Use Your Home Equity the Right Way
If you own a home in Calgary or Alberta and want to use your equity to consolidate debt, renovate or reach another goal, we show you whether refinancing makes sense, including the real costs.
The short answer
In Canada you can refinance up to 80% of your home's current value, minus what you owe, as long as you qualify on income and credit and pass the stress test. If you refinance before your term ends you usually pay a prepayment penalty, often three months' interest on a variable mortgage or the interest rate differential on a fixed one. We calculate that penalty and every cost first, then show you whether refinancing now, waiting for renewal or using a HELOC is cheaper.
Lacroix Mortgage Group is a Calgary mortgage team licensed with and powered by Mortgage Connection Inc., a mortgage brokerage licensed in Alberta by the Real Estate Council of Alberta (RECA), and part of the DLCG network. Our brokers are individually licensed. See licence details.
Reasons to Refinance
The most common reasons Calgary and Alberta homeowners refinance.
Consolidate Debt
Replace high interest credit cards and loans with one mortgage payment at a lower rate.
Access Your Equity
Use equity for investments, education or major expenses, usually at a lower rate than unsecured borrowing.
Fund Renovations
Finance major improvements through your mortgage, often cheaper than a personal loan or line of credit.
Lower Your Rate
If rates have dropped, refinancing can reduce interest costs, once penalties and costs are counted.
Improve Cash Flow
Restructure to lower monthly payments. Extending amortization helps cash flow but adds total interest.
Life Changes
Separation, job changes or retirement may call for restructuring. Refinancing can give you a fresh start.
Why Refinance With Us
We help you decide whether refinancing makes sense, then compare lenders if it does. Strategy comes before lender selection: we look at how the refinance fits your 5, 10 and 20 year plan, not just today's payment.
- Access up to 80% of your home's value
- Usually a lower rate than credit cards or personal loans
- Consolidate multiple debts into one payment
- Exact penalty, legal and cost numbers before you decide
- We compare 50+ lenders: banks, credit unions and alternative lenders
- No cost to you for most residential refinances
Debt Consolidation Example
A homeowner with $50,000 of credit card debt at 19% could roll it into the mortgage at a much lower rate, cutting monthly payments by hundreds of dollars. Use our payment calculator to estimate. Actual savings depend on balance, rate, penalty and qualification.
Renovation Financing
You can usually access up to 80% of your home's value to fund renovations that improve your space or add value.
Important
Refinancing mid term can trigger a penalty that cancels out the benefit. We always give you the exact cost up front.
How It Works
- 1
Initial Consultation
We review your mortgage, debts, home value and goals to see if refinancing makes sense.
- 2
Get Exact Numbers
We calculate the penalty, legal costs and savings so you know exactly what to expect.
- 3
Compare Options
Refinance now, wait for renewal, or use a HELOC. We lay out each scenario.
- 4
Execute and Close
We handle the application and coordinate with your lawyer for a smooth closing.
How Refinancing Fits Your Bigger Picture
Refinancing at Renewal
Renewal is often the best time to refinance because there is no prepayment penalty. It's a natural moment to reset your goals.
Learn more →Refinancing Before a Purchase
Buying a second property or helping family with a down payment? A refinance can free up the funds, with planning so you qualify for both mortgages.
Learn more →Shortening Your Amortization
If your income has grown, restructure to pay the mortgage off faster without over committing.
Calgary Market Knowledge
We know Calgary neighbourhoods and values, and how appraisals affect how much equity you can access.
Get Your Free Refinance Quote
Find out how much equity you could access and whether refinancing makes sense. Check how rates affect qualifying with our stress test calculator.
What We'll Need
Your current mortgage details, an estimate of your home's value, the debts you want to consolidate and your goals.
What You'll Get
Refinance now vs waiting for renewal, a breakdown of penalty and legal costs, your new payment, and honest advice.
Renewing instead? See renewal options →
Request Your Quote
Tell us about your situation and we'll send a clear, no obligation overview.
Resources for Refinancing
Mortgage Refinancing in Alberta: When It Makes Sense
Costs, benefits and alternatives so you can make the right call.
