Mortgage Refinance in Grande Prairie, AB
A mortgage refinance in Grande Prairie replaces your current mortgage with a new one so you can use your home's equity to clear debt or pay for a renovation. We compare lenders for you, explain what each option costs over the full term and handle the paperwork by phone and email. In most cases the lender pays us, so our help costs you nothing.
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. Bring a list of your balances and payments, because the side-by-side tells you whether it's worth doing.
How much can I borrow?
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. If your home is worth $400,000 and you owe $250,000, 80% of the value is $320,000, so you could borrow up to about $70,000 before costs. A line of credit can't go past 65% of the value, so anything above that up to 80% goes into the mortgage.
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, legal fees and an appraisal. A home equity line of credit can be cheaper for a small amount. If your renewal is close, our mortgage renewal in Grande Prairie page shows how adding funds at renewal can avoid the break penalty.
Book your free Grande Prairie 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?
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.
Should I wait for my renewal to refinance?
If your term ends within the next few months, waiting can mean no penalty for breaking early, so ask your lender for the penalty in writing and we'll compare both paths.
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.