Switching / Renewing

Cell: 778 549 0331 | Fax: 877 688 9994

Offices located in Chilliwack and Abbotsford.

When your mortgage is up for renewal, this serves a great time to make sure that you’ve got the right mortgage for your present needs. Most lenders mail out renewal agreements around 30 to 90 days before the mortgage matures. Often, this causes a lot of angst for many people, especially if rates start to climb just before the mortgage comes due.

We can guarantee your rates up to 120 days (4 months) before your mortgage comes due, and this service is free and with no obligation. This alone can and has saved thousands of dollars for our clients.

Another thing to keep in mind is at renewal time, your mortgage is fully open and is the perfect time to pay down the mortgage. Whatever you can afford, even a small amount, will have a significant impact in terms of interest you will save over the life of the mortgage. It is also a great time to consider a more frequent payment method, such as bi-weekly or weekly, if you are not already doing it.

Early Renewal

Deciding to early-renew your mortgage is dependent on a few factors. If current rates are lower than the rate you have, compare the prepayment charge against the savings by having the lower rate and this will direct you in what you should do. If you believe that interest rates will be higher at your renewal date, you can renew early to protect yourself against higher rates. Keep in mind, if you decide to early renew, the prepayment charge will have to be paid upfront. If there is room, you can add it to your mortgage, but you will have to go through a lawyer to redo the mortgage, and this cost will have to be taken into consideration when deciding which way to go. Some financial institutions will blend rates for the new term.

Consider re-examining your mortgage at least once a year. There are thousands of dollars that could be saved in many situations, but they go unnoticed.