Access Your Equity at Renewal Time
Your home has probably increased in value since you bought it, and you’ve been paying down your mortgage. That combination means you’ve built equity — and renewal time is the perfect opportunity to access it without paying a penalty.
How Much Equity Can You Access?
At renewal, you can increase your mortgage amount to access your equity. Since you’re not breaking your mortgage early, there’s no prepayment penalty — you’re simply starting a new term with a higher balance.
You can typically access up to 80% of your home’s current value, minus your existing mortgage balance.
What Can You Use Equity For?
- Home renovations: Increase your home’s value while you enjoy it
- Debt consolidation: Roll high-interest debt into your low-rate mortgage
- Investment: Down payment on a rental property
- Education: Fund your children’s university
- Emergency fund: Create a financial cushion
📊 Example
Your home is worth $650,000. You owe $350,000. At 80% LTV, you could refinance up to $520,000 — potentially accessing $170,000 in equity. Your payment would increase, but you’d have capital to invest, renovate, or consolidate debt.
Renewal vs Refinance
If you want to access equity mid-term (before renewal), you’d need to refinance and pay a penalty. At renewal, you can accomplish the same goal penalty-free. This is why timing matters — and why you should contact us before your renewal, not after.
Elevation Mortgage
Brokerage: Mortgage Connection · Licensed in Alberta and British Columbia
Julie & Andy Jeffery — independent mortgage brokers serving Calgary, Nelson BC,
and clients across Alberta and British Columbia.
© 2026 Elevation Mortgage · Independent Mortgage Brokers · Serving Alberta & BC