Mortgage Refinance in Edmonton
Break, blend or switch. Refinance up to 80% of your home's value and put the equity to work.
Get my quote →How does refinancing work in Edmonton?
Refinancing replaces your existing mortgage with a new, larger one and pays you the difference in cash. Canadian lenders refinance up to 80% of the home's value, so on a typical Edmonton home worth about $460,000 the maximum mortgage is $368,000. The cash you can take out is that ceiling minus the balance you still owe.
At 3.65% over 25 years, a $368,000 mortgage costs an estimated $1,867 a month. Whether breaking your current term is worth it depends on the prepayment penalty, so 8Twelve prices the penalty against the interest saved across 65+ lenders before recommending anything. Approval is subject to qualification and lender approval.
Rates as of September 16, 2026. Figures are estimates and change with the market.
- Typical Edmonton home value: about $460,000 (estimate).
- Refinance ceiling at 80% loan-to-value: $368,000.
- Cash available: the 80% ceiling less your current mortgage balance.
- Estimated payment on the full ceiling at 3.65% over 25 years: $1,867.
- Penalty versus interest saved modelled before you commit.
Refinance numbers for a Edmonton home
- Estimated home value
- $460,000
- Maximum mortgage at 80% loan-to-value
- $368,000
- Cash available
- 80% ceiling less your current balance
- Example only, assumes a 50% balance
- $138,000 available
- Estimated payment on the full ceiling at 3.65%
- $1,867
- Typical legal and appraisal cost
- $1,000 to $2,000
All figures are estimates based on a rounded Edmonton market value and today's rate, not an offer of credit. Run your own numbers in the payment calculator, read more about refinancing, or see today's Alberta rates.
Best available rates shown are from 8Twelve's lender panel and are subject to your qualification, lender approval, and change without notice. On approved credit (OAC).
What 8Twelve does for Edmonton homeowners
- Equity takeout for renovations, investments, tuition or a second property in Edmonton.
- Blend-and-extend options that avoid a penalty where your lender allows it.
- Switches at renewal with legal costs usually covered by the new lender.
- Self-employed and rental-income refinances placed with lenders that accept the documents you have.
- Straight-answer penalty maths before any application is submitted.
More Edmonton mortgage information: mortgage broker in Edmonton · Alberta mortgage brokers · Refinancing.
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Mortgage Refinance in Edmonton: common questions
How much equity can I take out when refinancing in Edmonton?
Up to 80% of the appraised value. On a typical Edmonton home at about $460,000, that is a $368,000 mortgage. The cash you receive is that ceiling minus what you still owe, subject to qualification and lender approval.
What will my payment be after refinancing in Edmonton?
A $368,000 mortgage at 3.65% over a 25-year amortization works out to an estimated $1,867 a month in principal and interest. A smaller refinance costs proportionately less. Extending the amortization lowers the payment but increases total interest, and we show both before you choose.
What is the penalty to refinance early in Edmonton?
On a variable mortgage the penalty is normally three months' interest. On a fixed mortgage it is the greater of three months' interest or the interest rate differential, which with some lenders runs into five figures. We request the exact payout figure from your lender and compare it against the savings before recommending a refinance.
Is refinancing better than a HELOC in Edmonton?
A refinance gives a lower rate and a fixed repayment schedule. A home equity line of credit gives flexibility and interest-only payments at a higher rate. For a single large need such as consolidating debt or funding a renovation, the refinance usually wins. For ongoing or staged draws, the line of credit often does.
Can I refinance in Edmonton if I am self-employed?
Yes. Bank policy typically wants two years of notices of assessment, which understates most business owners' real income. 8Twelve places self-employed Edmonton files with lenders that accept bank-statement and stated-income programmes, at rates far below private lending, subject to qualification and lender approval.
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Learn moreBest available rate from 8Twelve's lender panel, subject to qualification and lender approval. OAC.