Tell us about your current mortgage. A verified mortgage professional who covers your postal code will get in touch to explain your options, including staying with your lender, and what each would really cost.
A verified professional will get in touch.
The right choice depends on your costs, how long you plan to stay and how much certainty you want.
Sign a new term when yours ends, ideally after asking for a better rate.
Often possible without a penalty, with the chance of a better rate or features.
Replace your mortgage early, usually with a penalty and a new application.
Combine your current and today's rates, and extend your term, instead of paying a penalty.
Pay it off over a different number of years, with a different total cost.
Stay as you are, if the numbers show a change wouldn't save you anything.
Charged by your current lender if you end a closed mortgage early.
Charged when your current mortgage is closed out.
Needed to register the new mortgage, sometimes covered by the new lender.
Sometimes needed to confirm your home's value.
Often required by the new lender.
A lower rate with high costs or a longer amortization can cost more overall.
Ask for the licence number and check it with your provincial regulator.
And why do you recommend this mortgage.
A fee from the lender, a fee from me, or both.
Including the penalty, fees and any lender-paid costs.
After every cost, over the time I plan to stay.
Ask what a better rate from them would look like.
We'd rather connect you with the right provider once than flood your inbox with a dozen you'll never call back.
Penalties, fees and a longer amortization all change what a switch really costs. You hear how to compare them.
Your current lender may offer a better rate if you ask. You hear how that compares with switching.
You get the options explained. Whether to change anything is always your decision.
Renewing means signing a new term with your current lender when your term ends. Switching means moving your mortgage to a new lender, usually at renewal. Refinancing means replacing your mortgage mid-term, often to borrow more, change the amortization or get a lower rate, and it usually involves a penalty and a new application.
Not without comparing. The first offer is often not the best one. Ask your lender for a better rate, and get a quote from another lender or a broker to compare. Do this well before your term ends, since your lender must send a renewal offer ahead of time.
Often, yes, and it can be easier than refinancing. A straight switch at renewal may not require you to pass the stress test again, though rules change, so ask. The new lender usually still checks your income and credit, and may offer to cover some of the legal costs.
It's the fee for ending a closed mortgage before the term is up. For a variable rate it is usually three months of interest. For a fixed rate it can be the greater of three months of interest or the interest rate differential, which can be much larger. Ask your lender for the exact figure.
Your lender blends your current rate with today's rate and extends your term, rather than charging a penalty to break the mortgage. It can lower your payments, but the blended rate may not be as good as a new rate, so compare it.
Lenders generally let you borrow up to a share of your home's appraised value, and the limit is lower than for a purchase. Borrowing more increases what you owe, and your home is at risk if you can't repay. Ask about the total cost, and whether a line of credit or other option suits you better.
There can be a penalty, a discharge fee from your current lender, legal or notary fees, an appraisal, and title insurance. Some new lenders cover some of these costs. Ask for all costs in writing, and add them up.
Extending the amortization lowers your payments, but you pay more interest overall. Ask the adviser to show the total interest over the life of the mortgage for each option.
With a new lender, yes. They look at your income, debts and credit history and the property, and may apply the stress test. Staying with your lender may involve fewer checks.
Not necessarily, but brokers can compare many lenders. Ask how many lenders they compare, how they are paid and whether you would pay a fee.
Complain to the firm first. If you're not happy with the answer, you can contact the Financial Consumer Agency of Canada, the Ombudsman for Banking Services and Investments, or your provincial regulator for brokers. These services are free to use.
Your current lender, your rate, when your term ends, roughly how much you owe, the value of your home and your postal code. If you don't have everything, send the request anyway.
No. Namoye is a free matching service. It is not a lender, broker or adviser, and it doesn't give financial advice. Any advice or offer comes from the firm that contacts you.
No to both. A verified professional contacts you, and Namoye is free for you.
All CA finance · Purchase Mortgage · Personal Loan
Namoye is a free matching service. It is not a lender, broker or adviser, and it doesn't give financial advice or make credit decisions. Any advice or offer comes from the firm that contacts you. Check that a mortgage broker or agent is licensed with your provincial regulator before you share personal or financial details. Your home may be at risk if you can't keep up your mortgage payments.
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