We want to work with you on your mortgage renewal to ensure you receive the best rate, terms, and options available. At renewal you have three options: renew your mortgage with your current lender, transfer your mortgage to a new lender, or complete a full restructuring of your mortgage by either accessing funds or doing a large principal repayment.
Renewing your mortgage with your current lender:
This can be hit and miss, some lenders offer very good mortgage rates for your renewal where as others offer rates that are quite a bit above the current market. We always do our best to work with our clients at renewal and let them know if their current renewal offer is a strong one for them or not.
Transferring your mortgage to another lender:
Other lenders are very aggressive in obtaining existing performing mortgages as they have minimal underwriting and legal costs – essentially the lender takes over ownership of your current mortgage through land titles. With transfers lenders generally pay all costs and fees and offer you excellent rates and terms. The only drawback is is that they will usually ask us to update your employment to confirm that your numbers still work for your renewal. If they do work you will receive excellent rate and term options.
A full restructuring:
We work with clients at renewal to either access additional funds from their home, fundamentally change their mortgage ie from a mortgage to a line of credit, or make a large repayment on their mortgage.
At renewal we always work with our clients to ensure the best fit for them in terms of rates and terms, flexibility, and ease of use. Please feel free to connect with us via online contact form, phone, or by applying online to ensure you receive the bets options for your renewal.