Services
Mortgage Refinance in Edmonton
Access your home equity to consolidate debt, renovate, invest, or restructure your payments with a clear plan.
Refinancing means replacing your current mortgage with a new one, typically to access equity, lower your rate, extend your amortization, or restructure debt. When done with clear goals and realistic math, a refinance can meaningfully improve your financial position. Jason Scott helps Edmonton homeowners evaluate whether refinancing makes sense and, if it does, find the right lender and terms.
Common Reasons to Refinance
- Debt consolidation. Rolling high-interest credit cards or loans into your mortgage can reduce monthly payments, though it extends the repayment period. See the dedicated debt consolidation page for when this helps and when it does not.
- Home renovations. Access equity to fund improvements that increase your home's value or livability.
- Investment. Some homeowners tap equity to purchase a rental property or invest in other opportunities. See investment property mortgages for qualifying details.
- Rate improvement. If rates have dropped significantly since you locked in, breaking your mortgage early and refinancing may save money over the remaining term, depending on penalty costs.
- Life changes. Divorce, career shifts, or family growth sometimes require restructuring how your mortgage works.
How Much Equity Can You Access?
Most lenders allow you to borrow up to 80% of your home's current appraised value, minus what you still owe. For example, if your home is valued at $500,000 and you owe $300,000, you may be able to access up to $100,000 through a refinance (80% of $500,000 is $400,000, minus your $300,000 balance). Use the home equity calculator for a quick estimate before your conversation with Jason.
Costs to Consider
Refinancing is not free. Depending on when you break your existing mortgage, you may face:
- Prepayment penalty (interest rate differential or three months' interest, depending on product type)
- Appraisal fees
- Legal and registration costs
- Potential mortgage default insurance if your new loan exceeds 80% loan-to-value
Jason calculates these costs upfront so you can compare the cost of refinancing against the benefit. If the numbers do not work, he will tell you honestly.
The Refinance Process
- Review your current mortgage terms and penalty exposure
- Define your goals and target amount
- Shop lenders for rate and terms that match your plan
- Appraisal and legal work to close the new mortgage
- Funds disbursed, old mortgage discharged, new terms in place
For the full educational breakdown, see the Edmonton refinance guide or the 2026 refinance guide. More on equity and refinance.
Wondering if refinancing makes sense? Call 780-721-4879 or apply online. Jason can often give you a preliminary answer in one conversation.
Refinance FAQs
How long does a refinance take?
A typical refinance takes two to four weeks from application to funding, depending on appraisal scheduling and lender processing times. Complex applications or rush timelines may vary.
Can I refinance if I have less than 20% equity?
Refinancing generally requires at least 20% equity in your home, meaning your new mortgage cannot exceed 80% of the appraised value. If you have less equity, other options like a HELOC or blended product may be worth exploring.
Will I need a new appraisal?
In most cases, yes. The lender needs a current market value to determine how much equity is available. Some lenders accept automated valuations for lower loan-to-value refinances, but a full appraisal is common.
Ready for a clearer mortgage plan?
Call Jason. He will educate you, answer your questions, and make the next step easier.