Refinance Mortgage Basics In Calgary

Beth Wise • May 9, 2023

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Are you looking to save money on your mortgage or tap into your home's equity for a renovation or investment? Refinancing your mortgage could be a great solution! Here's how to apply for a refinance mortgage in Calgary:


Step 1: Determine Your Goals

Before you start the refinance process, it's important to clarify your goals. Are you looking to lower your monthly payments, reduce your interest rate, access equity, or consolidate debt? Understanding your objectives will help you choose the right refinance product and lender.


Step 2: Check Your Credit Score

Your credit score plays a big role in your ability to qualify for a refinance mortgage and secure a favorable rate. Before you apply, check your credit report and score to make sure there are no errors or issues that could hurt your chances. You can request a free credit report from Equifax or TransUnion.


Step 3: Shop Around for Lenders

Once you know what you're looking for and have assessed your credit, it's time to start shopping around for lenders. In Calgary, you have a range of options, including banks, credit unions, mortgage brokers, and online lenders. Be sure to compare rates, fees, and terms from multiple sources to find the best deal.


Step 4: Gather Your Documentation

When you apply for a refinance mortgage, you'll need to provide documentation to support your income, assets, and liabilities. This may include tax returns, pay stubs, bank statements, and debt statements. Be prepared to provide all the necessary paperwork to expedite the process.


Step 5: Complete the Application

Once you've chosen a lender and gathered your documentation, it's time to complete the application. You can typically do this online, by phone, or in person. Make sure you read the terms and conditions carefully and ask questions if anything is unclear.


Step 6: Wait for Approval

After you've submitted your application, you'll need to wait for approval. The lender will review your application, credit score, and documentation to determine if you qualify for a refinance mortgage. If you're approved, you'll receive a commitment letter outlining the terms of the loan.


Step 7: Close the Loan

Once you've accepted the terms of the loan, you'll need to close the refinance. This involves signing the final documents, paying any closing costs or fees, and transferring the funds. The process typically takes a few weeks to complete.


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Don't hesitate to reach out to a mortgage professional for guidance and support throughout the refinance process. With the right strategy and resources, you can achieve your financial goals and secure a brighter future.


Ready to start? Contact us today so that we can explain your options better.


Stacey Mass, AMP

Mortgage Expert

GET STARTED

Monthly vs. Biweekly Mortgage Payments: Which Is Better?

By Stacey Mass • October 7, 2026
How Mortgage Payment Frequency Affects What You Pay Over Time You’ve probably heard the saying that there are two certainties in life: death and taxes. When it comes to your mortgage, there’s really just one certainty—you’ll repay what you borrow, plus interest. What is flexible, though, is how often you make your mortgage payments. And that choice can have a meaningful impact on how quickly you pay down your mortgage and how much interest you pay over time. The Six Mortgage Payment Frequencies Most lenders offer the following payment options: Monthly – 12 payments per year Semi-monthly – 24 payments per year Bi-weekly – 26 payments per year Weekly – 52 payments per year Accelerated bi-weekly – 26 payments per year Accelerated weekly – 52 payments per year Standard Payment Frequencies The first four options are designed to align with how you get paid. For example: Paid monthly? Monthly mortgage payments may make sense. Paid every two weeks? Bi-weekly payments can align nicely with your cash flow. With these standard options, regardless of how often you pay, the total amount paid over the year is the same —it’s simply divided into more frequent payments. What Makes “Accelerated” Payments Different Accelerated payments work differently—and this is where the real savings happen. With accelerated bi-weekly or accelerated weekly payments, you’re paying a slightly higher amount each time. That extra money goes directly toward reducing your mortgage principal, which lowers the interest you’ll pay over the life of the mortgage. A Simple Example Let’s assume a $1,000 monthly mortgage payment: Monthly: $1,000 once per month = $12,000 per year Semi-monthly: $500 twice per month = $12,000 per year Bi-weekly: $1,000 × 12 ÷ 26 = $461.54 every two weeks = $12,000 per year Accelerated bi-weekly: $1,000 ÷ 2 = $500 every two weeks = $13,000 per year With accelerated bi-weekly payments, you effectively make two extra payments per year without having to think about it. Those extra payments reduce your principal faster, which lowers interest costs over time. Accelerated weekly payments work the same way—you just make smaller payments more frequently. Why This Matters Long Term While it’s difficult to calculate exact savings due to variables like interest rates, terms, and amortization changes, maintaining an accelerated payment schedule over the life of your mortgage can reduce your amortization by up to three years and save a significant amount of interest. The Bottom Line Accelerated payments are a simple, automatic way to lower your overall cost of borrowing—without needing to make lump-sum payments or drastically change your budget. If you’d like to see how different payment frequencies would impact your mortgage specifically, feel free to reach out anytime. I’d be happy to walk through the numbers with you and help you choose the option that fits your goals.

How to Maximize Your Mortgage Renewal Opportunity

By Stacey Mass • September 30, 2026
Your Lender Is Not Obligated to Renew Your Mortgage Many homeowners assume that if they’ve made every mortgage payment on time, their lender is automatically required to renew their mortgage at the end of the term. That’s a common belief—but it isn’t true. When you sign a mortgage, you’re agreeing to a contract for a specific term . Once that term ends, the lender has the legal right to either renew the mortgage or call the loan . There is no obligation to offer a renewal. In practice, most lenders do renew mortgages—but certain situations can prevent that from happening. Reasons a Lender May Decline to Renew A lender may choose not to renew if: Mortgage payments were missed during the term A bankruptcy or consumer proposal has occurred There is a separation or divorce Employment or income has changed A borrower on the mortgage has passed away The lender no longer prefers the property’s location or market The lender is no longer licensed to lend in Canada Even one of these factors can change how a lender views the risk. Why This Matters Because renewal is not guaranteed, waiting until the last minute can put you in a difficult position. Understanding this reality early gives you time and control. How to Protect Yourself at Renewal The best approach is to be proactive. Ideally, you should begin reviewing your options 120 days before your mortgage term ends . This gives you enough time to explore alternatives and make informed decisions—rather than reacting under pressure. Even if your current lender offers a renewal, that’s just one option , not automatically the best one. The lender that was right for you years ago may no longer offer the most competitive rate, terms, or flexibility today. The goal at renewal isn’t convenience—it’s reducing your total cost of borrowing and choosing terms that align with your current situation. Why Work With an Independent Mortgage Professional Working with an independent mortgage professional ensures someone is advocating for you , not the lender. Instead of being limited to one set of products, you can compare options across multiple lenders and choose the solution that best protects your interests. Final Thoughts Whether your lender is offering a renewal or not, the smartest move is to review all your options before signing anything. If your mortgage is coming up for renewal—or if you want to plan ahead—feel free to connect anytime. I’d be happy to help you protect your options and make a confident decision.