Refinance Your Lethbridge Mortgage With Allison Kehler-Tolley
Refinancing your mortgage can be a smart financial move, allowing you to secure a lower interest rate, reduce your monthly payments, or access your home’s equity for major expenses. In Alberta, homeowners often refinance to consolidate high-interest debt, fund renovations, or take advantage of better loan terms. Whether switching to a fixed or variable rate, adjusting your amortization period, or tapping into home equity, refinancing gives you the flexibility to align your mortgage with your financial goals. However, it’s important to consider potential penalties, lender fees, and qualification requirements before making a decision. A mortgage broker can help you assess your options and determine if refinancing is the right step for you.
Benefits of Refinancing
- Lower your interest rate and save money
- Reduce monthly payments
- Access home equity for renovations, investments, or large purchases
- Consolidate high-interest debt (credit cards, loans, etc.)
- Change mortgage terms (switch from variable to fixed, or vice versa)
- Remove or add a co-borrower
Refinance FAQs
What is mortgage refinancing and how does it work in Lethbridge?
Mortgage refinancing means replacing your existing home loan with a new one—often at a lower rate or with different terms. In Lethbridge, you apply through a broker or lender, they pay out your old mortgage, and you start fresh under the new agreement.
When should Lethbridge homeowners consider refinancing their mortgage?
Refinancing makes sense in Lethbridge when rates drop by at least 1%, you need to lower monthly payments, consolidate high‑interest debt, or tap equity for renovations or education.
What documents do I need to refinance my Lethbridge mortgage?
You’ll typically need: proof of income (pay stubs or T‑4s), recent notice of assessment, current mortgage statement, property tax receipts, and a credit report. Your broker can confirm any extras.
How long does mortgage refinancing take in Lethbridge?
From application to funding, most Alberta refinances close in 2–4 weeks—assuming clear title, no appraisal delays, and prompt paperwork.
Can I consolidate credit‑card debt when I refinance in Lethbridge?
Absolutely. Rolling high‑interest debt into your mortgage can cut overall interest—but be mindful it extends repayment over a longer amortization.
How do I access home equity when refinancing in Lethbridge?
You refinance for more than your remaining balance and take the difference as cash‑out. Most Alberta lenders allow up to 80% loan‑to‑value on primary residences.
Will refinancing my mortgage affect my credit score?
There’s a small, temporary dip from the hard credit check. If you close the refinance and make on‑time payments, your score should rebound quickly—often within 3–6 months.