{"id":548,"date":"2020-05-20T00:00:00","date_gmt":"2020-05-20T00:00:00","guid":{"rendered":"https:\/\/wp.springfinancial.ca\/?p=548"},"modified":"2025-12-12T22:37:53","modified_gmt":"2025-12-12T22:37:53","slug":"mortgage-refinancing-vs-home-equity-loans","status":"publish","type":"post","link":"https:\/\/springfinancial.ca\/fr\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/","title":{"rendered":"Mortgage Refinancing vs. Home Equity Loans: Which Is Right for Me?"},"content":{"rendered":"\r\n<p>As a homeowner, you have options when it comes to getting the funding you need. Instead of turning to high-interest credit cards or expensive personal loans, you can take advantage of more affordable alternatives like a home equity loan or home refinance. Both options allow you to withdraw substantial amounts based on the equity available in your home.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-table\">\r\n<table class=\"has-fixed-layout\">\r\n<tbody>\r\n<tr>\r\n<td><br \/>\r\n<h2 style=\"text-align: center;\">What is Home Equity?<\/h2>\r\n<br \/>\r\n<p style=\"text-align: center;\">In simple terms, home equity is the amount of your home you actually own. You can calculate your home equity by subtracting the outstanding balance of your mortgage loan from the value of your home. If your home is worth $600,000 and you have $400,000 left on your mortgage, your home equity would be $200,000. Home equity grows as you repay your mortgage and if your property increases in value.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n\r\n<p>Your <a href=\"https:\/\/www.springfinancial.ca\/blog\/credit-tips\/what-is-a-good-credit-score\">credit score<\/a> will play a role when determining your eligibility and there may be appraisal fees, legal fees, and other costs associated with these products. Some lenders are willing to waive these so don\u2019t be afraid to ask.<\/p>\r\n\r\n\r\n\r\n<p>Although they fulfill the same purpose, home equity loans and mortgage refinancing are not the same thing. Refinancing breaks your current mortgage so you can start a new one with a different interest rate, term, and monthly payment.<\/p>\r\n\r\n\r\n\r\n<p>A home equity loan is considered a \u201csecond mortgage\u201d because you\u2019ll make a second monthly payment on top of your mortgage. Choosing the best option can save you thousands of dollars in fees and interest, so it\u2019s important to consider the pros and cons of each before making a decision.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">What is Mortgage Refinancing?\u00a0<\/h2>\r\n\r\n\r\n\r\n<p>Mortgage refinancing gives you the chance to replace your mortgage loan with a new one. What\u2019s great about this option is it lets you lock in a better interest rate when the market changes. You can also borrow an amount that\u2019s larger than your existing mortgage, allowing you to pay off your old mortgage in full and use the leftover cash to cover major expenses like a home renovation. Refinancing can be done with a new lender so it\u2019s smart to shop around for the best rates.<\/p>\r\n\r\n\r\n\r\n<p>The most you can get from a mortgage refinance in Canada is 80% of your home\u2019s appraised value minus the balance of your current mortgage. Let\u2019s say you want to add a deck to your property. Your home is worth $350,000 (80% = $280,000) and you still have $200,000 left on your mortgage. A lender can give you $200,000 to pay off your existing mortgage and up to $80,000 in cash for your home improvement project. After refinancing, your new mortgage balance would be $280,000.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Benefits of Refinancing Your Mortgage:<\/h3>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Lower interest rates and monthly payments<\/li>\r\n\r\n\r\n\r\n<li>Opportunity to change your loan type and term<\/li>\r\n\r\n\r\n\r\n<li>Ability to turn home equity into cash<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>Refinancing a mortgage isn\u2019t always a great deal. There are penalties to pay if you break your mortgage early. Make sure you crunch the numbers beforehand to find out how much you\u2019ll be saving. A good rule of thumb is to secure an interest rate decrease of at least 0.5% to cover extra fees.