Mortgage Refinance in Edmonton, AB
A mortgage refinance in Edmonton replaces your current mortgage with a new, larger one so you can use your equity for debt, a renovation or a suite. If you own in Windermere or Summerside and carry credit card or car debt at a much higher rate than your mortgage, folding it in can lower what you pay each month. We price the refinance across lenders and show you the full cost, and in most cases the lender pays us, so you don't pay us anything.
Is it cheaper to consolidate my debt into my mortgage?
The monthly cost usually drops, because a mortgage rate is lower than most credit card and car loan rates. The total cost depends on how long you take to repay it, since debt stretched over 25 or 30 years collects interest for longer. On a $500,000 mortgage over 30 years, each 1 percentage point changes the payment by about $283 to $298 a month, so a small gap between lender offers is worth finding. Keep paying what you paid on the old debts and you get the lower rate without the longer payoff.
Does going to 30 years reset my interest?
The schedule restarts, and a smaller payment spread over more years means a bigger share of each early payment goes to interest. A longer amortization lowers your required payment and raises the total interest, and most lenders let you prepay each year without a penalty. We set the amortization at a payment you're comfortable with and then show you how prepayments shorten it.
How much equity can I pull out of my Edmonton home?
The overall cap on a refinance is usually 80% of your home's value, since a regular refinance can't be insured. Subtract your current balance from that figure for your rough limit. If part of it goes into a home equity line of credit, that piece can't go past 65% of the value. Alberta has no land transfer tax, and registering the new mortgage at Land Titles costs $50 plus $5 per $5,000 borrowed, about $550 on a $500,000 mortgage.
Book a free call about your Edmonton refinance
We hold 4.9 stars across more than 400 Google reviews, and you can book a free call or phone 604-262-3500 to see the refinance worked out with your own numbers.
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
Should I refinance for only $25,000?
You can, and for small amounts some lenders will add the money to your existing mortgage or set up a line of credit, which can avoid a penalty. If your term ends within a few months, our Edmonton mortgage renewal page explains how waiting can remove the penalty.
Can I refinance to add a suite or buy a rental building?
Canada Mortgage and Housing Corporation can insure a refinance up to 90% of your home's value once a self-contained suite is built, if the home is worth under $2 million with up to 4 units. For 5 units or more, see our Edmonton commercial mortgage page.