Mortgage Renewal
in Vancouver
We’ll help you find the perfect mortgage prior to your mortgage renewal.
If you still have an outstanding balance on your mortgage, you will need to deal with a mortgage renewal once your current term ends.
Each mortgage renewal is an opportunity to assess your current mortgage and determine whether it’s still the best fit for your financial situation and goals. You can make adjustments such as choosing the payment frequency, selecting a lender and deciding between a fixed or variable interest rate for the new term.
Planning ahead for your mortgage renewal can assist you in obtaining a more cost effective mortgage for the upcoming years.
How Does the Mortgage Renewal Process Work?
The mortgage renewal process is relatively straightforward. Your current mortgage lender presents you with different mortgage renewal options. You either sign it, try to negotiate for better terms, or choose to renew your mortgage with a different lender.
Renewing With Your Current Lender
When it comes to renewing your mortgage, sticking with your current lender is normally the easiest route. Whether you decide to go with their initial renewal offer or negotiate for better terms, the process is as simple as signing a new contract and continuing your payments. You won't have to go through the qualification process again and if you're dealing with a "Prime" lender, there usually isn't any renewal fees. However, renewing a mortgage with a "Sub Prime" or “Private” lender might come with additional costs.
Renewing With a New Lender
If your current lender isn’t able or willing to offer you a more beneficial renewal than other lenders, you’re free to renew your mortgage elsewhere. Your new lender will have to assess your finances to ensure you can handle the costs of your new mortgage. Your credit score and income will have to be re-evaluated. In addition to requalifying, you may have to pay additional costs such as a home appraisal, discharge fee, registration fees, or other administrative fees.
Mortgage Renewal Tips
These three tips will help you overcome challenges you may face during your mortgage renewal.
1. Consider Your Financial Goalse
Things change, right? Your financial game plan when you started your mortgage journey might not aline with your situation now. Maybe you scored a big promotion, maybe took a hit on the income front, or perhaps you're kicking back in retirement. Oh, and don't forget life events – like a new addition to the family or footing the bill for your kid's college tuition. Bottom line: pick a mortgage that fits your needs – rates, terms, etc.
2. Start Early
Most lenders will let you start the early mortgage renewal process 120 days prior to your mortgage maturity date. This means you could renew early with your current lender without having to pay a prepayment penalty for breaking your term early. This may not apply if you plan on renewing with a different lender. You can start researching your options online, but it’s best to talk with your mortgage professional who can help guide you through this process. By finding out which lenders are offering what, in terms of mortgage rates, prepayment options and other terms and conditions, you’ll be better prepared when you are ready to renew.
3. Consider Your Mortgage Needs
It’s important to figure out what you’re looking for in your mortgage product. Below are questions you may want to ask yourself to help determine what features are important to you:
Mortgage Renewal FAQ’s
Is a Mortgage Renewal the same as a Mortgage Refinance?
In short, no. A renewal is simply renegotiating the terms of your existing mortgage, while a refinance involves replacing your current mortgage with a new one.
What Questions Should I Ask When Renewing My Mortgage?
The most important questions borrowers should ask themselves is about their life events. Have you lost your job? Recently make a big purchase? Experienced illness? These answers can impact your profile as a borrower, which can impact your renewal.
Your mortgage renewal is also an excellent opportunity to explore other product options, such as prepayment privilege and portability.
Will My Mortgage Payment Change at Renewal?
Your mortgage payment might end up changing when it's time to renew for a few reasons. If there has been a change in mortgage rates since your last term started, your lender could propose a new rate, causing your payment to adjust. Moreover, making changes to your amortization period or payment frequency could also change your payments.
Can My Mortgage Renewal Be Declined?
It's not common to get turned down when trying to renew your mortgage with the same lender, but it can happen. Significant financial setbacks, such as missed payments or sudden unemployment, could lead to your lender refusing the renewal. If this happens, there's no need to worry. There are other options you can look into. You might consider opting for a different loan term or exploring financing options with alternative lenders instead.
What Happens if I Don't Renew My Mortgage?
If you don’t renew your mortgage before the current term ends, your mortgage will automatically to a 6-12 month closed or open mortgage, usually with an increased interest rate. Every lender is different, so it’s important to check the fine print on your mortgage regarding automatic renewals.
Your mortgage matters more than
you might think.
Hi, I’m Gurnik Singh, your mortgage consultant. I understand the stress of finding the right mortgage. It sometimes feels like you’re looking for a needle in a haystack.
Wanting to help homeowners navigate these complexities is what ultimately led me to a career in Real Estate Finance. My passion for understanding each person’s unique needs and tailoring the perfect mortgage to fit their life is what drives me. We offer more than just a mortgage; we provide the necessary tools and knowledge to ensure you supported throughout the financial life of your mortgage.
Ready to streamline your mortgage experience?
Benefits You Can Expect
Guidance
We’ve streamlined the entire mortgage process, making your mortgage experience simple & stress-free!
Access
With access to over 50 lenders, leave it to us to shop the best mortgage for your needs!
Transparency
We make transparency a priority, ensuring you’re well-informed throughout the mortgage process!
Testimonial
Don't Just Take my Word For It
Dan Rogers
“Invaluable Expertise”
“Gurnik’s services exceeded all expectations. He seamlessly guided me through the intricacies of a mortgage offering invaluable expertise and recommendations.”
Kiera Stephenson
“Diligent and Responsive”
“I worked with Gurnik and he did a fantastic job. He was diligent and responsive which was needed for all my questions as a first time home buyer. Would recommend and thank you again!”
Abdi Reed
“Seamless Process”
“Just secured a mortgage with the help of Gurnik. He made the entire process seamless and worked around my busy schedule to keep me informed throughout the process.”
Dan Rogers
“Invaluable Expertise”
“Gurnik’s services exceeded all expectations. He seamlessly guided me through the intricacies of a mortgage offering invaluable expertise and recommendations.”
Kiera Stephenson
“Diligent and Responsive”
“I worked with Gurnik and he did a fantastic job. He was diligent and responsive which was needed for all my questions as a first time home buyer. Would recommend and thank you again!”
Abdi Reed
“Seamless Process”
“Just secured a mortgage with the help of Gurnik. He made the entire process seamless and worked around my busy schedule to keep me informed throughout the process.”
Dan Rogers
“Invaluable Expertise”
“Gurnik’s services exceeded all expectations. He seamlessly guided me through the intricacies of a mortgage offering invaluable expertise and recommendations.”
Kiera Stephenson
“Diligent and Responsive”
“I worked with Gurnik and he did a fantastic job. He was diligent and responsive which was needed for all my questions as a first time home buyer. Would recommend and thank you again!”
Abdi Reed
“Seamless Process”
“Just secured a mortgage with the help of Gurnik. He made the entire process seamless and worked around my busy schedule to keep me informed throughout the process.”
How It Works
Step 1
Schedule a Call
Scheduling a call with us makes getting to know you and understanding your needs seamless and convenient.
Step 2
Target & Approve
We will hunt down the best mortgage solutions for you and breakdown the options. Then, we will work on approving your mortgage.
Step 3
Close
Our relationship doesn’t end once you sign on the dotted. We’re here to support you for the lifetime of your mortgage.
Here’s What You’ll Get
Knowledgeable Guidance
Stress-free Experience
Competitive Rates
Mortgage Flexibility
Long-Term Strategic Relationship
Mortgage Education
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Fast Approvals
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