Refinancing
Refinance Your Mortgage in BC & the Kootenays
Refinancing isn’t just about getting a lower rate — it’s about using your mortgage to put you in a better financial position. I’m Andrew Ladriere from Myplace Mortgages in Cranbrook, and I help homeowners across the Kootenays and all of BC decide whether refinancing makes sense right now, or if it’s better to wait until renewal.
With access to multiple lenders, I can compare what you have today with what’s available now and show you the smartest option — lower payment, pull equity, consolidate debt, or invest.
Why People Refinance
Most of the homeowners I work with refinance for one (or more) of these reasons:
- Lower the payment – improve monthly cash flow
- Pull equity – access up to 80% of your home’s value for investing, renos, or big expenses
- Consolidate debt – roll higher-interest credit cards, loans, or lines of credit into your mortgage
- Switch lenders – move away from a lender with poor terms or high penalties
- Change amortization – make payments more manageable
My job is to run the numbers both ways and tell you if it’s actually worth doing right now.
Refinance or Just Renew?
This is one of the most common questions I get. Renewal means staying with your current balance and just choosing a new term. Refinancing means changing the mortgage itself — the amount, the lender, the amortization, or pulling cash out.
I’ll look at:
- Where you are in your current term
- What your penalty would be (if any)
- What we can get from other lenders right now
- Whether we can pay off other debts at the same time
Sometimes the smartest move is actually to wait until renewal — and I’ll tell you that upfront. Learn more about renewal vs. full refinance »
How Much Can I Refinance?
In most cases in BC you can refinance up to 80% of the current value of your home.
Example:
- Home value: $650,000
- 80% of value: $520,000
- Current mortgage: $390,000
- Potential equity available: about $130,000 (before fees/penalties)
That money can go toward renovations, a second property, paying off higher-interest debt, or simply improving your monthly cash flow. I’ll run the numbers based on your actual property, not just an estimate.
Refinance to Invest in Real Estate
If your goal is to buy a rental, vacation place, or help family with a down payment, we can structure the refinance to create the funds you need. This is the “refinance to invest” strategy.
Refinance for Debt Consolidation
Carrying balances on credit cards, lines of credit, or vehicle loans at higher interest? A refinance can roll those into your mortgage at a lower rate, often dropping your monthly payments significantly.
This can:
- Clean up your credit profile
- Make it easier to qualify for future borrowing
- Free up monthly cash flow
What About Penalties?
Penalties are the thing most homeowners worry about — and you should. When we review your file, I will:
- Get the actual payout/penalty number from your current lender
- Compare it to your savings over the new term
- Tell you how long it will take to “break even”
- Let you know if it’s worth doing now — or better to wait
You don’t have to guess — I’ll do the math for you and tell you straight.
Want me to run your numbers?
Text or email me your current lender, mortgage balance, and an estimate of your home’s value — I’ll tell you what your refinance options look like and whether it’s worth it right now.