Our Services
Mortgage
Mortgage
Refinancing
Your financial goals evolve — your mortgage should too. Refinancing unlocks the power of your home's equity and puts it to work for you.
Your financial goals evolve — your mortgage should too. Refinancing unlocks the power of your home's equity and puts it to work for you.
Mortgage refinancing means replacing your existing mortgage with a new one — typically to secure a lower interest rate, access built-up home equity, or restructure your debt. In Edmonton's dynamic real estate market, homeowners often find that their property has appreciated significantly, creating equity they can leverage for renovations, investments, education, or debt consolidation.
At Moneta Mortgages Inc., our refinancing specialists analyze your complete financial picture to determine whether refinancing makes sense for you right now — factoring in prepayment penalties, closing costs, and your long-term financial goals.
Lower Your Rate — Interest rates have dropped since you signed. Refinancing could cut your monthly payment significantly.
Access Home Equity — Unlock up to 80% of your home's current appraised value for renovations, investments, or major purchases.
Debt Consolidation — Combine high-interest credit card and loan debt into your low-rate mortgage to reduce monthly obligations.
Change Mortgage Type — Switch from variable to fixed rate (or vice versa) to align with your risk tolerance and market outlook.
Adjust Amortization — Shorten your amortization to pay off faster, or extend it to reduce your monthly payments.
Relationship Breakdown — Refinance to remove a partner from the mortgage and title after separation or divorce.
Breaking your mortgage before the end of your term typically triggers a prepayment penalty — either three months' interest or the Interest Rate Differential (IRD), whichever is greater. Our advisors calculate your exact penalty cost and weigh it against the long-term savings to give you a clear break-even analysis before you commit to anything.
Rather than a full refinance, some clients benefit more from a HELOC — a revolving line of credit secured against their home equity. This provides flexible access to funds without requiring you to break your existing mortgage. We'll compare both options and recommend the most cost-effective approach for your needs.
If your home has appreciated in value, you may be able to refinance for more than your remaining mortgage balance and receive the difference as a lump-sum cash payment. These funds can be used for virtually any purpose — home improvements, post-secondary education, starting a business, or building an investment portfolio.