Mortgage Refinance in Coquitlam, BC
A mortgage refinance in Coquitlam can pay for a legal suite on Burke Mountain or Westwood Plateau, or clear debt left over from the move. If your home has the layout for a suite and the Evergreen Line is close by, we'll go over the suite option with you first, since it has its own insured refinance program. We compare lenders for you, and in most cases the lender pays us, so the advice comes without a fee.
Can I refinance to add a basement suite?
You can, and Canada Mortgage and Housing Corporation (CMHC) can insure a refinance up to 90% of the home's value after the suite is built, to pay for adding a self-contained suite. The rules are strict, so check them before you hire anyone. The home must be worth under $2 million and have up to 4 units, the amortization is up to 30 years and no other cash can come out. Debt consolidation would have to wait for a separate refinance. Get the contractor's quote and the City of Coquitlam's permit requirements in hand first, because the lender bases the loan on the value once the suite is finished.
If I refinance to 30 years, does the interest start over?
Going to 30 years starts a new schedule, and in its first years a bigger share of every payment is interest. A longer amortization gives you a smaller payment and more years of interest. If you want the lower payment while your kids are young, you can take 30 years now and add a yearly lump sum later, which most lenders allow within limits. Those lump sums can bring the end date back near the original one.
Should I consolidate my debt into the refinance?
Moving card or car loan balances onto your mortgage usually lowers the monthly total, because mortgage rates are usually lower than card and car loan rates. The trade-off is that short-term debt now gets paid over decades, so we set a target date for clearing it and build the extra payment into your budget. If your term ends soon, look at our mortgage renewal in Coquitlam service too, since refinancing at renewal can avoid a break penalty.
Book a free call about your Coquitlam home
Book a free call or phone 604-262-3500, and send your suite plans or your list of debts ahead of time. We'll come back with the loan amount and the new payment.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
With a line of credit, do we only pay interest?
The minimum payment on most home equity lines of credit covers interest only, so the balance stays the same until you pay extra. The line of credit part is capped at 65% of your home's value, and anything from 65% to 80% has to be a regular mortgage.
What happens if we sell with a home equity loan?
It's paid out of the sale at closing. If you're moving up within Coquitlam, our bridge financing in Coquitlam page covers the timing between your two closings.