Mortgage Renewals

Mortgage Renewal in Toronto & Area

You can no longer afford to be casual about your mortgage renewal.

Now, the onus is on you to prove you still deserve the lowest rates and best terms for your mortgage. Because mortgage lenders in 2018 are FAR more careful about the renewal offers they make.

Don’t worry, if you are still Rock Star Status, we will have multiple lenders competing for the right to fund your new mortgage.

But if things have changed since you originally got your mortgage, let’s get WAY out in front of that. Let’s assess your circumstances together and see what your current lender will see when the time comes. Often there are things we can do to strengthen your case.

Here is how we can help you get in front of all this:

We will review your Equifax credit report in detail to ensure it puts your best foot forward. We see reporting errors in our clients’ credit reports more than HALF the time!!We can fix those errors NOW – before they become a problem
We will give you a complimentary home valuation to help determine the new loan to value ratio of your renewing mortgage
We will run a simulated stress test on your financials, and determine if you still meet the new mortgage lending guidelines.

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Why all the fuss about mortgage renewals in 2018?

The reason is a new International Financial Accounting Standard called IFSR 9. It applies to all banks and mortgage lenders, and it’s here and it’s NOW.

You can read all about the impact of this change here.

It used to be as long as your mortgage repayment history was impeccable, you did not worry too much about your mortgage renewal.

A mortgage renewal letter would arrive in the mail 4 to 6 months prior to your renewal date, and would list several term and rate options; usually pretty competitive, and invite you the homeowner to select your preference.

Now you may find there are verification steps you never went through before. Or you may be told words to the effect “Give us a call, we will see what we can do.”

The three things mortgage lenders care about at renewal time: