Renewals and Transfers

We work your mortgage renewal a little harder to get your best rate.

Your mortgage renewal time starts around 120 days (4 months) before the end of your current mortgage term. It's an important time to explore your options — don't sign without talking to us.

Many homeowners stay with their existing mortgage lender simply because they think it's easier than shopping around, or that the offer from their existing bank is the best deal available.

What if it isn't? Seize the chance to have us look around for you before you lock in for another term. You could potentially save thousands, or even get into a better mortgage product if your needs have changed.

Check with us now, or look through our directory for help in your preferred language, or schedule a callback when it's right for you.

This time, get a better rate.

You wouldn't be the first homeowner to suffer from rate remorse. If you feel that you could have gotten a better rate on your last term, we can help.

At True North Mortgage, getting you a better mortgage is our favourite workout (come on, work it, work it!). We make it easy, checking with all lenders, even your own bank — we're quite competitive on your behalf.

Our brokers are the best, but they're also salaried for truly unbiased advice. And, because mortgages are all we do, we'll offer your best rate (that you qualify for), passing along a discount based on our volume of work.

Our advice is free, and we quickly outline your renewal details to make your decision easier.

If you decide to make a change or to transfer to another lender, you may need an appraisal or extra paper work done.

Or, there may be pre-payment penalties that you haven't been made aware of. We know the drill, and we're here every step of the way to make your decisions as stress-free and transparent as possible.

You don't need to wait for your bank renewal statement to explore your options.

• Your lender may send a renewal offer early. Or, they may not. Legally, your lender has to send your renewal statement at least 21 days before your mortgage term ends. Three weeks, however, doesn't leave you with a ton of time to research your options (although we can give you an answer, fast!).
• First, go to your lender to ask for their best offer.
  Even if they've provided an early renewal offer, be confident about your right to go back to them to negotiate for their best rate or mortgage product.
• Contact us for all the options, at no cost or obligation. We may be able to beat their rate or help you decide on a better mortgage fit to address your changing needs. The bottom line is that you should have all the information available to make the best decision for your mortgage renewal or transfer.
  

Insured and uninsured mortgages can often forego the stress test at renewal.

When purchasing a home, your mortgage is qualified through the federal stress test, which looks at your ability to afford mortgage payments if rates go up to 5.25% or by another 2.0% (whichever is greater).

To stay with your current lender at renewal, you won't be re-qualified through the stress test (unless you request a refinance).

Recent mortgage rule changes mean that most mortgages can now switch lenders at renewal and qualify using the contract rate instead of the higher federal stress test rate — giving those homeowners the ability to shop around for a better deal.

Thinking about a REALLY early renewal?

If you have a year or two left on your mortgage term, but see prices going up or down, you may not want to wait for your renewal period.

That means breaking your mortgage term early, and likely paying penalties or fees (depending on your product or lender), in order to lock in a different rate for another full term.

If rates are going up or down quickly, we can run the numbers to see if an early break would make savings-sense in your situation.

We make it easy to get your better mortgage renewal from anywhere in Canada — online, by email, over the phone, through Morgan (our chatbot), or at one of our store locations.