You aren't obligated to renew automatically with your current bank. Our friendly, expert mortgage brokers can explore options with your bank and other lenders to find you a more favorable rate and potentially a better mortgage fit.
Effective November 21, 2024:
The Office of the Superintendent of Financial Institutions (OSFI) has removed the federal stress test requirement for straightforward, stand-alone uninsured mortgage switches at renewal. Insured mortgages were already exempt from this requirement.
Note: You won't need to undergo a stress test to renew your mortgage with your current lender unless you request a refinance.
Effective January 15, 2025:
Eligible homeowners seeking funds for secondary suite construction can access an insured refinance for up to 90% of their property's improved value, capped at a $2 million home value, with the option to extend the amortization to 30 years.
Please be aware that a 30-year extension includes an additional insurance premium of 0.2%. If you have questions, consult with your expert True North broker.
The renewal period for your mortgage begins approximately 120 days (4 months) before the conclusion of your current term. This is a crucial time to assess your options—avoid signing anything before consulting with us.
Many homeowners remain with their existing mortgage lender, assuming it's more convenient than exploring alternatives or believing their bank's offer is the best available.
But what if it's not? Take advantage of this opportunity to have us investigate on your behalf before committing to another term. You could potentially save thousands or transition into a mortgage product that better suits your evolving needs.
Connect with us now, or use our mortgage renewal reminder tool to receive a notification about 120 days before your renewal date. Then, reach out to us or apply online to initiate the process.
You're not alone if you've experienced regret over your previous mortgage rate. If you believe you could have obtained a better rate during your last term, we can assist.
At True North Mortgage, securing a better mortgage for you is our specialty. We simplify the process by evaluating offers from various lenders, including your own bank, to find the most competitive rates.
Our brokers are highly skilled and salaried, ensuring unbiased advice tailored to your needs. Since mortgages are our sole focus, we can offer you the best rate you qualify for, passing along discounts based on our volume of work.
If you choose to make a change or transfer to another lender, certain requirements may arise, such as an appraisal or additional paperwork.
There might also be pre-payment penalties you're unaware of. We are familiar with the process and are here to guide you through each step, ensuring your decisions are as stress-free and transparent as possible.
When purchasing a home, your mortgage undergoes qualification through the federal stress test, assessing your ability to manage payments if rates increase to 5.25% or by an additional 2.0%, whichever is higher.
To continue with your current lender at renewal, re-qualification through the stress test isn't required unless you request a refinance.
Take a Walk Through the Mortgage Process with Us. You'll Be Glad You Did.
Apply online now or request a callback.
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