Mortgage Refinance in Airdrie, AB
A mortgage refinance in Airdrie replaces your current mortgage with a new one so you can use the equity in your home for things like clearing debt or finishing a basement. If you bought a newer home in Coopers, Bayside or Sagewood and have built up some equity, you can roll a car loan and a few card balances into one payment. We compare lenders for you, and in most cases the lender pays us, so you pay nothing for our help.
Will putting all my debt into the mortgage save me money?
It can lower your monthly payments, since a mortgage rate is usually far below a credit card rate. Spreading a 5-year car loan over 25 or 30 years can mean more total interest, so we show you both totals with your real balances. If you keep making your old payment amounts as prepayments, you keep the lower rate and pay the debt off on about the same timeline.
Will refinancing affect my ability to qualify for a bigger home?
It can, because a bigger mortgage payment leaves less room when a lender qualifies you at the greater of your contract rate plus 2% or 5.25%. If you're planning to sell in Airdrie and buy something bigger, the timing matters more than the refinance, and our Airdrie bridge financing page explains how to use your equity between the two closings. We map out both paths with you before you commit to either.
What's the difference between a line of credit and a mortgage, and how much can I borrow?
A mortgage is a lump sum with a set payment that pays down principal, and a home equity line of credit is a limit you draw on and repay when you choose. In a refinance you can usually borrow up to 80% of your home's value, and mortgage insurance isn't available for a regular refinance. The line of credit part can't go past 65% of the value, so anything above that up to 80% goes into the mortgage.
Book your free Airdrie refinance call
Book a free call or phone 604-262-3500, and bring your mortgage statement plus the balances you'd like to roll in.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc. (operating as BRX Mortgage), licensed by the Real Estate Council of Alberta to deal in mortgages.
Frequently asked questions
What are the registration costs on an Alberta refinance?
Alberta has no land transfer tax. Registering the new mortgage at Land Titles costs $50 plus $5 for every $5,000 of the mortgage, which is about $550 on $500,000, plus your lawyer's fee and an appraisal.
Should I wait for my renewal to refinance?
If your term ends within the next few months, waiting can mean no penalty for breaking early, so read our Airdrie mortgage renewal page and ask your lender for the penalty in writing.
How will I know when I have enough equity?
We send you a free home report through our Mortgage Monitoring guarantee, powered by Ownwell, which tracks your home's value and equity.