Mortgage Refinance in Chilliwack, BC
A mortgage refinance in Chilliwack lets you borrow against your home's equity to clear debt, renovate or put money toward your next purchase. Chilliwack homes range from townhouses in Garrison Crossing and houses in Vedder and Promontory to acreages on farmland. The property type matters, because some lenders treat farm properties and homes in the agricultural land reserve differently from a house on a city lot. We match your home to lenders that will finance it, and in most cases the lender pays us, so our help is free to you.
Will consolidating my debt save me money?
Month to month it usually will, because a mortgage carries a lower rate than a credit card or most car loans. Over the long run you can pay more interest if the old debt stays on a 25 or 30-year schedule, so we pair every consolidation with a prepayment plan. Most lenders let you put down a yearly lump sum or raise your payment within set limits, and that's how the debt gets cleared on your timeline.
How much can I borrow against my home?
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. A home equity line of credit can make up part of it, though the line of credit can't go past 65% of the value, so anything from 65% up to 80% has to be a regular mortgage. On an acreage, some lenders only count the house and a set amount of land, so the number can come in lower.
Is a full refinance worth it for $25,000?
If $25,000 is all you need, a full refinance might cost more than it saves once you add the penalty and legal fees. A home equity line of credit can be cheaper for a small amount. If your renewal is close, our mortgage renewal in Chilliwack page shows how adding funds at renewal can avoid the break penalty.
Book a free call about your Chilliwack home
Book a free call or phone 604-262-3500 and tell us what kind of property you own. We'll check which lenders will refinance it and how much you can take out.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
Will a refinance affect what I can qualify for on a purchase?
Yes, because your new payment counts in the next lender's math. Both loans are tested at the greater of your contract rate plus 2% or 5.25%, so we plan the two together.
What happens if I sell while I have a home equity loan?
The mortgage and any line of credit are paid out from the sale at closing. If you plan to sell within a year or so, a large refinance now can mean paying a penalty twice, so we'd look at other options first.