Refinance Mortgage Basics In Calgary

Beth Wise • May 9, 2023

New Title

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

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Breaking Down the Real Costs of Homeownership

By Stacey Mass • April 8, 2026
Don’t Forget About Closing Costs When planning to buy a home, most people focus on saving for the down payment. But the truth is, that’s only part of the equation. To actually finalize the purchase, you’ll also need to budget for closing costs —the out-of-pocket expenses that come up before you get the keys. Closing costs can add up quickly, which is why they should be part of your pre-approval conversation right from the start. Lenders will even require proof that you’ve got enough funds set aside. For example, if you’re getting an insured (high-ratio) mortgage, you’ll need at least 1.5% of the purchase price available in addition to your down payment. That means a 10% down payment actually requires 11.5% of the purchase price in cash to make everything work. Let’s break down some of the most common expenses you should prepare for: 1. Home Inspection & Appraisal Inspection : Paid by you, this gives peace of mind that the property is in good shape and doesn’t have hidden problems. Appraisal : Required by the lender to confirm value. Sometimes this is covered by mortgage insurance, sometimes by you. 2. Legal Fees A lawyer or notary is required to handle the title transfer and make sure the mortgage is properly registered. Legal fees are often one of the larger closing costs—unless you’re also responsible for property transfer tax. 3. Taxes Many provinces charge a property or land transfer tax based on the home’s purchase price. These fees can range from hundreds to thousands of dollars, so you’ll want to factor them in early. 4. Insurance Property insurance is mandatory—lenders won’t release funds without proof that the home is insured on closing day. Optional coverage like mortgage life, disability, or critical illness insurance may also be worth considering depending on your financial plan. 5. Moving Costs Whether you’re renting a truck, hiring movers, or bribing friends with pizza and gas money, moving comes with expenses. Cross-country moves especially can be surprisingly pricey. 6. Utilities & Deposits Setting up new services (electricity, water, internet) can involve connection fees or deposits, particularly if you don’t already have a payment history with the utility provider. Plan Ahead, Stress Less This list covers the big-ticket items, but every purchase is unique. That’s why it pays to have an accurate estimate of your personal closing costs before you make an offer. If you’d like help planning ahead—or want a breakdown tailored to your situation—let’s connect. I’d be happy to walk you through the numbers and make sure you’re fully prepared.