mortgage renewal

Is Your Mortgage Term Coming up for Renewal?

Did you know that when your term is complete, you have the option to shop the entire Canadian mortgage market for the best rates and products for your next term? Transferring your mortgage to a different lender at renewal will not cost you anything.

If you have already recieved your renewal letter in the mail, contact one of our brokers to find you the best possible mortgage to fit your needs. We work for you with the sole purpose of finding you the best mortgage rate and product in Canada.

Our brokers will save you time and money by negotiating a better rate on your behalf at no cost to you! That's right, our services are absolutely FREE!

Three Ways to Renew Your Mortgage

We will shop the market for you to find the best rate and product.

Online Application

Complete the full online mortgage application to renew your mortgage.

Mortgage Renewal Application

Contact a Broker

Contact a mortgage broker to discuss questions or to arrange an appointment.

Contact a Mortgage Broker

Quick Application

Use our quick app to have one of our local mortgage brokers contact you.

Mortgage Renewal Application

The Mortgage Renewal Process

What are your options when the bank makes you an offer?

mortgage renewal letter

When your mortgage term is coming to a close, most banks will send a Mortgage Renewal notice in the mail approximately one to two months prior to the end of the term. On this notice, banks will always offer you a higher rate and assume that you will sign on with them for another term. They typically only offer you their posted rate with very little or no discount.

CMHC stats show that over 60% of all Canadians accept the first rate their bank offers. They will stay with their existing mortgage lender because they believe it is too time consuming to shop around for a better rate. Or, they may think the offer from their existing bank is the best deal available. This is not true!

Don't rush to sign the first offer from your bank, talk to a mortgage broker to take advantage of the best rates on the market whether they can negotiate your current lender lower or transfer you to a new lender for the best rate and product at no cost to you!

Transferring a Mortgage

You could save thousands of dollars by transfering your mortgage!

Mortgage Transfer or Switch

A major misconception among homeowners is that switching your mortgage between lenders will incur penalties and fees. The truth is, it is absolutely FREE! The big banks know that most homeowners don't know or understand transferring a mortgage is free and they certainly don't want you to know.

If you simply switch your mortgage to a new lender, you will not be subject to any payout penalties if you are switching at renewal time. If your mortgage is in the middle of a term, there may be a penalty to switch. However, we have found that paying the penalty in many cases to change institutions to either get a lower rate or a better mortgage product can save a homeowner thousands of dollars.

Once you are qualified, your current mortgage balance and the remaining amortization period are transferred to your new lender with your new interest rate in place.

You should start thinking about switching your mortgage between 90 and 120 days before your mortgage renewal date. We can lock in an interest rate for you up to 120 days prior to your renewal date to protect you against any interest rate fluctuations that may occur prior to your renewal.