When you get a mortgage, your agreement with the lender is set for a specific time period, known as the mortgage term. This term can last anywhere from a few months to five years or more.
When your mortgage term expires, you’ll have to either pay off the remaining balance or renew your mortgage. This is an ideal opportunity to reassess your financial situation and ensure your mortgage still meets your needs.
Compare rates from multiple lenders to secure a lower interest rate, reduce your overall interest costs, and pay off your mortgage faster.
A single, convenient application submitted to multiple lenders, allow us to act as your personal mortgage shopper to simplify the process and save you time.
Brokers offer personalized, unbiased advice tailored to your financial situation—whether your income has changed, you've added debt, or you want to pay off your mortgage faster.
Your renewal journey begins here. The first step is completing our online mortgage form.
This form gives your agent the essential details to personalize your mortgage renewal options.
Based on the information you provided in step 1, your agent will prepare a customized checklist of required documents to ensure all your mortgage options are available.
After submitting the necessary documents, your agent will review and provide the top renewal options and recommendations.
During this step, your agent will prepare the mortgage commitment, reviewing the mortgage amount, terms, payments, prepayment privileges, property taxes and answer any questions you may have.
Your current lender will issue a detailed payout statement. The information your lender sent over is reviewed verifying that the information on your home’s title matches the paperwork submitted to your new lender.
This process is facilitated by a mortgage loan closing service (FCT, FNF).
You’ll meet with a signing agent to review and sign the final documents just prior to the closing date.
A mortgage is a loan used to purchase a property or used to access equity against the value of a property you already own. It is a secured loan, meaning the property itself serves as collateral.
When you take out a mortgage, you agree to repay the lender over time through scheduled payments, which typically include:
If you fail to repay the loan, the lender has the right to foreclose on the property, meaning they can take ownership and sell it to recover the debt.
A mortgage broker is a licensed professional who acts as an intermediary between borrowers and lenders to help secure a mortgage loan.
Instead of working for a single bank or lender, mortgage brokers have access to multiple loan products from different financial institutions, allowing them to find the best rates and terms for their clients.
What Does a Mortgage Broker Do?
Benefits of Using a Mortgage Broker:
You’ll usually get a renewal notice from your lender about 4 to 6 months before your mortgage term ends. However, many mortgages allow for early renewal—sometimes as early as 6 months before the actual renewal date.
Even if you’re eligible for early renewal, it may not always be the right move. That’s why it’s a good idea to connect with your broker early. It gives you more time to review your options and make an informed decision. Our brokers are here to offer clear, unbiased guidance, walk you through early renewal possibilities, and help you understand how current interest rates could impact your choices.
If you miss your renewal date, your lender may automatically renew your mortgage at a higher rate. To avoid this, start the renewal process early so you can review your options and make informed decisions.
The mortgage amortization and mortgage term are two key aspects of a mortgage, but they refer to different things:
Mortgage Amortization
This is the total length of time it takes to fully pay off your mortgage if you follow the agreed-upon payment schedule. It’s typically 15 to 30 years and determines how much of each payment goes toward the principal and interest over time.
Mortgage Term
This is the length of time your current mortgage agreement is in effect before you need to renew or refinance. A term can range from a few months to 10 years, with 5 years being common. At the end of each term, you either pay off the remaining balance, renew with your lender, or switch to a new lender.
Key Difference:
Mortgage terms range from six months to 10 years, and the right choice depends on your financial situation, goals, risk tolerance, and preference for a fixed or variable rate.
Many homeowners choose a 5-year term, offering stability and predictable payments—especially when interest rates are low. A shorter term (1 to 3 years) may appeal to those seeking lower variable rates or planning to move soon, though it carries the risk of rate increases.
Also referred to as; Mortgage Default Insurance, Mortgage Loan Insurance, Default Insurance, and CMHC Insurance.
Mortgage default insurance protects lenders in case a borrower defaults (fails to make payments) on their mortgage. It does not protect the borrower—it is required by lenders when the down payment is less than 20% of the home’s purchase price (high-ratio mortgage).
In Canada, mortgage loan insurance is provided by three main insurers:
If you’re buying a home with a down payment of less than 20%, your broker and lender will automatically arrange for mortgage default insurance through one of the three approved providers: CMHC, Sagen, or Canada Guaranty. You do not need to apply for it yourself.
A home appraisal is a professional assessment of a property’s market value, conducted by a certified appraiser. Lenders use appraisals to ensure the home’s value supports the mortgage amount being requested.
Getting Pre-Approved is as easy as 1-2-3 with our online application
We are working hard to get the latest and greatest mortgage information. Check back soon!
