BC mortgage renewal or refinance? See what else is out there first.
Your lender's renewal letter is one offer, not the whole market. If your mortgage is coming up for renewal, or you're thinking about refinancing, I compare options from different lenders and show you the numbers by phone or video before you sign anything.
Why compare before you renew
Most lenders send a renewal offer 60 to 120 days before your term ends, and signing it is the easiest option. It isn't always the right one for you. Rates, prepayment terms and penalties differ between lenders, and a difference that looks small can add up over a five-year term. I show you the total cost of each option, not just the rate.
Renew, switch or refinance: what's the difference
- Renew with your current lender. Simple and fast, but the offer may not be competitive for your file. I can tell you how it compares.
- Switch lenders at renewal. In many cases you can move to a new lender at renewal without a penalty, and some lenders cover legal and appraisal costs. Rules depend on your mortgage, so I check yours.
- Refinance. Replace your current mortgage before the term ends, often to access equity, change your amortization or consolidate debt. A refinance can trigger a prepayment penalty, so I calculate it before you decide. See debt consolidation if that's your goal.
What I look at for you
- Your current rate, term, balance and renewal date
- The prepayment penalty if you break early, and how it's calculated
- Rates and features from different lenders, including prepayment privileges and portability
- Whether your property and income still qualify with a new lender
How it works
- Send me your renewal letter or mortgage details, then we talk by phone or video.
- I compare lenders and show you the tradeoffs in plain language.
- You decide. If you move ahead, I handle the paperwork. My compensation is disclosed to you in writing before you decide.
Renewing in your city
Home values and equity differ across BC, which changes your refinance options. See local numbers on the city pages: mortgage broker in Prince George, mortgage broker in Victoria, mortgage broker in Nanaimo, mortgage broker in Duncan and Cowichan Valley, mortgage broker in Kelowna and mortgage broker in Kamloops.
When should I start looking at my renewal?
About 120 days before your term ends is a good time to start, so you have room to compare before your lender's deadline.
Will switching lenders hurt my credit?
A new lender will check your credit as part of an application, and I ask for your permission before checking it. I explain what that involves before we start.
What if I'm not ready to renew yet?
Talk to me anyway. I'll tell you what to work on and when it makes sense to act.
Can you help with a mortgage anywhere in BC?
Yes. I'm licensed in British Columbia and work with clients across the province.
Tell me what you're working on.
Send a few details and I'll follow up. Would you rather talk now? Pick a time that suits you.