Should You Refinance Your Calgary Home in 2025?
Renee Huse, founder of Spire Mortgage Team in Calgary, Alberta, has been hearing the same question from a growing number of our clients: “With home equity finally building again, is now the time to refinance instead of just renewing my mortgage?”
For many Calgary homeowners, 2025 presents a golden opportunity to finally tap into equity and reduce the pressure of high-interest debt. In this post, we’ll break down when a refinance makes sense, how it works in Alberta, and a real client story that shows how refinancing saved thousands in interest.
- Why equity is suddenly back in play
- Refinance vs. mortgage renewal — what's the difference?
- Using a HELOC to access equity — even if you don't need it yet
- Client story: $55,000 in debt wiped with a 4.19% refi
- Tools to compare your refinance options
- FAQs: Refinance timing, penalties & more
Why Equity Is Suddenly Back in Play
After years of tight housing values, Calgary homeowners are finally seeing home equity gains again in 2025. Property values have been on the rise, and many who bought pre-pandemic or during the early COVID boom now have 20–30% equity available.
This creates a window to access that equity through refinancing — whether to consolidate debt, invest, or simply open up a HELOC as a safety net.
Refinance vs. Mortgage Renewal: Know the Difference
| Feature | Mortgage Renewal | Refinance in 2025 |
|---|---|---|
| New qualification | No | Yes |
| Access equity | No | Yes – can increase mortgage amount |
| Rate shopping allowed | Yes | Yes |
| Ideal for | Staying the course | Debt consolidation or equity access |
Use a HELOC to Access Equity — Even If You Don’t Need It Yet
A refinance doesn’t mean you need to use all the money right away. In fact, we often help clients refinance to open a HELOC (Home Equity Line of Credit) — even if they don’t need the cash now.
That way, if an emergency comes up (job loss, family health issue, unplanned expenses), the funds are available without the delay and stress of qualifying all over again.
💡 Client Story: $55,000 Refi That Changed Everything
One of our Calgary clients was carrying the following debt load:
| Debt Type | Amount | Interest Rate | Monthly Payment |
|---|---|---|---|
| Car Loan | $35,000 | 8.00% | $712 |
| Credit Cards | $20,000 | 18.00% | $600 |
They were struggling to make ends meet with over $1,300/month going toward high-interest debt. We helped them refinance their home, rolling all of this into a new mortgage at:
- New Mortgage Rate: 4.19%
- Amortization: 25 years
- New Total Monthly Cost (including refi): $600–$700 more than their original mortgage — but wiped out $1,300 of external debt.
💥 Net cash flow savings: ~$600/month, plus thousands in interest over time.
📊 Refinance Tools & Calculator
Wondering how your situation compares?
We’ll help you break down your numbers and show you the cash flow impact of a refinance.
❓ FAQs: Calgary Mortgage Refinance in 2025
When is refinancing better than renewing?
If you have high-interest debt, need cash flow relief, or want to lock in a lower long-term rate, a refinance may offer more benefits than a simple renewal.
Can I refinance just to set up a HELOC?
Yes — many of our clients refinance specifically to access equity without spending it. It’s a smart “plan B” strategy.
Are there penalties to break my mortgage early?
Potentially. We'll review your lender’s terms — but often, the savings outweigh the penalties, especially with large high-interest debts.
Do I need to re-qualify for a refinance?
Yes. Lenders will look at income, credit, and the appraised value of your home. We can pre-qualify you to help you plan ahead.
How much equity do I need to refinance?
Most lenders allow you to refinance up to 80% of your home’s value. If your mortgage balance is below that, you may be eligible.
🏁 Final Thoughts
Refinancing in 2025 isn’t just about lower rates — it’s about regaining control of your cash flow. Whether you want to wipe out debt, set up a HELOC, or just explore options before renewal, we’re here to walk you through the strategy.
