Anonymous conversation

Does refinancing hurt my credit score?

Short answer: a small, temporary dip from the credit inquiry (usually 5-10 points), then it recovers within a few months. Bigger picture, if refinancing lowers your monthly payment, your utilization ratio can improve — a net positive over time.

What about rate-shopping with multiple lenders?

In Canada, credit models treat multiple mortgage inquiries within a 45-day window as one event. So shopping 5 lenders in 2 weeks ≈ shopping 1.

Good to know. What's a typical inquiry to funding timeline?

3-5 business days for pre-approval, 2-3 weeks to close, so about 25-30 days total in normal cases.

Are there hidden fees on a refi?

Usually: appraisal ($350-500 unless waived), legal ($800-1200 unless lender-covered), and any pre-payment penalty on your current mortgage. Brokers don't charge you a fee — they're paid by the lender.

Thanks — very clear. I'll come back later.

Sounds good. Bookmark /refinance and you can pick this up anytime. If you want a full comparison run for your specific numbers, just come back and share — no email needed to get started.