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.springfinancial.ca\/apply-now?utm_source=blog&amp;SID2=mortgage-refinancing-vs-home-equity-loans\"><img decoding=\"async\" src=\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2026\/03\/BlogBanner.png\" alt=\"\" \/><\/a><\/figure>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">When Should You Refinance Your Mortgage?<\/h2>\r\n\r\n\r\n\r\n<p>Mortgage refinancing is worth pursuing if:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>You want to lock in a lower rate: <\/strong>Take advantage of market changes and pay off your mortgage sooner by securing a lower interest rate.\u00a0<\/li>\r\n\r\n\r\n\r\n<li><strong>Your credit score has increased: <\/strong>There\u2019s a good chance you\u2019ll qualify for a better rate if your credit has improved since you purchased your home.<\/li>\r\n\r\n\r\n\r\n<li><strong>You plan to consolidate debt: <\/strong>Swapping high-interest debt with a low-interest mortgage can simplify your finances and save you a fortune. Keep in mind debt consolidation will not solve problems like overspending. Make sure you can resist temptation and follow a <a href=\"https:\/\/www.springfinancial.ca\/blog\/save-and-invest\/50-20-30-budgeting-tips-for-canadians\">budget<\/a> before you decide to refinance.<\/li>\r\n\r\n\r\n\r\n<li><strong>You want to renovate your home:<\/strong> If you have a solid credit score and enough equity in your home, you can trade that equity for cash and use it to renovate your property to increase its value.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<div class=\"block-quote\">\r\n<h2>Refinance your mortgage with Spring Financial<\/h2>\r\n<p><strong>Access better rates and pay off your mortgage quicker.<\/strong><\/p>\r\n<p><a href=\"https:\/\/www.springfinancial.ca\/mortgages\">Learn More<\/a><\/p>\r\n<\/div>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">When Shouldn\u2019t You Refinance Your Mortgage?\u00a0<\/h2>\r\n\r\n\r\n\r\n<p>You should avoid refinancing if:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>Your credit score has decreased: <\/strong>Refinancing can result in a higher interest rate if your credit score has dropped since you bought your home.<\/li>\r\n\r\n\r\n\r\n<li><strong>You plan to move within the next few years: <\/strong>There\u2019s no point in refinancing if you\u2019re not staying long-term because the savings from refinancing won\u2019t cover the costs of restructuring the mortgage loan.<\/li>\r\n\r\n\r\n\r\n<li><strong>You want to use the money for discretionary spending: <\/strong>Taking out more debt to pay for recreation and entertainment expenses can put your home in jeopardy if you fail to make the monthly payments. Remember to only borrow what you need and spend on things that will help you get ahead financially.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">What is a Home Equity Loan?\u00a0<\/h2>\r\n\r\n\r\n\r\n<p>Often referred to as a \u201csecond mortgage\u201d, home equity loans are a form of borrowing where you can use the equity in your home as collateral. In Canada, you\u2019ll generally need to own at least 20% of your home to qualify for a home equity loan. The benefits of these loans include:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Lower interest rates compared to unsecured loans and credit cards<\/li>\r\n\r\n\r\n\r\n<li>Ability to borrow larger amounts if you have enough equity<\/li>\r\n\r\n\r\n\r\n<li>Flexible options based on your borrowing needs<\/li>\r\n\r\n\r\n\r\n<li>Easy access to credit<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>You can choose from two kinds of home equity loans.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Home Equity Line of Credit (HELOC)<\/h3>\r\n\r\n\r\n\r\n<p>A HELOC functions like a normal line of credit \u2013 the only difference is that it\u2019s secured against your property. Credit limits go no higher than 65% of your home\u2019s appraised value. After getting approved, you\u2019re free to withdraw whenever you want during the draw period. Draw periods can last between three to ten years, allowing you to tap into ongoing funds when you need it most.<\/p>\r\n\r\n\r\n\r\n<p>When the draw period is over, you no longer have access to credit and must begin repayments. With a HELOC, you only pay interest on the amount you take out and can pay back the loan any time without penalty. Monthly payments may fluctuate as HELOCs typically have variable interest rates.