Mortgage Refinance in Okotoks, AB
A mortgage refinance in Okotoks lets you borrow against your home's equity to combine debts or finish a basement. If you bought in Westmount or D'Arcy and your home has gained value since, that equity can replace higher-rate debt with one lower payment. We compare lenders for you and handle the paperwork, and in most cases the lender pays us, so our help costs you nothing.
Can I refinance to finish my basement?
Yes, as long as the total stays within the limit. You can usually borrow up to 80% of your home's value in a refinance, and mortgage insurance isn't available for a regular refinance. Get a contractor's quote first, because the lender wants to know how much you need and the appraisal is based on the home as it stands today.
Will putting my debt into the mortgage 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. Most lenders let you put down a yearly lump sum or raise your payment within set limits, and that's how the debt gets cleared on your timeline.
Should I take a line of credit instead of a bigger mortgage?
A home equity line of credit is a limit you draw on and repay when you choose, which suits a renovation paid in stages. It can't go past 65% of your home's 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.
Book your free Okotoks refinance call
Book a free call or phone 604-262-3500, and bring your mortgage statement, the balances you'd like to roll in and any renovation quote.
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.
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 read our Okotoks mortgage renewal page and ask your lender for the penalty in writing.
Will a refinance affect what I can qualify for later?
It can, because a bigger payment leaves less room when a lender qualifies you at the greater of your contract rate plus 2% or 5.25%.