Mortgage Refinance in Kamloops, BC
A mortgage refinance in Kamloops can pay for a legal suite, clear higher-interest debt or fund a project by replacing your current mortgage with a larger one. If you own in Sahali or Aberdeen, a basement suite rented to Thompson Rivers University students or healthcare workers can help carry the mortgage, and a refinance can pay to build it. We work out which lender and which program fit your plan, and in most cases the lender pays us, so you pay nothing for our help.
Can I refinance to build a suite in my home?
Canada Mortgage and Housing Corporation can insure a refinance up to 90% of your home's value after the suite is built, as long as the money pays for adding a self-contained suite. The home has to be worth under $2 million with up to 4 units, the amortization can run up to 30 years, and no other cash can come out in the same refinance. That's well above the usual 80% limit for a refinance, so tell us before you collect contractor quotes and we'll check which lenders offer the program in Kamloops.
Do I need to move my mortgage over to you to use my equity?
A refinance means a new mortgage, and that can be with your current lender or a new one. We price both, and if your current lender's offer comes out ahead once any penalty is counted, we'll tell you to stay where you are. If your term ends within a few months, the penalty for breaking early can be small or gone, so read our Kamloops mortgage renewal page before you decide on timing.
Is it worth refinancing for only $25,000?
It can be, although the legal fees, the appraisal and any penalty for breaking your term are costs that stay about the same whatever you borrow, so on a $25,000 refinance they take a bigger share. Some lenders will add a smaller amount to your existing mortgage or open a line of credit next to it, which can avoid the penalty. We'll get the penalty figure from your lender in writing and set it against the interest you'd save.
Book a free Kamloops refinance call
Book a free call or phone 604-262-3500, and if a suite is the plan, bring a rough sketch of the space so we can check it against the program rules with you.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
What happens if I sell while I have a line of credit on the home?
The line of credit is paid off from your sale proceeds at closing, along with the mortgage, so what you walk away with drops by whatever you've drawn. If you're selling to buy again, our Kamloops bridge financing page covers how the two closings fit together.
Is it cheaper to roll my debt into the mortgage?
The rate is usually lower than a credit card or car loan, but you'll repay it over 25 or 30 years, so the total interest can end up higher. Keep paying your old amounts onto the mortgage as prepayments and the debt clears on about the same schedule as before.