Read Article →Using Home Equity to Consolidate Debt
It can save thousands, but it comes with trade offs. Here's what to weigh.
Read Article →Refinancing Penalties: How They Work
How prepayment penalties are calculated and ways to reduce them.
Read Article →Popular Questions About Refinancing
What does refinancing my mortgage actually mean?
Refinancing replaces your current mortgage with a new one, usually to access equity or restructure payments. People use it to consolidate debt, renovate or invest. If you break your term early a penalty may apply, so we calculate the full cost first.
Complete refinancing guide → How much can I borrow when refinancing in Canada?
Most lenders let you refinance up to 80% of your home's current value, minus what you owe. You still have to qualify on income, credit and debts. Equity alone does not guarantee approval.
Is refinancing or a HELOC better for renovations?
A refinance usually has a lower rate but resets your mortgage and may trigger a penalty. A HELOC is flexible but usually has a higher variable rate. The right choice depends on how much you need, how fast you will repay it and your longer term plans.
Refinance vs HELOC → When does refinancing make financial sense?
When the savings or benefits outweigh the penalty and costs. Common reasons are consolidating high interest debt, funding a major renovation or freeing up monthly cash flow. We run the numbers with you before you decide.
Questions About Working With a Mortgage Broker
How does a mortgage broker get paid in Alberta?
Mortgage brokers in Alberta are usually paid by the lender when your mortgage closes, not by you. The lender pays the brokerage a finder's fee, so for most standard residential mortgages our service costs you nothing.
How much do I need for a down payment in Calgary?
In Canada the minimum down payment depends on the purchase price. Up to $500,000 you need 5%. Between $500,000 and $1,500,000 you need 5% on the first $500,000 and 10% on the rest. At $1,500,000 or more you need 20%. Many Calgary first time buyers put down 5% to 10%.
How does the mortgage stress test work in Canada?
You must qualify at the higher of your contract rate plus 2% or the 5.25% minimum qualifying rate. The rule is set by OSFI (the Office of the Superintendent of Financial Institutions), not the Bank of Canada, and applies to federally regulated lenders. It checks that you could still afford payments if rates rise.
Is it better to go with a bank or a mortgage broker?
A bank can only offer its own products. A broker compares dozens of lenders, including major banks, credit unions and alternative lenders, and matches you to the best fit. Brokers often find better rates, more flexible terms, or approvals a single bank would not offer, at no cost to you for most mortgages.
When should I start shopping for my mortgage renewal in Alberta?
Start about 120 days before your term ends. Most lenders will hold a rate for up to 120 days, which gives you time to compare offers without rushing. A broker can review your renewal letter and show you what else is available.
Can you help if I'm self employed or my income has changed?
Yes. Self employed borrowers and people with commission, contract or changing income often benefit most from a broker. We work with lenders that specialize in business for self and non traditional income, and matching you to the right lender matters more when documents are not straightforward.
When should I talk to a mortgage broker?
Before you start house hunting. A pre-approval gives you a clear budget, can hold a rate for 90 to 120 days, and shows sellers you are serious. If you are renewing or refinancing, reach out at least four months before your term ends.
What Calgary Clients Say on Google
5.0 from 239 Google reviews
"Incredibly professional and knowledgeable. They kept us informed at all times. The team answered any questions we had, and ensured we were always up to speed on the process. They helped us switch banks for our mortgage, and the team made the entire thing feel easy. Would highly recommend to anyone looking for a mortgage broker."
"Great team. They have been helping us with our financing needs for many years and have always been attentive, personal and accommodating. Boutique financing services is a good way to describe them. Thanks for your recent help Team Lacroix!"
"The team at Lacroix Group was very helpful and knowledgeable from start to finish. They helped us renew our mortgage and find us a rate and bank we were comfortable with and made it stress free! Would definitely recommend Tim and his team for all your mortgage needs."
Ready to Explore Your Options?
If you're thinking about refinancing or using your equity, a quick conversation clears up your options.
Or call (403) 648-1541