Consumer proposal refinance in Alberta
Pay off your consumer proposal early with your home equity
If you own a home in Alberta and have equity, a lender can advance the money to pay your trustee what’s left. Your proposal ends sooner, you can start rebuilding your credit, and you’re no longer stuck if your bank won’t renew.
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The short answer
Yes, many Alberta homeowners can pay out a consumer proposal early by borrowing against their home. You don’t have to finish every payment to be done. It costs interest and fees, so the numbers have to make sense for you, and we’ll tell you honestly if finishing on schedule is the better deal. The review is free, with no obligation.
- Proposal paid in full, years sooner
- No penalty for paying a proposal out early
- Every cost in writing before you sign
Is it right for you?
Paying out early isn’t always the smart move. Here’s how to tell.
A good fit if you…
- are in a consumer proposal now, or are behind on one
- want to finish it early instead of paying for up to five years
- have a mortgage renewal coming up and your bank won’t renew because of the proposal
- have other debts too, like a car loan or tax owing, that you’d like in the same payment
- have equity in your home (most lenders lend up to 80% of the home’s value on a refinance)
Not a good fit if…
- your proposal is almost done. With only a few payments left, the interest and fees on a new loan may cost more than finishing on schedule.
- the proposal is costing you no interest. Interest generally stops on the debts in a filed proposal. A new loan charges interest, so it only pays off if it also replaces other expensive debt or saves your renewal.
- you can’t afford the new payment. Your home secures the loan.
- you have no plan for the end of the term. A 12-month private mortgage has to be renewed or refinanced. We plan it with you before you sign.
- your equity is thin. Borrowing close to the full value of your home is too risky.
You are not alone. In the second quarter of 2026, Alberta recorded 4,932 consumer insolvency filings, and 83.8% of them were consumer proposals rather than bankruptcies (Mortgage Professional Alberta, citing the Office of the Superintendent of Bankruptcy).
How it works, step by step
1
Free review
Tell us about your home, your mortgage and what you owe. It’s free, with no obligation and no judgment.
2
Quick approval
We compare 50+ banks, credit unions and private lenders. Approval answers typically come back in 12–24 hours, with every cost in writing.
3
Start saving
Your lawyer usually pays your trustee directly from the new mortgage, using the trustee’s payout figure. Your trustee then issues a Certificate of Full Performance confirming the proposal is complete.
A real example
Three payments became one, and the proposal was paid in full.
Illustrative example
Consumer proposal + 2 small debts · $45,000 owing
Today: 3 payments
$1,000/mo
Consumer proposal · credit card · car loan
After: 1 payment
$500/mo
Back in your pocket
$500/mo
What changed
- Proposal and debts paid off
- $45,000
- Payments each month
- 3 → 1
- Monthly total
- $1,000 → $500
- Saved each month
- $500
- Saved each year
- $6,000
Interest-only, short term. The payment covers interest only, so the loan itself is still owed when the 12-month term ends. We agree on the plan for that day before you sign: usually renewing, or moving to a bank mortgage once your credit or income allows.
Example only: a $50,000 private second mortgage at 11.99%, interest-only, for a 12-month term. Lender fee $1,000 and brokerage fee $750 are deducted from the advance; legal and appraisal are extra. Payment $499.58 a month. Total cost of borrowing $7,745, APR 15.80%. The $50,000 is still owed at the end of the term and is usually renewed or refinanced. Subject to lender approval (O.A.C.).
How much could you borrow?
Move the sliders to see roughly how much of your home’s equity you may be able to use.
What it costs
Your rate depends on your situation, not a sticker price. You’ll see every cost in writing before you sign anything.
Your review
$0
- Free, with no obligation
- We look at your mortgage, your debts and your home’s value
- Approval answers typically in 12–24 hours
Bank refinance
Lowest rates available
- For steady income and good credit
- Borrow up to 80% of your home’s value, minus what you owe
- Paid off over up to 30 years, with terms up to 5 years
Second or private mortgage
Higher rate, built for flexibility
- For consumer proposals, CRA debt or when the banks say no
- Usually a 12-month, interest-only term, then renewed or refinanced
- Lender and brokerage fees apply. We show you the exact amounts upfront.
What sets your rate: how much equity you have, your credit, your income, and your property. Before you commit, we give you your exact rate, every fee, your monthly payment and your total cost of borrowing in writing. All mortgages are subject to lender approval (O.A.C.). Licensing and disclosures.
