Mortgage Refinance in Burnaby, BC
A mortgage refinance in Burnaby lets you take equity out of your Brentwood condo or Capitol Hill house while you keep living in it. Lower monthly debt payments and money for a renovation come down to the same math, so before you commit to anything we run your numbers and show you the penalty to break your current mortgage, the new payment and the cash you'd walk away with. In most cases the lender pays us for a refinance, so that call costs you nothing.
Should I roll my credit card debt into my mortgage?
Mortgage rates are lower than credit card rates, so moving card debt onto your mortgage usually lowers what you pay each month. The trade-off is time, because a balance you'd have cleared in a couple of years gets folded into a mortgage you'll pay for decades if you leave it there. On a $500,000 mortgage over 30 years, every 1 percentage point on the rate shifts the monthly payment by about $283 to $298. That's why the rate on your new mortgage matters once the debt is part of it. We set a paydown target with you so the consolidated debt clears on a timeline you choose.
If I use a line of credit, do I only pay interest?
On most home equity lines of credit, yes, the minimum payment covers interest and none of it reduces what you owe. Lenders cap the line of credit part at 65% of your home's value, and any borrowing from 65% to 80% goes on a regular mortgage you pay down. If you're renovating a house near Deer Lake or Lougheed, paying a fixed amount each month on top of the interest keeps the line from turning into permanent debt. We'll set that number with you before the line opens.
Do I need to move my mortgage to Flow to use my equity?
You can keep your current lender if their offer is the better one, and we'll tell you when it is. We put your lender's refinance offer next to what other lenders will do, including the penalty each option triggers. If your term is close to ending, read about our mortgage renewal in Burnaby service, because adding money at renewal can remove the penalty. After closing, our Annual Equity Analysis sends you a free equity report every year.
Book your free Burnaby refinance call
Book a free call or phone 604-262-3500, and have your mortgage statement and your debt balances handy. We'll show you the payment before and after so you can decide with both figures in front of you.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
How much can I borrow in a refinance?
The usual limit is 80% of your home's value, minus what you already owe, because mortgage insurance can't be used on a regular refinance. Lenders qualify you at the greater of your contract rate plus 2% or 5.25%.
What if I sell while I have a home equity loan?
The loan is paid out of the sale money at closing. If you'll buy again, start your mortgage pre-approval in Burnaby before you list so you know what you can carry.