Mortgage Renewals and Transferring Lenders

As long as you are at the end of your mortgage term, there are no costs, appraisal fees, legal work, or penalties to transfer your mortgage from one lending institution to another. The mortgage renewal is often the most neglected decision made during the lifetime of a mortgage even with all these benefits.

Homeowners will not shop around and will continue to stay with their mortgage lender. They often feel that the process of shopping their mortgage is time consuming or too difficult. Many also believe that their current offer from their bank is in fact the best deal around. Many times this is not the case.

Experience and history shows that most banks will offer a renewing client a discount of 25% off their posted rates. Negotiating this rate discount may also prove to be time consuming and does not always lead to the lowest loan rates.

When the client does manage to negotiate a better deal, these deals might have a maximum ceiling discount of 1%. This may represent the amount that the branch allows the mortgage rep to discount any of their available mortgage products. These discounts might only be available to certain individuals who hold numerous investments held within the bank. For many of us, these exceptions are not made available to us.

It is important to work with the right mortgage broker, who will treat you with courtesy, respect, and privacy. The best rates should be posted for all clients and the same dedication should be afforded to each client while finding the best mortgage solutions for their needs.

The real benefit to using a mortgage broker is that you are working with a professional that spends 100% of their time on the mortgage market. This is very important when their goal is to provide you with the very best mortgage rates and service that every client is entitled to.

When your current mortgage term is complete, or your mortgage is getting close to renewal, it is wise to remember these two great opportunities to save some money:

1) Do not wait for the Bank!

Make an appointment with your lender at least 3 to 4 months prior to your renewal date to discuss your options and to see what kinds of service that they can provide for you.

2) Keep on top of your lender

Negotiate with your provider and be confident as to what their best renewal mortgage rate can be. Once you have a suggested rate, make an appointment with us and we’ll make sure to beat their best rates at no extra cost to you!

Download PDF



Richmond Mortgage Brokers

  • Cash Back Mortgages
    Cash-back mortgages were more popular prior to the last economic downfall, the 2008 financial crisis. While they have not been completely written off as a worthy mortgage option, there are still some property owners that choose this option. ... More
  • Construction Mortgage Options
    Options on Construction Mortgages Currently, there are a few kinds of construction financing available. Though building a home can be quite a complicated endeavor, your mortgage should be quite simple. There are 3 categories within ... More
  • Why Equity Based Mortgages?
    For those prospective home owners who are unable to prove income or have a damaged credit history, an equity based mortgage can be a great option. If you currently have equity in a home or you can provide a large down payment, you may still be ... More
  • Plan For First-Time Home-Buyers
    Purchasing a new home and securing a mortgage is a huge commitment and is one of the most important financial decisions your will ever make. It is greatly beneficial that the process can be simplified. In order for you to get your mortgage ... More
  • HELOC or Home Equity Line of Credit
    A Home Equity Line of Credit is the process of using your homes equity to get a secured line of credit. With a HELOC, you can use this equity to be used for another purpose. For instance, these funds may be used to purchase a new vehicle or to ... More
  • Rental and Investment Properties
    Investment Property Mortgages Highlights 1) Amortization periods up to 35 years, with Variable and Fixed Rate Mortgages Permitted 2) Great Rates, quite close to the best rates possible 3) Loan to Value ratio of 80% on ... More
  • Mortgages For The Self-Employed
    CMHC and Genworth both recognize the unique challenges that are faced by self-employed Canadians. Genworth and CMHC offer mortgages loan insurance options for borrowers that are self-employed in order to help clients realize their dreams of ... More
  • Mortgages for Newcomers to Canada
    CMHC and Genworth offer special financing options to borrowers with permanent residence status and non-permanent status. These newcomers to Canada help to increase the nation's positive population growth and have also created a wider variety of ... More

Richmond Mortgage Brokers

Richmond Mortgage Brokers
Richmond, British Columbia

Phone: 778-732-0181
Email: