Mortgage Refinance
What is Mortgage Refinancing
and How Can It Benefit You?
Expert Mortgage Refinance Broker
Strategic Financial Growth Mortgage refinancing involves replacing your existing home loan with a new one, typically to secure a better interest rate, change your loan term, or access the equity you’ve built in your property. In the current Alberta market, homeowners can often access up to 80% of their home's appraised value. Whether you are looking to reduce your monthly debt load or invest in home improvements, mortgage refinancing is a powerful tool for long-term financial stability.
Why Work with a Local Specialist?
As your mortgage refinance broker in Lethbridge, I go beyond the standard bank offerings to provide you with customized plans that fit your family’s unique needs. I specialize in identifying the right products to help you consolidate high-interest debt or lower your amortization to pay off your home faster. My goal is to simplify the complex environment of fees and penalties, ensuring you save thousands in interest while making your monthly payments more manageable.
How Mortgage Refinancing
Works for You
Key Factors for Your Alberta Refinance
What is it?
Refinancing a mortgage replaces your current mortgage with a new one, this includes a new term and interest rate. You can also renegotiate a longer amortization and access additional funds. This allows you as a homeowner to access as much as 80% of the appraised value of your home.
Some reasons you may consider a refinance are
Reducing your interest rate to lower monthly payments.
Access your home’s equity to help finance large projects or purchases.
Increase the amortization to reduce payments.
Consolidate high-interest credit cards or other consumer debt.
What to consider
When refinancing a mortgage during a term, there are generally some costs involved: an appraisal, pay-out penalties, title search, and application fees are all possible additional costs. My agents will explain in detail the costs you may incur and advise you on the best products that may help mitigate some of these fees.
Above all else, I pride myself on ensuring that my clients have access to the best products and save thousands of dollars in interest.
See Me in action
One of my clients recently approached me to refinance her mortgage so she could lower her monthly debt load. By accessing the equity available in her home, she was able to pay out a car loan, eliminate all credit cards and lines of credit, and still had some funds remaining to put towards a roof.
By refinancing her home up to the maximum 80% of the appraised value and increasing the amortization to 30 years, she was able to make her monthly payments much more manageable. Here’s how the new mortgage funds were dispersed:
Appraised Value of the Home – $280,000
New Mortgage Amount – $224,000
Payout Current Mortgage and Penalties – $132,000
Lawyer and Legal Fees – $2,000
Car Loan – $30,000
Credit Cards and Line of Credit – $30,000
Total Paid Out – $194,000
The remaining amount of the mortgage, $30,000, was transferred to the client, who was able to replace the roof and invest additional money into a retirement plan. Most important to my client was that she was able to reduce her monthly payments from $1,450 to $950 by eliminating her high-interest credit card and large monthly car payment.
That’s one happy client!
Contact Darrell Alexander - Mortgage Broker to get started today!
Darrell Alexander - Mortgage Broker serves clients across
- Lethbridge
- Coaldale & Picture Butte
- Fort MacLeod
- Raymond & Magrath
and across Canada. All provinces and territories.
For Best Mortgage Rates, Contact Darrell Alexander - Mortgage Broker in Lethbridge, Alberta
