Four numbers to gather before a refinance conversation
- A realistic estimate of your property’s current value.
- Balances of your mortgage and other debts secured against the home.
- A written payout or early repayment cost estimate from your existing lender.
- The amount you want to borrow and what you will use it for.
Work through a refinance example
Illustration only, not a Fort McMurray property valuation or an offer: a $500,000 home at an 80% borrowing limit gives $400,000. Subtracting $320,000 in secured balances leaves $80,000 before fees and any other limits.
- Use a current value
- An old purchase price is not a lender valuation. Ask what appraisal or other valuation evidence the proposed lender requires for your property.
- Allow for costs before planning the proceeds
- Request estimates for any early repayment charge, appraisal, legal and registration costs. Confirm how much cash would actually be available after closing.
- Compare the debt you keep and the debt you replace
- If consolidating debt, compare a repayment plan over the same timeframe. Moving unsecured debt into the mortgage puts your home behind that borrowing; consider the consequences with the professional.
Prepared by Alberta Mortgage Match · Updated 2026-10-23. General information; confirm your situation with a licensed professional.
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Start my free match →Fort McMurray mortgage refinance — frequently asked questions
How can I estimate accessible equity?
For a typical refinance, an initial estimate is 80% of the home value minus existing secured balances and transaction costs. This is only an illustration: lender limits, valuation, income and credit determine actual eligibility.
Does a lower monthly payment mean I save money?
Not necessarily. Extending repayment can lower the payment while increasing total interest. Compare the total cost over the same period, including penalties and fees.
Can I refinance at renewal?
Yes, a refinance can be considered at the end of a term as well as during it. Borrowing more is different from a simple renewal or straight switch. Ask the lender which requirements apply.
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