Prairie Key Mortgages | Mortgage Architects
Refinancing and Home Equity in Alberta
Your home equity may give you options. Let’s review what they would cost.
You might be considering renovations, consolidating debt or another major expense. I’m Tara Nevers, and I’ll help you understand whether mortgage financing could fit your plans.
Start with the goal
Tell me what you want the funds to accomplish. We’ll review your current mortgage, property value, income and debts before discussing suitable options.
Compare the full cost
Home equity borrowing can involve appraisal, legal and other fees. If you’re changing an existing mortgage, we’ll also check its terms and any applicable penalty. Your home secures the borrowing, so the repayment plan matters.
What to send me
- A current mortgage statement
- A description of your goal and timing
- Details of any other borrowing secured by your home
I’ll explain the other documents needed for your situation.
Refinancing questions
Does a lower payment mean lower total costs?
Not necessarily. Extending repayment over a longer period can reduce a payment while increasing total interest. We’ll look beyond the monthly number.
Is accessing equity automatic?
No. Having equity and qualifying for financing are separate questions. The lender must review your application and property.
Do I need to decide before contacting you?
No. Start with what you want to accomplish. We can review the questions and tradeoffs before you decide.
Helpful reading
Let’s review the numbers before you make a change.
Based in Central Alberta. Helping clients across Alberta.