

Beyond just a standard refinance, CIBC has something called the "Home Power Plan." It's kind of neat because it bundles your mortgage with a Home Equity Line of Credit (HELOC). This gives you ongoing access to your home's equity, up to 65% of its value, while keeping your mortgage rates competitive. They also offer a separate home equity loan if you just need a lump sum for a specific project.

Refinancing with a big bank like CIBC often means you can take advantage of existing customer discounts or rewards programs. It's worth checking if you already bank with them to see what perks might apply to your situation.

While their refinance rates are usually pretty close to what other banks are offering, there's often room to negotiate, especially if you have a good credit history. Just be aware that you'll have some closing costs, like legal fees and appraisal costs, which can add up.

6. Meridian Credit Union

Meridian Credit Union is Ontario's biggest credit union, and they've got some solid options if you're looking to refinance your mortgage. They really lean into that member-first approach, which is pretty different from the big banks. It means they tend to look at your whole financial picture, not just a strict checklist, which can be a big help.

They let you refinance up to 80% of your home's appraised value. This is great if you need to pull out some cash for renovations, pay off other debts, or just handle a big expense. You can tweak your interest rate, change up your payment schedule, or even switch from a variable to a fixed rate, or vice versa. Their mortgage folks are there to help you figure out what makes the most sense for your wallet and your goals.

Here's a bit more about what they offer:

• Flexible Payment Options: Think accelerated bi-weekly payments, lump-sum prepayments without penalty, and the ability to bump up your regular payments each year if you have extra cash.
• Access to Equity: Beyond just refinancing, you can also look into a Home Equity Line of Credit (HELOC) with Meridian. This gives you a revolving line of credit you can tap into as needed for ongoing projects or unexpected costs.
• Member Benefits: Because it's a credit union, you might get profit-sharing through patronage dividends. This can actually lower your overall borrowing costs, which is a nice perk.

To apply, you'll need to be a Meridian member, which usually means living, working, or owning property in Ontario. They generally look for a credit score around 640 and need to see proof of income. They do accept both employed and self-employed individuals, but you'll need the right paperwork. Just remember, you'll need to keep at least 20% equity in your home after refinancing to avoid mortgage insurance.

Meridian's rates are usually pretty close to what the big banks charge, maybe just a hair higher sometimes. But when you factor in the personalized service and potential member dividends, it can end up being a really good deal. They're a strong contender if you value a more personal banking relationship and want to work with a lender that feels more community-focused.

When it comes to fees, expect legal costs to be somewhere between $850 and $1,400, and appraisals usually run $300 to $500. Meridian is a good choice if you're looking for that personalized touch, want to be part of a member-owned institution, or appreciate the potential for extra savings through dividends.

7. First National Financial

First National Financial is a big player in the mortgage world, especially if you're looking to refinance. They're actually Canada's largest non-bank mortgage lender, which means they operate a bit differently than your typical bank. They really focus on working through mortgage brokers, which can be a good thing if you like having a professional guide you through the process.

They offer a few ways to refinance your home. You can adjust your interest rate, change up your payment schedule, or even get cash out, up to 80% of your home's value. This is handy for things like home renovations or paying off other debts. They have both fixed and variable rate options, and their rates are often pretty competitive, sometimes even better than what the big banks offer.

What's interesting is that First National also caters to people who own investment properties or multi-unit buildings. Banks can sometimes be picky about these types of properties, but First National actually considers rental income when you apply. They even do commercial mortgages for small business owners who own their business space.

Here's a quick look at what you might need:

• Credit Score: Generally, you'll want a credit score of at least 650.
• Income: You'll need to show proof of income.
• Equity: To avoid extra insurance costs, you'll need to keep at least 20% equity in your home after refinancing.

They also have a pretty straightforward fee structure. You'll work with your broker, who will handle the application. First National then takes care of the behind-the-scenes stuff like underwriting and funding. It's a model that works well for people who want expert advice from a broker but still want access to solid, institutional financing.

8. True North Mortgage

True North Mortgage is a big player in the Canadian mortgage scene, acting as the country's largest independent mortgage brokerage. Think of them as your personal mortgage shopper. Instead of you running around to different banks, True North's agents do the legwork. They have connections with over 30 lenders, including big banks, credit unions, and other financial institutions. This means they can compare a bunch of different refinance options for you all at once.

They aim to get you rates that are lower than what you might find if you walked into a bank directly. This is because they often get access to wholesale pricing. The savings can really add up over the life of your mortgage, potentially saving you thousands in interest.

Here’s a quick look at how they work:

• One Application: You fill out a single refinance application with a True North agent.
• Market Comparison: Your agent then shops your application around to their network of lenders.
• Personalized Advice: They look at your credit, income, and what you want to achieve with your refinance to find the best fit.
• Paperwork Handled: True North's team helps manage the documentation and coordinates with the chosen lender.

Using a mortgage broker like True North can simplify the whole refinance process. They handle the heavy lifting of comparing offers, which saves you a ton of time and hassle. It's a good route to take if you want to make sure you're getting a competitive rate without having to do all the research yourself.

