Mortgages
Mortgage Renewals
Your lender's renewal letter is rarely their best rate. At maturity you can switch lenders without a penalty, and many lenders cover the transfer costs. Contact us 120 days before your term ends and the market can be compared for you through RMA Mortgages.
- No Penalty to Switch at Maturity
- Transfer Costs Often Covered
- Review Your Amortization and Prepayment Options
- Start up to 120 Days Early
What to Check Before You Renew
A renewal is a chance to fix what did not work in your last term.
- Is the rate competitive with the wider market?
- Does the term length match your plans for the next few years?
- Do you want to change payment frequency, prepayment privileges or amortization?
- Should you consolidate other debt at the same time?
FAQ
Common Questions
Do I have to re-qualify when I switch lenders?
A new lender still reviews your income, credit and property. If you move the same balance and amortization at renewal with no new money, known as a straight switch, the federal stress test generally no longer applies, for insured and uninsured mortgages alike. Borrowing more or extending the amortization brings the stress test back. We confirm which case applies before you commit.
What does a switch cost?
Many lenders cover appraisal and legal fees on a straight switch. Any costs are disclosed before you commit.
When should I start?
Ideally 120 days before maturity, so a rate can be held while offers are compared through RMA Mortgages.
Can I change my term, amortization or payment frequency at renewal?
Yes. Renewal is a good time to change the term length, switch between fixed and variable, choose weekly, bi-weekly or monthly payments, or review your prepayment privileges. Extending the amortization or borrowing more means qualifying again under the stress test.
Get Started
Tell Us About Your Situation
Share a few details. Our team will review your request and contact you with the next steps and the documents to prepare.
Your First Call Is Free
Tell us what you need and our team will explain your options and the next steps.