Refinancing Your Home
Access your home equity, consolidate high-interest debt, or lower your rate — refinancing puts your home equity to work.
Refinancing means replacing your existing mortgage with a new one — often at a better rate, with a different term, or for a higher amount to access the equity you have built up. Calgary Mortgage Shoppe helps Calgary homeowners refinance strategically to save money, eliminate debt, or fund major life goals.
Frequently Asked Questions
How much can I borrow when I refinance?
In Canada, you can refinance up to 80% of your home's current appraised value. For example, if your home appraises at $700,000, the maximum new mortgage is $560,000. Subtract your existing mortgage balance to determine how much new cash you can access.
Will I have to pay a penalty to refinance?
If you refinance before your mortgage term ends, yes u2014 a prepayment penalty applies. Variable rate mortgages are typically 3 months' interest. Fixed rate mortgages use the greater of 3 months' interest or the IRD, which can be substantial. We calculate this for you before recommending any action.
Does refinancing affect my credit score?
A refinance involves a hard credit pull, which may temporarily reduce your score by a few points. However, if you are using the refinance to consolidate and pay off high-balance revolving debt, the resulting decrease in your credit utilization often improves your score over time.
How long does a refinance take?
From application to funding, a typical refinance takes 2u20134 weeks. You will need a property appraisal (arranged by us) and legal work completed by a real estate lawyer. We coordinate all of this on your behalf.
Can I refinance if my home value has dropped?
You can still refinance if you have sufficient equity (80% LTV or better). If your equity has been reduced by a decline in home value, your borrowing options may be limited. We will review your situation and present the best available options.