Get your real numbers. Free review, answer in 12–24 hours.
Why homeowners choose MortgageSolvers
6,132
Rates lowered
Homeowners whose mortgage rate we have brought down.
50+
Lenders compared
Banks, credit unions and private lenders, so you don’t have to tell your story ten times.
12–24 hrs
Fast answers
Approval answers typically come back in 12–24 hours, with every cost in writing.
$300–$700
Typical monthly savings
What clients typically save each month on a refinance. Your own numbers come in writing first.
Real homeowners. Real monthly relief.
From 180+ Google reviews by Alberta homeowners.
★★★★★
Great service always available to give you updates look for and willing to give you the best rates which saves you thousands Thanks for your hard work I am grateful for The support,help and savings
Branson · Airdrie, ABRead Branson’s review on Google (opens in a new tab)
★★★★★
We were in a very stressful financial situation before working with MortgageSolvers. Our private mortgage rate was high, credit card balances were building up, and the banks were not giving us any real solutions. From the very first call, everything was handled professionally and transparently. They took the time to review our entire situation, explained all fees upfront, and clearly outlined what was possible and what wasn’t.What really stood out was the honesty. There were no hidden charges, no last-minute surprises, and no unrealistic promises. In the end, our monthly payments were reduced significantly and we finally feel back in control of our finances. If you’re feeling stuck, I highly recommend speaking with MortgageSolvers.
Bibek · AlbertaRead Bibek’s review on Google (opens in a new tab)
★★★★★
I was treated with care and dignity. The staff were outstanding! Not only did they get me a lower interest rate, but saw a flaw in my past financial mess and made me aware of a serious issue that was not my fault. The team and my lawyer attacked the situation with pure dedication and got me a pay out that was much more than expected. It seems this company cares and will go to the mat for you. They did for me! Thank you, so, so much!!!
Nicole · Camrose, ABSent to us by Nicole
★★★★★
Smooth steps during process. Communication and professional.
Chad · Grande Prairie, ABRead Chad’s review on Google (opens in a new tab)
★★★★★
Amazing experience! Got a mortgage to payoff my property tax bill in 48 hours!
Ethan · AlbertaRead Ethan’s review on Google (opens in a new tab)
★★★★★
They helped me get the lowest interest rate so quickly
Julian · AlbertaRead Julian’s review on Google (opens in a new tab)
★★★★★
I was overwhelmed with debt and high payments. MortgageSolvers walked me through everything clearly and reduced my monthly payments more than I expected. No hidden fees, no pressure. Just honest advice and real results.
Wanda · AlbertaRead Wanda’s review on Google (opens in a new tab)
★★★★★
Fast, organized, and responsive. MortgageSolvers kept us updated throughout the entire process and closed on time.
Rahul · AlbertaRead Rahul’s review on Google (opens in a new tab)
★★★★★
MortgageSolvers helped me get a mortgage last year and it was the best decision I made 🙏
Craig · AlbertaRead Craig’s review on Google (opens in a new tab)
Questions people ask
Can I refinance while I’m still in a consumer proposal?
Often, yes, if you have equity. Some lenders, mostly private and alternative lenders, will lend to pay out an active proposal, and some want you to have made payments for a while first. Your trustee’s payout statement shows exactly how much is needed.
Is there a penalty for paying a proposal out early?
No. You can usually pay a consumer proposal out early with no penalty. Your trustee confirms the exact payout amount (Credit Canada).
How long does a completed proposal stay on my credit report?
Equifax and TransUnion remove a consumer proposal 3 years after you finish paying it, or 6 years after you signed it, whichever comes first (Financial Consumer Agency of Canada). Paying it out early can start that 3-year clock sooner. The two bureaus may count from slightly different dates.
My bank won’t renew my mortgage because of my proposal. What can I do?
Other lenders may. We compare 50+ banks, credit unions and private lenders, including ones that look mainly at your home’s equity. Paying out the proposal as part of the new mortgage is a common way through.
When could I get a bank mortgage again?
Many banks look for about two years after your proposal is completed, plus rebuilt credit. Some alternative lenders may consider you sooner. Rules vary by lender (Hoyes, Michalos & Associates).
How fast can this happen?
Approval answers typically come back in 12–24 hours. Funding also depends on your lawyer, the appraisal and your trustee.
Related options
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