Just like an annual financial plan you should review your mortgage regularly. Renewal time is the ideal time to reassess your options and re-examine your overall financial situation. We're available to answer any questions you have and to help you choose the options and best lender that's right for you. When your mortgage is due for renewal sometimes the rate guarantee period can prove to be critical. Some lenders provide a 30-day period and some 60 days to give the opportunity to lock into your next term. Obviously the longer the better because if rates moved up you may have missed the boat.

Mortgage Renewals and Transfers
In most cases, Canadians renew their mortgage every 3-5 years. CMHC stats show that over 50% of all Canadians accept the first rate their bank offers. We are here to earn your business not only by providing great service, but also the lowest mortgage rates in Ontario. Our mortgage renewal page will show you how to secure the lowest rate possible when your mortgage is up for renewal. We will show you how to renew your mortgage without paying any legal fees or costs.

When a term is coming to a close, most banks will send a mortgage renewal notice in the mail usually one to two months prior to the term expiration. At this time the banks tend to take advantage of our busy schedules to assume that you will sign on with them for another term. The worst part is, they only tend to offer you their posted rate with no or very little discount. Over 50 percent of the public sign this renewal without researching what the competition has to offer. We are here to offer you the expertise and resources so you can take advantage of the competitive mortgage market.

We deals with over 25 lending institutions to find you the best possible mortgage to fit your needs. We don’t work with one bank or one institution, we are independent and with a sole purpose of finding you the best mortgage rate.

Traditional "big bank" policy is at best to discount the posted rate by 0.10 to 0.75 percent. Of course in order to get a fully discounted rate the bank likes to see your personal investment portfolio. Why should your net worth have anything to do with the discount you receive? We can find lenders whose discount is based on normal qualifying procedures such as credit worthiness and job stability, not how much money you have.

The big difference when using us service! We don’t stop at the application. We assist you in gathering all information that the lender requires. We can also assist you with picking the right legal representation, residential appraiser, home inspector and insurance broker. We have the solutions to all of your mortgage related concerns. Unlike the big banks, we work harder to earn your business and to keep you coming back!

At renewal, you have the option to pay off all or part of your mortgage, change the term (the interval between renewals), change the amortization period (the time required to fully pay off your mortgage), or change the frequency of payments (weekly, etc.). With this flexibility, you can adjust your regular payments to suit your circumstances, which may have changed.

No cost to switch to other banks
If your mortgage is up for renewal with a major financial institution, switching it to another lender is easy. Quite often when we compare your renewal rate to other lenders hungry for your mortgage, they will offer you a better deal. This is done at no cost to you because the new lender who wants your business will pay for the legal and appraisal fees to do the switch.
You may have a discharge fee charged by your current bank however the savings in switching will outweigh the costs if proven to be beneficial.
Give yourself plenty of time to shop before your mortgage renewal. Before your mortgage has to be renewed, you choose the day, month and year when you want to receive your reminder.

Should you break your mortgage for a lower rate?
Yes and no. When you break your mortgage contract to renew your mortgage at a new rate and a new term, you're faced with a prepayment charge to reimburse your financial institution for the lost interest income. As a basic rule of thumb, the prepayment charge is based on three months interest or the interest rate differential (that's the difference between you present mortgage rate for the balance of your term and the current rate you want to take out), whichever is greater.

If your mortgage is insured by the Canadian Mortgage and Housing Corporation, you pay a maximum penalty of three months interest after the third anniversary date of the interest adjustment period, or after the third anniversary date from your most recent renewal.

The amount of the prepayment charge will tell you whether or not you should renegotiate your interest rate. Generally speaking, the shorter your remaining term - ideally less than a year - the smaller the penalty, and the more attractive early renewal becomes. On the other hand, the longer the term left on your mortgage, the greater the prepayment penalties, which makes early renewal less desirable.