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Refinancing Your Home

Refinancing Your Home & Accessing Equity

Refinancing Your Mortgage: Lower Your Interest Rate, Pay Off Your Mortgage Sooner, & Access Your Built-Up Equity

Every year, we help many Calgarian families reach their financial goals. One of the tools we use to do this is mortgage refinancing.

Refinancing your mortgage opens up many options. Depending on the status of your mortgage – interest rate, term, how much time is remaining, equity, etc. – you may be able to lower your payments, reduce your interest rate, access equity in your home, or shave years off of your repayment schedule.

Refinancing Options

  1. Work with your current lender to add funds to your current mortgage – this will help us to avoid a payout penalty.
  2. Pay off the current mortgage and get another mortgage from another lender.
  3. Get a HELOC added to your existing mortgage or with another lender.
  4. Get a combination of a mortgage/HELOC with a new lender.

Based on your financial needs and goals, we will put together a plan that will help you get to where you want to be.

A Home Equity Line of Credit (HELOC) Can Be a Powerful Financial Tool

Have you ever heard the phrase “unlock the equity in your home?”. Using a home equity line of credit, you can borrow at low-interest against the built-up equity in your home.

Once you’ve secured a HELOC, you can use it as you need: fund a renovation, pay for a vacation, purchase a car, use it as an investment… the options are endless!

Obtaining a home equity line of credit depends on several factors: how much equity you have in your home, your financial situation, and your credit rating. We will determine how much equity you can access, and what interest rate you can expect. Interest rates are typically less than ⅓ of a typical credit card.

A mortgage renewal is the ideal time to refinance your home, but you can do it anytime. We’ll run you through what to expect, any costs (generally, only when refinancing before your mortgage is due for renewal), and other important aspects of obtaining a HELOC.

The Mortgage Refinancing Process

This first step will nail down initial expectations and provide you with valuable information about how to best proceed. We’ll look at your current mortgage, determine any early-termination fees (if relevant), and provide our expert guidance on the appropriate next steps.

It all starts with a call: get in touch!

You will need to re-qualify when refinancing your home. We’ll collect proof of income (usually we’ll only need a job letter and your most recent pay stub) and connect you with the best lender suited to your needs.

The lender will likely arrange for an appraisal of your home to verify its value.

Once the refinance is approved, you will connect with a lawyer (either one that works on behalf of the lender, or one of your choosing) to finalize remaining paperwork. The lawyer will ensure the current lender is paid, all conditions (if applicable) are satisfied, and that the new lender is added to title.

Once the refinance is complete, several things may happen (depending on the actions we chose):

  • The lawyer can pay off debts on your behalf with the proceeds from the refinance.
  • The layer can give the proceeds to you to do with as you wish.
  • If you opened a HELOC, the lender will provide next steps (re: accessing your HELOC, etc.)

Start Step 1 Today!

Get Pre-Approved

More Information on Refinancing

What is a Home Equity Line of Credit (HELOC)?

Simply put, a HELOC is a credit line secured against the equity in your home. There are significant benefits that a HELOC provides for both the borrower and the lender.

For the borrower:

  • Interest is simple interest and is some of the least expensive financing options available to homeowners. You are only required to pay the interest each month.For example: if you owe $50,000 on your HELOC, at a rate of 3.2%, your interest is only $1,600/year, or $133/month.
  • Pay your HELOC off in full at any time without penalty.
  • A HELOC is revolving credit, meaning you can borrow against and pay it back as many times as you’d like.
  • Can use the credit for nearly anything, from vehicles to vacations.
  • Tied to the value of their home, meaning that as they build equity they also gain access to additional credit.
  • Automatically paid off when the home is sold.

For the lender:

  • Additional security
  • Gains both the line of credit and mortgage business

Equity Requirements

The maximum amount you can refinance is up to 80% of the value of your home. So, if your home is worth $100,000 and you owe $90,000, you won’t be able to obtain a HELOC. However, if you only owe $50,000, you will be able to qualify for a HELOC of up to $30,000 (totalling $80,000, or 80% of the value of the home).


The only fees tied to refinancing come from early termination penalties tied to your prior mortgage and the legal costs to register the new mortgage/HELOC. If you refinance at the time of renewal, there are little (if any) fees associated with the HELOC.

Get the Process Started

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