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Refinance 

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To refinance a mortgage is when you withdraw money out of a property that you already own. 20% equity needs to remain in the home.  

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How much equity can I potentially access in a Refinance?

a) the home value * 80% = x

b) x - existing mortgage/loans against home = y

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If "y" is positive, that is the amount that may be drawn out. (oac) 

If "y" is negative, it is not time (yet) to do a refinance. 

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Suburban House
Happy Family at Home

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How much does a mortgage refinance cost?

This involves new legal documents and title re-registration; either can be used to facilitate:


a) FCT* or FNF** which are not lawyers, but they are able to process the legal documents for refinances. I would budget $1200 for this.  


b) If a lawyer needs to complete the transaction I would budget approx. $1,500-$2,000. 

 

The other cost will be for an appraisal which is approx. $350.

 

*FCT - First Canadian Title 

**FNF - FNF Canada

STEP 1: Mortgage
Pre-Approval 

What happens after I submit an mortgage application?

Within 24hrs you will be contacted to get things moving. Please complete the application in full, this is the #1 reason for delays at this stage and we want to be quick for you.  

 

What happens if I don't qualify for a mortgage right now?

Then we plan. Our homes are typically our largest asset and debt, it's normal to need some planning time. How do you know if you don't check?

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Is my application information secure?

All of your data is encrypted, secured and we use Canadian servers at TMG. Click here to view TMG's privacy policy. I am also a 100% paperless office. Your privacy is extremely important to us.

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Buying a House
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Mortgage Broker Edmonton & Area   780.916.2492   Email 

  Information can change without notice.

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Local head office: 107, 10525-170th Street, Edmonton, AB

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