Island Savings

Refinancing Your Mortgage

Whether you have decided to go back to school or you just want to take advantage of a juicy investment opportunity, refinancing your mortgage is a means of helping you gain some excess cash.


Reasons to refinance your mortgage

  • Gain access to additional cash to pay for renovations, finance education or buy a new vehicle.
  • Consolidate existing higher interest debts under one roof at one low rate.
  • Switch from a fixed-rate to a variable-rate, or vice versa, to take advantage of a better interest rate.
  • Reduce your monthly mortgage payments.


If you’re currently in a long term mortgage, refinancing to a shorter term at a higher monthly payment can end up saving you tens of thousands of dollars in interest over the years.

Things to consider

  • You may increase the amount of your existing mortgage up to 80% of the current appraised value of your home.
  • If you increase the amount of your mortgage, additional fees may apply (appraisal, title insurance, legal fees etc.)
  • As a general rule, you shouldn't refinance your mortgage unless the new rate is two full percentage points lower than your current rate. Typically the two-point rule compensates for the hard costs associated with refinancing.


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