You can consider breaking your mortgage early if you want to obtain a lower interest rate or access equity from your home. In this case, you can do away with your existing mortgage and take on a brand new one with any lender. AKAL Mortgages Inc. can get you offers with up to 95% LTV.
A home equity line of credit gives you access to the equity in your home at your own discretion. You are responsible for interest-only payments each month on the outstanding balance. You can access a home equity line of credit through your existing lender and a small subset of other lenders.
Your current mortgage granter might offer you a ‘blended rate’; essentially, a ‘blend’ of your current mortgage rate plus any additional money you borrow at current market rates. Blended rates are almost always higher than the most competitive mortgage rates on the market, so make sure you compare the blended rate against the savings if you break your mortgage.