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Traditional Home Equity Loan<\/h3>\r\n\r\n\r\n\r\n<p>Instead of withdrawing money over a certain period, a home equity loan gives you a one-time lump sum payment. The maximum amount you can obtain is 80% of the appraised value of your home minus the balance of your current mortgage. For example, if your home is worth $500,000 (80% = $400,000) and your outstanding mortgage is $300,000, you could get a home equity loan of up to $100,000.<\/p>\r\n\r\n\r\n\r\n<p>Interest is charged on the full amount, which is repaid over a set period. Home equity loans usually have fixed interest rates so your monthly payments will always stay the same. They\u2019re also easier to qualify for if you have bad credit since you\u2019re leveraging your home to guarantee the loan.<\/p>\r\n\r\n\r\n\r\n<div class=\"block-quote\">\r\n<h2>Get a home equity loan from Spring Financial<\/h2>\r\n<p><strong>Secure the funds you need without the high borrowing costs.<\/strong>\u00a0<\/p>\r\n<p><a href=\"https:\/\/www.springfinancial.ca\/mortgages\">Learn More<\/a><\/p>\r\n<\/div>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">When is a Home Equity Loan a Good Idea?\u00a0<\/h2>\r\n\r\n\r\n\r\n<p>If you need a substantial amount of cash but already have a low mortgage rate, a home equity loan makes more sense than refinancing.<\/p>\r\n\r\n\r\n\r\n<p>Here are a few scenarios where home equity loans can work for you.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Consolidating Debt<\/h3>\r\n\r\n\r\n\r\n<p>Using an affordable home equity loan to pay off high-interest credit card debt can streamline your monthly payments and save you lots of money in the long run. If you go this route, take some time to understand how you got into debt in the first place so you don\u2019t make the same mistake twice. It\u2019s also a good idea to budget or use a <a href=\"https:\/\/www.springfinancial.ca\/blog\/save-and-invest\/good-budgeting-apps\">budgeting app<\/a> to minimize your chances of falling behind on payments.<\/p>\r\n\r\n\r\n\r\n<p><a href=\"https:\/\/www.springfinancial.ca\/apply-now?utm_source=blog&amp;SID2=mortgage-refinancing-vs-home-equity-loans\"><img decoding=\"async\" style=\"display: block; margin-left: auto; margin-right: auto;\" src=\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2026\/03\/BlogBanner.png\" \/><\/a><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Repairing or Renovating Your Home<\/h3>\r\n\r\n\r\n\r\n<p>From fixing the roof to remodelling the kitchen, home improvement projects increase the value of your property while making it more enjoyable to live in.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Making a Significant Purchase or Investment<\/h3>\r\n\r\n\r\n\r\n<p>Whether you\u2019re ready to launch your own business or go back to university, a home equity loan can set you up for future success by providing large amounts of funding at a lower cost.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">When is a Home Equity Loan a Bad Idea?\u00a0<\/h2>\r\n\r\n\r\n\r\n<p>Just because you can leverage the equity in your home doesn\u2019t mean it\u2019s always smart to do so. Taking out a home equity loan to fund non-essential things like vacations or a second property is not recommended because it puts your house at unnecessary risk. If you end up overspending and can\u2019t make your payments on time, you could lose your home to foreclosure.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Get a Home Equity Loan or Refinance Your Mortgage at Spring Financial<\/h2>\r\n\r\n\r\n\r\n<p><a href=\"https:\/\/www.springfinancial.ca\/\">Spring Financial<\/a> provides mortgage refinancing, home equity loans, and other convenient financial products to Canadians just like you. It doesn\u2019t matter if you\u2019re new to credit or have bad credit, Spring Financial makes it easy for you to get the money you need as quickly as possible.<\/p>\r\n\r\n\r\n\r\n<p>Why choose Spring Financial:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>Convenient products for all:<\/strong> From personal loans to auto loans, Spring Financial gives you easy access to a variety of financial products, regardless of your current credit situation.<\/li>\r\n\r\n\r\n\r\n<li><strong>Seamless online application:<\/strong> Skip the stress of in-person meetings and get approved from the comfort of your home.<\/li>\r\n\r\n\r\n\r\n<li><strong>Exceptional customer service: <\/strong>Our live agents are ready to assist you 24 hours a day, seven days a week.