Renewing

How to qualify for mortgage default insurance

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Total debt service ratio less than

Gross debt service ratio less than

Credit score at least

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Your How to Guide to Renewing your Mortgage

REMEMBER, YOU'RE IN THE DRIVER'S SEAT

You’ve got a track record as an owner, and lenders will want your business and will compete for it. That’s where a mortgage broker can really help. Your first step is to connect with us. With low interest rates and a growing selection of innovative mortgage solutions, you could potentially save thousands by shopping around.

COMPARISON SHOP

Our independent Mortgage Brokers know what’s going on in the marketplace, and can connect with over 50 lenders to find the best the best interest rate and options for your renewal. After all, a lower rate can save you big time in costs over the life of your new mortgage.

DO THE MATH

You’ll be offered a number of loan options, so discuss them with your Mortgage Broker and choose one that best suits your needs. Over and above considering the lowest rate, discuss whether a fixed or adjustable rate is better for your situation.

ASK FOR MORE

There will be a few fees and costs associated with this process, such as legal and administrative costs for transferring the mortgage, as well as a mortgage discharge fee. Your Mortgage Broker can ask to have these costs absorbed – it’s worth asking because it’s competitive out there.

SIT BACK AND RELAX

That’s it. Once your renewal is completed you can sit back and give yourself a pat on the back (and your Mortgage Broker too).

FACTOR IN A FEW ADDITIONAL COSTS

There will be a few fees and costs associated with this process, such as brokerage or underwriting fees or transaction, settlement, and closing costs. Your Mortgage Broker can discuss these with you and factor into the mortgage.

Expert Lending Advice

Bilingual Mortgage Advise to serve you better

Lower your mortgage rate

Access home equity (cash)

break your current mortgage

Learn how to payoff your mortgage faster

We’ll help you review your renewal offer, compare alternatives, and make the choice that best supports your financial goals — now and in the future.

How do you pay mortgage default insurance?

When your mortgage term ends, it’s the perfect time to reassess your needs and explore better options. Don’t just sign the renewal offer from your current lender — you could be missing out on lower rates or more flexible features.

At renewal, you can: