Sarah A. Colucci, York Region's Mortgage Expert. Savings Guaranteed.
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      • FIRST-TIME HOME BUYER TAX CREDIT
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      • Prepayment penalties
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    • DEBT CONSOLIDATION
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    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • WHY INVEST IN REAL ESTATE
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • DOWN PAYMENT
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  • PRIME RATE CANADA
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  • FIXED OR VARIABLE RATE?

How Does A Mortgage Renewal Work In Canada?

How To Negotiate A Mortgage Renewal

A mortgage contract is one of the most important documents you will sign in your lifetime. In Canada, a mortgage has shorter terms and longer amortization periods of up to thirty-five years.

The goal of almost every borrower is to reduce their amortization period through better terms and conditions in order to pay off their mortgage sooner. Therefore, at renewal time, you finally have another opportunity to get better mortgage terms and the best interest rate.

When a mortgage has reached its maturity date, your existing lender will mail out a Renewal Statement which offers you a new interest rate and new mortgage term. In order to save the most money, you should consult a few different mortgage sources to ensure you are getting the best terms, conditions and mortgage rate.

In order to find the best mortgage, the best mortgage lender and enter a more favourable mortgage contract, you should consult other banks, credit unions and a reputable mortgage broker who has access to many different mortgage lenders that can compare interest rates.
​

Here are some terms and conditions you should consider if your mortgage is coming up for renewal or has reached its maturity date.

1. Rate

Most mortgage lenders will provide an extremely competitive rate when switching lenders and even offer to pay legal fees, and appraisal costs for the transaction.

2. Terms

Mortgage renewal is a time to negotiate better mortgage terms without a prepayment penalty. Borrowers can use mortgage renewal as an opportunity to shop around to get the best deal in order to save the most money over the next few years. 


3. Amortization Period

As a borrower pays down their mortgage they also shorten their amortization period. When refinancing a mortgage, some borrowers start the amortization at 25 years again or choose 30 years being the maximum amortization period. Therefore, it is important to work with a professional to ensure you don't "restart" the amortization period and pay more interest than you have to. 

This is also why working with a mortgage professional like myself can go great lengths to save you money, time and resources and ensure you make the right decision.

Are there any fees to use a broker for your renewal?

There are NO broker fees to renew or switch your mortgage to a better interest rate and better terms.

Documents Required For A Mortgage Renewal

All that is required to receive a better rate is:
  • A Renewal Agreement from the existing lender
  • ​Documents Required For Financing

Do Lenders Pay Your Legal Fees and Mortgage Renewal Costs?
  • Yes, they do. Paid legal fees & appraisal costs through a switch program (conditions apply on switch/transfer products as they must be eligible as a true conventional switch).

Types of Mortgages that can be "Switched/Transferred" + offered Switch/Transfer Rates
  • Conventional Mortgages
  • Collateral Mortgages (Home Equity Line of Credits borrowers want to merge into one low-interest mortgage at maturity)
  • Spousal Buyouts

My Mortgage Process Is Proven to Save You Time and Money
​

 A Switch/Transfer application does not need to be completed in person. All applications can be completed over the phone or electronically by Applying Now. Approvals can be available in 24-48 hours.




    When Your Mortgage Is Up For Renewal, Be Sure To Contact Us. 

    Fill in the information below and we will get back to you as soon as possible. Alternatively, you may speak to a live agent at the bottom of the screen, for more information. We look forward to working with you at renewal time!

SUBMIT
CONTACT ME

Types of borrowers I help:

- Salaried borrowers
​- Self employed (BFS) 
- No income borrowers 
- Professionals (Doctors, lawyers, etc.) 
- Investors who own 4+ properties 
- First-time home buyers
- Bruised credit 
- Those going through a divorce or separation. 



We always advocate for your best interests! 

GET IN TOUCH WITH US

Let's get started today.



Address

411 Queen St. 
Newmarket, ON
​L3Y 2G9

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Sherwood Mortgage Group
Licence # 12176

Telephone

Direct: 647-773-4849
​
Email: scolucci@sherwoodmortgagegroup.com
Picture
  • Home
  • WHY USE SARAH FOR YOUR NEXT MORTGAGE
  • APPLY ONLINE
  • PRODUCTS
    • Free House Value Tracker Report
    • CASH-BACK MORTGAGE
    • BRIDGE FUNDS
    • REVERSE MORTGAGES
    • SELF-EMPLOYED MORTGAGES
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • WHY INVEST IN REAL ESTATE
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE DICTIONARY
  • MORTGAGE NEWS
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • HOUSE HUNTING CHECKLIST
  • APPRAISALS
  • FIXED OR VARIABLE RATE?