Refinancing
Put your home's equity to work.
Pay off higher-interest debt, renovate, or plan for what's next, with a clear view of the costs before you decide.
Overview
How I can help
Refinancing means replacing your mortgage with a new one, often for a larger amount, so you can use some of the equity you've built in your home.
It can lower your total monthly payments when you combine high-interest debt, or pay for a renovation at a mortgage rate. It can also cost money if you break your mortgage early, so I'll show you the full picture before you decide.
Step by step
What working together looks like
Check your equity
We estimate your home's value and how much you could borrow.
Run the numbers
Monthly savings, total interest and any penalty, side by side.
Compare lenders
Options from several lenders, including whether a line of credit fits better.
Close it
I manage the appraisal, lender conditions and your lawyer.
What to have handy
- Your latest mortgage statement
- Your most recent property tax bill
- Statements for any debts you'd like to pay off
- Proof of income, like a job letter and pay stubs
Please don't email ID or bank statements. I'll share a secure way to send them.
Good to know in Alberta
- You can usually refinance up to 80% of your home's value.
- A refinance needs a new approval, including the stress test: the higher of your rate plus 2%, or 5.25%.
- Breaking your mortgage before the end of your term usually means a penalty. Refinancing at renewal avoids it.
Questions
Refinancing: common questions
How much can I borrow when I refinance?
Usually up to 80% of your home's current value, minus what you still owe. For example, on a $600,000 home with $350,000 owing, you could borrow up to about $130,000 more.
Is refinancing to pay off debt a good idea?
It can be, because mortgage rates are usually much lower than credit card rates. But it spreads the debt over a longer time, so I'll show you the total cost and a plan to pay it down.
Will I pay a penalty to refinance?
If you refinance before your term ends, usually yes. Sometimes the savings are still worth it. Refinancing at renewal avoids the penalty.
Do I need an appraisal?
Usually, yes. The lender needs to confirm your home's value. Some lenders cover the cost.
Keep exploring
Where to next?
Let's talk about your plan.
A free, no-pressure first call. No credit check, no paperwork.