<\/li>\r\n\r\n\r\n\r\n<li><strong>Trusted lender:<\/strong> Spring Financial serves thousands of Canadians every day \u2013 see what they have to say on <a href=\"https:\/\/www.trustpilot.com\/review\/springfinancial.ca\">Trustpilot<\/a>.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>Get started today by applying for a <a href=\"https:\/\/www.springfinancial.ca\/apply\/home-equity-line-of-credit?SID2=mortgages\">home equity loan<\/a> or <a href=\"https:\/\/www.springfinancial.ca\/apply\/refinance-mortgage?SID2=mortgages\">mortgage refinancing<\/a>. Still not sure which option is best for you? Speak with a live representative and get personalized advice by calling 1-888-781-8439.<\/p>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Need cash but don\u2019t want to resort to high-interest loans? You\u2019re in luck if you\u2019re a homeowner. Mortgage refinancing and home equity loans can lower your borrowing costs while turning the equity you\u2019ve built into cash (even if you\u2019re still paying off your mortgage). To find out which option is right for you, you\u2019ll first need to figure out how much home equity you have, how long you plan to live at your residence, and what you\u2019ll use the money for.<\/p>\n","protected":false},"author":23,"featured_media":3320,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[59],"tags":[],"class_list":["post-548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homeowner-finances"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mortgage Refinancing vs. Home Equity Loans: Which Is Right for Me? - Spring Financial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Refinancing vs. Home Equity Loans: Which Is Right for Me? - Spring Financial\" \/>\n<meta property=\"og:description\" content=\"Need cash but don\u2019t want to resort to high-interest loans? You\u2019re in luck if you\u2019re a homeowner. Mortgage refinancing and home equity loans can lower your borrowing costs while turning the equity you\u2019ve built into cash (even if you\u2019re still paying off your mortgage). To find out which option is right for you, you\u2019ll first need to figure out how much home equity you have, how long you plan to live at your residence, and what you\u2019ll use the money for.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"Spring Financial\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/springfinancial\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-20T00:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-12T22:37:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2020\/05\/5ec47a2591a78.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"680\" \/>\n\t<meta property=\"og:image:height\" content=\"380\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jessica Steer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jessica Steer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/\"},\"author\":{\"name\":\"Jessica Steer\",\"@id\":\"https:\/\/springfinancial.ca\/#\/schema\/person\/33a6ea920a4b1c4924d6b2de718e5c2b\"},\"headline\":\"Mortgage Refinancing vs. Home Equity Loans: Which Is Right for Me?\",\"datePublished\":\"2020-05-20T00:00:00+00:00\",\"dateModified\":\"2025-12-12T22:37:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/\"},\"wordCount\":1633,\"publisher\":{\"@id\":\"https:\/\/springfinancial.ca\/#organization\"},\"image\":{\"@id\":\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2020\/05\/5ec47a2591a78.jpg\",\"articleSection\":[\"Homeowner Finances\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/\",\"url\":\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/\",\"name\":\"Mortgage Refinancing vs. Home Equity Loans: Which Is Right for Me? - Spring Financial\",\"isPartOf\":{\"@id\":\"https:\/\/springfinancial.ca\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2020\/05\/5ec47a2591a78.jpg\",\"datePublished\":\"2020-05-20T00:00:00+00:00\",\"dateModified\":\"2025-12-12T22:37:53+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#primaryimage\",\"url\":\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2020\/05\/5ec47a2591a78.jpg\",\"contentUrl\":\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2020\/05\/5ec47a2591a78.jpg\",\"width\":680,\"height\":380,\"caption\":\"seesaw balancing home equity loans and mortgage refinancing\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/springfinancial.ca\/fr\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mortgage Refinancing vs. Home Equity Loans: Which Is Right for Me?