Mortgage Refinance in Cochrane, AB
A mortgage refinance in Cochrane replaces your current mortgage with a new one so you can use the equity in your home to clear debt or renovate. If you own in Heritage Hills or Sunset Ridge and your home has gained value, 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 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.
How much can I borrow, and should part of it be a line of credit?
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 is a limit you draw on and repay when you choose, and it can't go past 65% of the value, so anything above that up to 80% goes into the mortgage. A mortgage has a set payment that pays down principal, which suits a fixed amount like a debt payout.
Is a full refinance worth it for a small amount?
If you need $25,000 or less, a full refinance can cost more than it saves once you add the penalty, legal fees and an appraisal. A line of credit can be cheaper for a small amount. If your term ends within the next few months, waiting can mean no penalty, so read our mortgage renewal in Cochrane page and ask your lender for the penalty in writing.
Book your free Cochrane 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.
Will a refinance affect what I can qualify for on a purchase?
It can, 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.
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.