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The Ultimate Guide to Refinancing in Edmonton
April 9, 2025 | Posted by: Jeff Chin
If you're a homeowner in Edmonton, you've probably heard about refinancing — but maybe you’re not quite sure if it’s the right move for you. Whether you’re looking to lower your monthly payments, pay off your mortgage faster, or tap into your home’s equity, refinancing can be a smart financial strategy. This guide breaks everything down in plain English and shows how local mortgage expert Steven Boodoo can help make the process smooth and stress-free.
What Exactly Is Refinancing?
Refinancing means replacing your current mortgage with a new one — ideally with better terms. That could mean a lower interest rate, a different loan length, or even pulling out some of the equity you’ve built up in your home.
Why Do People in Edmonton Refinance?
To Get a Lower Interest Rate
Rates change all the time. If you locked in a mortgage a few years ago and rates have dropped since, refinancing could save you thousands over the life of your loan.
To Access Home Equity
Need cash for a renovation? Want to consolidate debt? Refinancing lets you borrow against your home’s value and use that money however you need.
If you’re 55 or older and exploring ways to access your home’s equity without selling or taking on monthly payments, a reverse mortgage through Home Equity Bank could be a great fit.
Click here to learn more about how it works in Edmonton.
To Change the Loan Terms
Maybe you want to pay your mortgage off sooner, or maybe you need to reduce your monthly payments for a while. Refinancing gives you that flexibility.
How the Refinancing Process Works in Edmonton
It might sound complicated, but it really boils down to a few straightforward steps. Here’s what to expect:
1. Take a Look at Where You’re At
Before anything else, get a clear picture of your current mortgage, your interest rate, and your financial goals.
2. Compare Lenders and Rates
Not all lenders are created equal. Shop around a little — or better yet, connect with someone local like Steven Boodoo who can do the legwork for you and make sure you’re getting a solid deal.
3. Get Your Paperwork Ready
You’ll typically need:
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Proof of income (T4s, pay stubs, etc.)
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Mortgage statements
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Property details
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Credit info
4. Submit Your Application
Once everything’s ready, you’ll apply with your chosen lender. There may be a home appraisal and a bit of back-and-forth while they review your file.
5. Close the Loan
If everything checks out, you’ll review and sign the final documents, and the new mortgage will officially replace the old one. That’s it!
Common Questions from Edmonton Homeowners
Are There Costs Involved in Refinancing?
Yes — things like appraisal fees, legal costs, and sometimes penalties from your current lender. But these costs are often outweighed by the long-term savings. Steven can walk you through exactly what to expect.
How Long Does It Take?
Most refinancing processes in Edmonton take between 2 to 6 weeks, depending on how quickly paperwork gets sorted and if an appraisal is needed.
Is a Reverse Mortgage the Same as Refinancing?
Not quite. A reverse mortgage — often offered through Home Equity Bank — is typically for homeowners aged 55+ and allows you to access your home equity without selling or making monthly payments. It’s a different tool than traditional refinancing, but it can be a great option depending on your goals.
Learn more about how it works here.
Ready to Explore Your Refinancing Options?
Reach out to Steven Boodoo for honest advice, personalized options, and a no-pressure chat about your next move.
Click here to get in touch and start your refinancing journey today.