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/springfinancial.ca\/#website\",\"url\":\"https:\/\/springfinancial.ca\/\",\"name\":\"Spring Financial\",\"description\":\"Online Loans from 9.99%\",\"publisher\":{\"@id\":\"https:\/\/springfinancial.ca\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/springfinancial.ca\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/springfinancial.ca\/#organization\",\"name\":\"Spring Financial\",\"url\":\"https:\/\/springfinancial.ca\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/springfinancial.ca\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2025\/08\/spring-logo-80x34-1.svg\",\"contentUrl\":\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2025\/08\/spring-logo-80x34-1.svg\",\"width\":80,\"height\":34,\"caption\":\"Spring Financial\"},\"image\":{\"@id\":\"https:\/\/springfinancial.ca\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/springfinancial\/\",\"https:\/\/www.instagram.com\/springfinancial.ca\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/springfinancial.ca\/#\/schema\/person\/33a6ea920a4b1c4924d6b2de718e5c2b\",\"name\":\"Jessica Steer\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/975adc4cebb79e04df615a343e8b4a35cb9e794b0c9840ef5a044ac870ea4ca5?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/975adc4cebb79e04df615a343e8b4a35cb9e794b0c9840ef5a044ac870ea4ca5?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/975adc4cebb79e04df615a343e8b4a35cb9e794b0c9840ef5a044ac870ea4ca5?s=96&d=mm&r=g\",\"caption\":\"Jessica Steer\"},\"description\":\"Jessica Steer is a Content Writer at Spring Financial. She has years of personal finance experience, particularly with personal loans and credit-building products. Jessica also has an Associate of Arts Degree, specializing in English and Writing. Along with her experience writing financial articles, her publications have been linked to by The Globe and Mail, Forbes and Yahoo Finance.\",\"url\":\"https:\/\/springfinancial.ca\/fr\/blog\/author\/jessica\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Mortgage Refinancing vs. Home Equity Loans: Which Is Right for Me? - Spring Financial","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/","og_locale":"fr_FR","og_type":"article","og_title":"Mortgage Refinancing vs. Home Equity Loans: Which Is Right for Me? - Spring Financial","og_description":"Need cash but don\u2019t want to resort to high-interest loans? You\u2019re in luck if you\u2019re a homeowner. Mortgage refinancing and home equity loans can lower your borrowing costs while turning the equity you\u2019ve built into cash (even if you\u2019re still paying off your mortgage). To find out which option is right for you, you\u2019ll first need to figure out how much home equity you have, how long you plan to live at your residence, and what you\u2019ll use the money for.","og_url":"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/","og_site_name":"Spring Financial","article_publisher":"https:\/\/www.facebook.com\/springfinancial\/","article_published_time":"2020-05-20T00:00:00+00:00","article_modified_time":"2025-12-12T22:37:53+00:00","og_image":[{"width":680,"height":380,"url":"https:\/\/springfinancial.ca\/wp-content\/uploads\/2020\/05\/5ec47a2591a78.jpg","type":"image\/jpeg"}],"author":"Jessica Steer","twitter_card":"summary_large_image","twitter_misc":{"\u00c9crit par":"Jessica Steer","Dur\u00e9e de lecture estim\u00e9e":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#article","isPartOf":{"@id":"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/"},"author":{"name":"Jessica Steer","@id":"https:\/\/springfinancial.ca\/#\/schema\/person\/33a6ea920a4b1c4924d6b2de718e5c2b"},"headline":"Mortgage Refinancing vs. Home Equity Loans: Which Is Right for Me?","datePublished":"2020-05-20T00:00:00+00:00","dateModified":"2025-12-12T22:37:53+00:00","mainEntityOfPage":{"@id":"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/"},"wordCount":1633,"publisher":{"@id":"https:\/\/springfinancial.ca\/#organization"},"image":{"@id":"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#primaryimage"},"thumbnailUrl":"https:\/\/springfinancial.ca\/wp-content\/uploads\/2020\/05\/5ec47a2591a78.jpg","articleSection":["Homeowner Finances"],"inLanguage":"fr-FR"},{"@type":"WebPage","@id":"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/","url":"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/","name":"Mortgage