Mortgage renewal

When should you start shopping?

Ideally, contact us a few months before your maturity date. Most lenders let you reserve a rate several months in advance. You’re protected if rates go up, while still being able to benefit from a drop if it happens before signing.

Waiting until the last minute leaves you less time to compare and can push you to sign your current lender’s offer for lack of an alternative.

Compare before you sign

You’re never required to accept the renewal offer sent by your financial institution. When all your financial products are in one place (chequing, savings, credit cards, investments), your lender may take your loyalty for granted. The offer you receive isn’t always the best one available.

By working with a mortgage broker, you’ll find out how your offer compares with the market:

• A complete comparison. We compare your current offer with those of many partner financial institutions.
• A switch handled for you. If another offer suits you better, we take care of transferring your mortgage, from start to finish.
• Peace of mind. If your current lender’s offer is already the best option, we’ll tell you honestly. You’ll know for sure.

The rate isn’t the only thing to compare. Prepayment options, how penalties are calculated and the ability to transfer your mortgage when you move can have a major impact over the coming years.

Switching financial institutions

Not entirely satisfied with your current lender’s service? Would you like a branch near you, a better online platform, or to bundle your mortgage with your other financial services?

Renewal is the perfect time to switch. We handle every step of transferring your mortgage application to an institution that truly matches your preferences and values.

Good to know

• The stress test. For a straight switch at maturity, without increasing the loan amount or the amortization period, you generally no longer need to requalify under the stress test. Switching lenders is therefore more accessible than before.
• Transfer costs. Switching lenders may involve some costs (discharge, notary or appraisal fees). Many institutions cover them in whole or in part to attract new clients. We give you the full picture before you make your decision.

Reviewing your mortgage structure

Your situation may have changed a lot since you signed your mortgage: a birth, a new job, higher income, retirement plans. Renewal is the opportunity to readjust your mortgage to your goals:

• choose between a fixed and a variable rate;
• choose the length of the term;
• change your payment frequency;
• pay off faster or, on the contrary, lower your payments for more flexibility.

Would you also like to access additional funds from your home’s value? That’s a refinance. See our Refinancing page to learn more.

Refinancing

Adding a home equity line of credit

Have you been paying off your mortgage for several years? The equity you’ve built can give you more financial flexibility, for the unexpected as well as for future projects. Your renewal is an excellent time to add a home equity line of credit.

• Flexible credit at an attractive rate. It’s revolving credit, a bit like a credit card, but at a much lower rate since it’s secured by your home.
• Repayment at your own pace. You borrow only what you need, when you need it. Minimum payments generally cover the interest, and you repay the principal whenever you like.
• A line that grows with you. With some products, the available amount increases as you pay down your mortgage.
• Strategic use. Because the funds are very accessible, this product requires disciplined management. Used well, it’s a powerful tool; used poorly, it can prolong your debt.

Adding a home equity line of credit usually requires a new analysis of your application and a new mortgage registered at the notary. We analyze your situation to determine whether this option makes sense for you and choose the product best suited to your profile.