REFINANCES, RENEWALS & TRANSFERS
- johnathanmcquoid
- Jan 17
- 2 min read
Once you’ve purchased your home and settled into your new mortgage, the next major decision comes later — choosing whether to refinance, renew, or transfer your mortgage. Each option serves a different purpose and can impact your interest rate, equity access, and long-term financial strategy.
Here’s a clear breakdown of how each one works 👇
1️⃣ What a refinance is — and when it makes sense
A refinance lets you access the equity your home has gained.
✔️ borrow against increased property value
✔️ consolidate high-interest debt
✔️ fund renovations or large expenses
✔️ purchase additional property
A refinance changes the amount you owe by adding new borrowed funds into your mortgage.
2️⃣ What a renewal is — and why it’s simple
A renewal happens at the end of your mortgage term.
✔️ no re-approval required in most cases
✔️ same lender, same property
✔️ new rate options for the next term
Your amortization continues as planned — only your rate and term change, not your mortgage amount.
3️⃣ What a transfer is — and why homeowners choose it
A transfer moves your mortgage to a new lender at renewal.
✔️ no new funds added
✔️ switch lenders for better rates
✔️ access new features or products
✔️ improve customer experience
Everything stays the same except the lender receiving your payments.
💬 Final Thought
Understanding the difference between refinancing, renewing, and transferring empowers homeowners to make strategic decisions — whether accessing equity, lowering rates, or improving flexibility. Each option plays a unique role in long-term financial planning.
If you’d like a personalized review of your refinance, renewal, or transfer options, send The Frontline Mortgage Group a message anytime.