When you refinance, a new lender pays off your old mortgage and replaces it with a new one - essentially a swap –to get new terms or interest rates. Most of the time homeowners will refinance their mortgage get a lower interest rate and reduce their monthly payments. Refinancing should not be confused with a Second Mortgage though. A Second Mortgage gives you money based on the equity of your home whereas Refinancing gives you an entirely new mortgage. In both cases, Canadalend can get you the best rates - at the lowest fees - to save you money.