While you typically don't pay True North directly – they get paid by the lender – you'll still have standard costs like legal fees and appraisal fees. But the potential for lower interest rates makes it a compelling option for many homeowners looking to refinance in 2026.

9. Equitable Bank

Equitable Bank is a solid choice if you've been turned down by other lenders or have a financial situation that's a bit outside the box. They're known for looking at the whole picture, not just your credit score. This means if you're self-employed with fluctuating income, or maybe have had some credit bumps in the past, Equitable might still be able to help you refinance.

They really focus on your property's equity and your overall ability to repay. This approach opens doors for many Canadians who might not qualify elsewhere. It's good to know there are options beyond the usual suspects.

Here's a quick look at what they consider:

• Property Equity: You'll generally need at least 20% equity in your home after the refinance. An appraisal will be done to figure out the current market value.
• Income Verification: They're flexible here. They accept things like bank statements if you're self-employed, or a standard employment letter.
• Credit History: While they look at credit, they're more forgiving than traditional banks. Discharged bankruptcies over two years old, for example, might not be a deal-breaker.

Keep in mind that because Equitable Bank works with a wider range of borrowers, their refinance rates might be a little higher than what you'd find at a big bank. You'll also have standard costs like legal fees and appraisal fees to factor in. However, for many, the ability to refinance when others say no makes it a worthwhile option. You can explore their mortgage products on Forbes Advisor Canada to see if they fit your needs.

When traditional lenders just won't budge, Equitable Bank steps in with a more personalized assessment. They understand that financial lives aren't always straightforward and are set up to accommodate that.

10. MyPrivateLender.com

When traditional banks just won't cut it, MyPrivateLender.com steps in. This platform is all about using the equity you've built up in your home to get you a refinance, even if your credit score isn't the best or your income is a bit irregular. They've been doing this for over 20 years, connecting homeowners with private investors who are willing to lend based on your property's value, not just your credit report.

MyPrivateLender.com is a solid choice if you've been turned down by other lenders or need cash fast and your home equity is your strongest asset.

Here's a quick look at what they offer:

• Equity-Based Approval: Forget strict credit score requirements. Your home's equity is the main factor here.
• Access to Funds: You can tap into up to 80% of your home's equity. This cash can be used for pretty much anything – paying off debts, fixing up your place, starting a business, or covering unexpected costs.
• Faster Processing: Because they focus on equity, the approval process can often be quicker than with big banks.
• Second Mortgages: You can get a second mortgage if you still have equity left after your first one.

It's important to know that private lending rates are usually higher than what you'd find at a bank. We're talking about rates that can range from 8% to 15% annually. Plus, there are lender fees, typically 1% to 3% of the loan amount, on top of legal costs. This makes MyPrivateLender.com a good option for short-term needs while you work on improving your credit or financial situation to eventually qualify for lower rates elsewhere.

This type of financing is designed for situations where conventional lending isn't an option. It provides a pathway to liquidity when other doors are closed, prioritizing the asset over traditional financial metrics.

Wrapping It Up

So, refinancing your mortgage might seem like a big deal, but it can really pay off. We've looked at some top lenders for 2026 that could help you save money or get cash out of your home. Remember, the best choice depends on your own financial situation, like your credit score and how much equity you have. Don't just pick the first one you see. Take some time to compare rates and fees from a few different places. Getting a few quotes will help you make sure you're getting the best possible deal. It’s worth the effort to find a lender that fits what you need and helps you reach your financial goals.

Frequently Asked Questions

What is mortgage refinancing?

Refinancing your mortgage means replacing your current home loan with a new one. People often do this to get a lower interest rate, which can save them money each month. It can also be a way to borrow more money using the value of your home, maybe for home improvements or to pay off other debts.

Why would I want to refinance my mortgage?

You might want to refinance for a few reasons. The main one is usually to get a better interest rate, making your monthly payments smaller. You could also refinance to change the length of your loan, switch from a variable rate to a fixed rate (or vice versa), or to take out some of the money you've built up in your home's value.

How do I know if refinancing is a good idea for me?

It's a good idea if you can get a lower interest rate than you currently have, and the amount you'll save on interest is more than the costs of refinancing. Also, consider if you need to access your home's value for other purposes, like a big purchase or debt consolidation. It's smart to compare the potential savings against the fees involved.

What are the costs associated with refinancing?

Refinancing usually comes with fees, similar to when you first got your mortgage. These can include appraisal fees (to check your home's value), legal fees, and sometimes lender fees. It's important to ask lenders about all potential costs upfront so you can calculate your total savings accurately.

What's the difference between a mortgage broker and a bank for refinancing?

Banks offer their own mortgage products. A mortgage broker, on the other hand, works with many different lenders. They can shop around for you to find the best rates and terms from various institutions, which might save you time and potentially get you a better deal, especially if you have unique financial needs.

How long does the refinancing process usually take?

The time it takes can vary, but it often takes about 30 to 45 days from when you apply to when everything is finalized. This includes time for the lender to review your application, order an appraisal, and for legal work to be completed. Having all your documents ready can help speed things up.