Refinancing
Put your home equity to work, with the costs up front
Renovations, debt consolidation or a life change. I’ll show you what refinancing costs, what it saves, and whether there’s a cheaper option, all on one video call.
Pre-approval opens Pineapple’s secure online application. Approval is not guaranteed and depends on lender review.
The High Level Bridge in autumn
- Video meetingsZoom, Google Meet or Teams
- Phone & textMon to Fri 9:30 to 5, other times on request
- E-signingSign from your phone or laptop
- Secure document uploadNo office visits needed
When refinancing makes sense
Refinancing replaces your current mortgage with a new one, often for a larger amount. In Canada you can generally borrow up to 80% of your home’s appraised value through a refinance, minus what you already owe. Homeowners across Edmonton and the surrounding communities refinance for a few common reasons:
Renovations
A new basement suite, a kitchen, windows or a roof. Some lenders also offer purchase-plus-improvements or renovation programs.
Debt consolidation
Rolling high-interest credit cards or loans into your mortgage can lower your monthly payments. It also spreads that debt over a longer time, so we look at the total cost too.
Life changes
Separation, buying out a co-owner, helping family, or freeing up cash flow while income changes.
Investing
Using equity toward a rental property or a down payment on a second home, with the right structure and advice from your accountant.
Know the real cost first
Refinancing in the middle of a term usually means a prepayment penalty. On a variable-rate mortgage it’s often three months’ interest. On a fixed-rate mortgage it can be the greater of three months’ interest or an interest rate differential (IRD), which can be much larger. Before you decide, I’ll lay out:
- The penalty quoted by your current lender (I’ll help you request it)
- Legal, appraisal and discharge costs
- The new payment and the interest cost over the term
- Alternatives that might cost less: a blend-and-extend with your lender, a home equity line of credit, or waiting until renewal
You’ll need to re-qualify, including the stress test. A refinance is a full new application, done entirely online with me.
Official sources (rules change, so check the latest):
- FCAC: mortgage prepayment penalties (opens in a new tab)
- OSFI: minimum qualifying rate (opens in a new tab)
Reviewed .
Common questions
How much equity can I access?
Typically up to 80% of the appraised value, minus your current balance, subject to qualifying. Example: a home appraised at $500,000 with $300,000 owing could allow up to $100,000, before costs.
Is it worth paying a penalty to refinance?
Sometimes. If you’re replacing high-interest debt or funding a renovation that adds value, the numbers can work. Sometimes waiting until renewal or using a line of credit is better. I’ll compare them side by side.
Do I need an appraisal?
Usually yes, though some lenders use automated valuations for certain files. The appraiser visits the home; everything else stays online.
Can I refinance if my credit has slipped?
Possibly, through alternative or private lenders, generally at higher rates and fees and for shorter terms. We’d plan a path back to standard lending.
How long does a refinance take?
Often two to four weeks from application to funding, depending on the lender, the appraisal and your lawyer’s schedule.
Curious what refinancing would look like?
Book a call or send me your latest mortgage statement, and I’ll run the numbers.
Approval is not guaranteed and depends on lender review.
- John Antle, Mortgage Associate - Team Lead, Pineapple National Inc.
- Phone: 403-879-2065 · Call or text: 250-212-8512
- Email: johnantle@gopineapple.com
- Hours: Monday to Friday, 9:30 AM to 5:00 PM. Appointments outside those hours are available on request.
- 100% online: video, phone, e-signing and secure upload for Edmonton and every surrounding community. No office visit required.