When your mortgage is coming up for renewal, it is the perfect time to review your mortgage situation and consider renewal options. The best time to start planning is 120 days prior to the actual renewal date. This ensures finding the best mortgage product to renew with.

Unlike a purchase transaction, renewals do not have added expenses like legal fees etc.. – As long as the applicant(s) do not add or remove a party to the title or request additional funds. The lenders will want to see your credit and will want to verify your income to ensure you meet their requirements of approval. The paperwork needed for a renewal is very minimal compared to a purchase transaction.

Summary of a Renewal:

  • No fees for renewing
  • No legal cost
  • No appraisal fee’s (on high ratio insured deals only)
  • Up to 120 day rate holds to ensure lowest rate

The Documents we will need for your renewal are:

  • Mortgage Renewal Agreement from current lender
  • Income documents
  • Property tax statement
  • Home owners insurance policy

It is a good time to lock into fixed rates as rates are low. When you shop for a mortgage transfer, also shop for a good broker. A good broker will end up saving you thousands over a mortgage lifetime. Think absolute when it comes time to renew.