Renewals and Transfers

To transfer your mortgage from one banking institution to another, there is no cost, no penalties, no appraisal fees and no legal work, as long as you are at the end of your mortgage term. Even with all of these benefits, mortgage renewals are one of the most neglected decisions made during a mortgage’s lifetime.

Most homeowners do not shop around and continue to stay with their existing mortgage lender since they believe it is so time consuming or difficult to explore their options. As well, they may believe that their current offer from their existing bank constitutes the best deal around. Many times this is not the case.

History and experience shows that the majority of banks offer renewing clients a 25% discount off posted rates. As well, negotiating a rate discount with the branch may prove to be a timely process and often does not lead to the lowest rate around.

If however, the client does manage to negotiate a better rate, it is often a maximum ceiling discount of 1%. This is the maximum amount the branch allows a mortgage representative to discount any mortgage product. Certain cases are provided for clients who have numerous investments held within the bank. For the majority of us, there are no exceptions made to this rule.

It is important to work with a mortgage broker who treats you with courtesy, privacy and respect. The best rates should be posted for all and every client is assured with the same dedication to finding the best mortgage solution for your needs.

The main benefit to dealing with a mortgage broker is that you are dealing with someone who focuses 100% of their energy and time on the mortgage market. This is a vital step when it comes to providing the rates and service that every client is entitled to. When your current mortgage term is complete, and/or your mortgage is getting close to renewal, it is wise to remember these 2 opportunities to save money:

1. Don’t wait for the Bank!
Make an appointment with your mortgage lending institution 3 to 4 months prior to the renewal date and discuss your options to see what kind of service they can provide for you.

2. Keep Asking!
Negotiate with your mortgage provider and be confident as to what their best rate on your renewal can be. Once you have had that appointment and conversation, call us and we’ll be sure to beat their best rate at no extra cost to you!



Kelowna Mortgage Brokers

  • First time Home Buyers Plan
    One of the most important financial decisions you will ever make is purchasing a home and securing your mortgage. This is a huge commitment. It is helpful when the process can be simplified. There are a variety of mortgage professionals who can ... More
  • Mortgages for Self-Employed People
    Genworth and CMHC recognize the unique financing challenges faced by self-employed Canadians. In order to help clients realize their dreams of homeownership, Genworth and CMHC offer mortgage loan insurance options for self-employed borrowers, ... More
  • Refinance and Debt Consolidation
    It is possible to refinance up to 80% of the value of your home without relying on CMHC! Thanks to the major appreciation in housing prices during the past 7 years, a variety of consumers have been able to take advantage of certain ... More
  • Equity Based Mortgages
    Equity based mortgages are a great option for those who have a damaged credit history or are unable to prove income. If you can provide a large down payment or if you have equity in your current home, there is still an opportunity for you to own ... More
  • Cash Back Mortgages
    For the most part, cash-back mortgages have not been that popular since the 2008 financial crisis. Before we can completely write them off, let us discuss if they why some people choose this option. Is A Cash-Back Mortgage Worth It? ... More
  • Home Equity Line of Credit
    A Home Equity Line of Credit or HELOC is the process of using the equity in your home to get a secured line of credit. With a Home Equity Line of Credit, equity can be released to be utilized for any purpose. It may even be used to establish a ... More
  • Investment Property Mortgages
    Highlights a) Extended Amortizations of up to 35 years, with Variable, Fixed and Adjustable Rate Mortgages Permitted b) Very good rates, very close to the best if not the best c) Up to 80% LTV for a 1-4 unit Rental Property ... More
  • Construction Mortgages
    Mortgage Options There are a variety of new kinds of construction financing available. Building a home can be a complicated endeavor; therefore, your mortgage should be simple. Basically, there are 3 categories of construction ... More

Kelowna Mortgage Brokers

Kelowna Mortgage Brokers
1427 Ellis St
Kelowna, British Columbia

Phone: 778.721.5305