Refinancing vs. Home Equity Loans: Which Is Right for Me? - Spring Financial","isPartOf":{"@id":"https:\/\/springfinancial.ca\/#website"},"primaryImageOfPage":{"@id":"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#primaryimage"},"image":{"@id":"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#primaryimage"},"thumbnailUrl":"https:\/\/springfinancial.ca\/wp-content\/uploads\/2020\/05\/5ec47a2591a78.jpg","datePublished":"2020-05-20T00:00:00+00:00","dateModified":"2025-12-12T22:37:53+00:00","breadcrumb":{"@id":"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#primaryimage","url":"https:\/\/springfinancial.ca\/wp-content\/uploads\/2020\/05\/5ec47a2591a78.jpg","contentUrl":"https:\/\/springfinancial.ca\/wp-content\/uploads\/2020\/05\/5ec47a2591a78.jpg","width":680,"height":380,"caption":"seesaw balancing home equity loans and mortgage refinancing"},{"@type":"BreadcrumbList","@id":"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/mortgage-refinancing-vs-home-equity-loans\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/springfinancial.ca\/fr\/"},{"@type":"ListItem","position":2,"name":"Mortgage Refinancing vs. Home Equity Loans: Which Is Right for Me?"}]},{"@type":"WebSite","@id":"https:\/\/springfinancial.ca\/#website","url":"https:\/\/springfinancial.ca\/","name":"Spring Financial","description":"Online Loans from 9.99%","publisher":{"@id":"https:\/\/springfinancial.ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/springfinancial.ca\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Organization","@id":"https:\/\/springfinancial.ca\/#organization","name":"Spring Financial","url":"https:\/\/springfinancial.ca\/","logo":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/springfinancial.ca\/#\/schema\/logo\/image\/","url":"https:\/\/springfinancial.ca\/wp-content\/uploads\/2025\/08\/spring-logo-80x34-1.svg","contentUrl":"https:\/\/springfinancial.ca\/wp-content\/uploads\/2025\/08\/spring-logo-80x34-1.svg","width":80,"height":34,"caption":"Spring Financial"},"image":{"@id":"https:\/\/springfinancial.ca\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/springfinancial\/","https:\/\/www.instagram.com\/springfinancial.ca"]},{"@type":"Person","@id":"https:\/\/springfinancial.ca\/#\/schema\/person\/33a6ea920a4b1c4924d6b2de718e5c2b","name":"Jessica Steer","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/secure.gravatar.com\/avatar\/975adc4cebb79e04df615a343e8b4a35cb9e794b0c9840ef5a044ac870ea4ca5?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/975adc4cebb79e04df615a343e8b4a35cb9e794b0c9840ef5a044ac870ea4ca5?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/975adc4cebb79e04df615a343e8b4a35cb9e794b0c9840ef5a044ac870ea4ca5?s=96&d=mm&r=g","caption":"Jessica Steer"},"description":"Jessica Steer is a Content Writer at Spring Financial. She has years of personal finance experience, particularly with personal loans and credit-building products. Jessica also has an Associate of Arts Degree, specializing in English and Writing. Along with her experience writing financial articles, her publications have been linked to by The Globe and Mail, Forbes and Yahoo Finance.","url":"https:\/\/springfinancial.ca\/fr\/blog\/author\/jessica\/"}]}},"_links":{"self":[{"href":"https:\/\/springfinancial.ca\/fr\/wp-json\/wp\/v2\/posts\/548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/springfinancial.ca\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/springfinancial.ca\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/springfinancial.ca\/fr\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/springfinancial.ca\/fr\/wp-json\/wp\/v2\/comments?post=548"}],"version-history":[{"count":2,"href":"https:\/\/springfinancial.ca\/fr\/wp-json\/wp\/v2\/posts\/548\/revisions"}],"predecessor-version":[{"id":17914,"href":"https:\/\/springfinancial.ca\/fr\/wp-json\/wp\/v2\/posts\/548\/revisions\/17914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/springfinancial.ca\/fr\/wp-json\/wp\/v2\/media\/3320"}],"wp:attachment":[{"href":"https:\/\/springfinancial.ca\/fr\/wp-json\/wp\/v2\/media?parent=548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/springfinancial.ca\/fr\/wp-json\/wp\/v2\/categories?post=548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/springfinancial.ca\/fr\/wp-json\/wp\/v2\/tags?post=548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}