The mortgage renewal process isn’t what it used to be, thanks to a number of recent mortgage rule changes. If you’re like many Canadians who are going to see their mortgage come up for renewal in 2018, the Globe recently offered these tips for mortgage holders thinking about switching lenders:
- If your mortgage is already default insured at the time you change lenders, you’ll get the lowest rates of all.
- A bunch of lenders now let you switch a mortgage and secured line of credit to a new lender and get the best insurable rates.
- If you have a regular mortgage and switch lenders, your new lender will usually pick up the legal and appraisal fee if you go for a three-year term or longer.
- $1-million-plus properties usually cannot be default insured. But if you switch a mortgage on a home that was worth less than $1-million, and insured, and the property value subsequently rose to more than $1-million, you may still be able to get insured rates.
To find out which lenders will offer the best deal for your specific situation, give me a call! I’m well-versed in the constantly-changing mortgage market, and would love to help you find the right mortgage for your needs.