Hi,

I have a 5-year fixed rate mortgage which I secured in 2014. Its amortization period is 15 years and how about refinancing it now? As the rates are now comparatively low, I'm planning to have the advantage of the lower rates. But, I'm not sure about the formalities of the refinancing process.

I've heard, we can refinance a mortgage only if the term is over, i.e, I could refinance only at the end of the 5th year. Can anyone provide me with more details? I have a good credit score, so I don't think I would face any other difficulties. And what if I go for a renewal? I came to notice the mortgage renewal process in Canada. But, I know nothing about the formalities. Hope someone could help me! Thanks in advance.