Mortgage Refinance in Calgary, AB
A mortgage refinance in Calgary lets you borrow against your home's equity by replacing your mortgage with a new one, often to clear debt, renovate or buy a rental. If you own in Tuscany or Mahogany and want your equity for a second property while keeping a mortgage you're happy with, some lenders can make that work. We look at your current lender and the rest of the market together, and in most cases the lender pays us, so our help costs you nothing.
Do I have to move my mortgage to you to use my equity?
If your current lender's refinance offer is the best one, we'll tell you to take it, and we'll check other lenders at the same time. Some lenders will add a line of credit or a second loan behind your existing mortgage, which can avoid breaking your term and paying a penalty. Ask your lender for the penalty figure in writing so we can compare every route with real numbers.
How much can I borrow with a line of credit compared with a mortgage?
Refinances usually top out at 80% of what your home is worth, because mortgage insurance isn't offered on a regular refinance. A home equity line of credit can cover up to 65% of that value, and anything above it up to 80% has to be a regular mortgage you pay down. The line works well for money you'll draw over time, like a renovation in Marda Loop, and a lump sum for paying off debt usually fits better in the mortgage part.
Will refinancing hurt my chances of qualifying for a rental purchase?
It changes them, because the new, larger payment counts against your income when a lender looks at the next purchase. Lenders qualify you at the greater of your contract rate plus 2% or 5.25%, so the refinance and the purchase should be planned together. We get your Calgary mortgage pre-approval with the refinance already counted, and if the rental has 5 or more units, our Calgary commercial mortgage page covers how those buildings are financed.
Book your free Calgary refinance call
Book a free call or phone 604-262-3500, and have your latest mortgage statement handy so we can work out your equity together.
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 does it cost to register a refinance in Alberta?
Alberta has no land transfer tax, so the government cost is the Land Titles fee to register the new mortgage, which is $50 plus $5 for every $5,000 borrowed, or about $550 on a $500,000 mortgage. Legal fees and an appraisal come on top, and some lenders cover part of those, so ask what's included.
If I only pay interest on the line of credit, does the balance go down?
Interest-only payments leave the balance where it started. Pick a monthly amount above the interest and treat it like a loan payment, and the line shrinks on a schedule you control.
What if rates drop before my refinance funds?
Our Rate Look Back means we check rates every business day between approval and closing, and if a lower one opens we re-lock you at no cost.