A mortgage refinance is when you pay off your current mortgage, while replacing it with a new one. Essentially, when you refinance your current mortgage you are negotiating another, usually with more favourable terms. The new mortgage may have a different balance, interest rate, repayment period, and/or payment amount. If you desire to make alterations to your current agreement, then a refinance is a great option. The refinance process will be very similar to applying for your current mortgage, meaning that you’ll have to provide the same documentation and pass the stress test again. | 
