Mortgage Renewals

Mortgages renewals in Canada are traditionally issued on five-year fixed terms. When the term ends, you will need to decide what course of action to take. You can either renew with your existing lender or transfer to a new lender with a lower rate and better terms as long as you keep the mortgage amount the same. You also have the option to pull some equity out of your property, but this would be a refinance transaction which differs from a standard renewal.

Mortgage Renewal Pro Tip:

When you receive your existing lender’s renewal offer, always reach out to a mortgage broker to request a free quote on what rates are available. They have access to a wide array of lenders and can look around to see if they can find you a better rate than what your current lender is offering.

These lenders will generally cover the costs associated with transferring to them as well. Typically, they can lock in a rate four months prior to your renewal date, so if rates increase in the market, you will be protected.

Start Your Renewal:

Need More Help?

Top 3 reasons why you should renew with a broker

The mortgage broker renewal process

Mortgage renewal calculator

Mortgage renewal rates

Top 3 Reasons To Renew With A Broker

Lower Interest Rates

  • Save money by taking advantage of lower interest rates that a broker has access to.

Better Mortgages

  • By switching lenders you can get better mortgage terms and less penalties to set you up for success in the future.

Sell / Payoff In Full

  • By switching your mortgage type during your renewal you can get an open-rate mortgage which will allow you to sell or pay off the full amount in the future without penalties.

How To Renew Your Mortgage With A Broker

1. Send Alex A Request

To start your mortgage renewal you will need to get started with your broker. Your mortgage broker will help you evaluate the best mortgages for your goals.

2. Receive Your Renewals

You’ll receive a variety of mortgage loan offers from your broker.

3. Complete Your Renewal

With your mortgage broker’s guidance you can choose the best loan for your situation.

Meet Alex

Alex Lavender is and Accredited Mortgage Professional (AMP) the author of “Mortgages For Millennials” and has been providing services as a mortgage broker in Halifax for years.

He takes pride in helping Nova Scotians purchase their first homes, refinance their current homes, or obtain a loan when no other options are available.

Alex listens to your situation and uses the necessary information to provide you with a variety of options from different lenders, including the big banks.

Our Client Reviews:

They went above and beyond to get us our first home right when we needed it. We are more than grateful for our beautiful home. Alex was there throughout the... read more

thumb George Turek
March 7, 2022

Alex and his team can be trusted for impeccable service tailored to your individual needs. With have current knowledge and access many lenders so they can help you evaluate which... read more

thumb Patti Leclerc
February 16, 2022

Alex was incredibly helpful throughout the whole home buying process and extremely responsive when we were working with tight timelines. He provided fantastic advice upfront while we were planning, and... read more

thumb Andrew Belletti
October 16, 2021

Mortgage Renewal Calculator

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5%

1%

5%

$
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$1421

Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421