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Mortgage Programs

I am Renewing my Mortgage

At the end of your Mortgage Term, your mortgage contract will expire and you will have to make a decision about what to do next.  You have a few options.  You could:

  1. Renew: Continue with your current mortgage lender
  2. Payout: Pay off the remaining mortgage balance from savings or line-of-credit
  3. Switch or Refinance: Find out what other mortgage lenders can offer you

Renewing with your current mortgage lender

If you have been a good client and made all of your mortgage payments on time, your current mortgage lender will want to keep you as a client.  Therefore, they will mail you a Mortgage Renewal Form with a few options to choose from. However, many banks rely on the laziness of Canadians and WILL NOT offer you a very good interest rate. While it certainly is easy to simpy sign a renewal form, you could end up paying thousands of dollars in extra interest unnecessarily.

Mortgage Renewal

Payout the remaining mortgage balance from savings or line-of-credit

If your mortgage balance is fairly small, you could just pay off the remaining balance from savings or use an unsecured Line-Of-Credit (LOC).  Using an unsecured LOC enables you to pay off the mortgage as quickly as you want to without getting locked into another mortgage term and/or paying penalties to break the mortgage early.

Switch or Refinance with another mortgage lender

A Mortgage Managers broker will explain the pros and cons of different mortgage progams and will explain your options and help you find the best mortgage program tailored to your partcular needs. In most cases we can find you a lower rate than you are being offered by your current lender.  If you are simply Switching your existing mortgage balance to a new lender, you would not usually have any legal fees.

Give us a call to explore your mortgage options.  There are no fees for our services as we are paid by the banks after your mortgage closes.

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Required Documentation

When applying for a mortgage, your Mortgage Managers broker will need to obtain some documentation from you in order to complete your credit application accurately.  Please download a copy our our Required Document Checklist from our Library.

Paying Off Your Mortgage Faster

There are a number of ways that you can pay off your mortgage faster.  Your Mortgage Managers broker will discuss these Pre-Payment Privleges with you when you are signing your mortgage approval documents.  However, if you would like to do a little reading now, you can click this link to download a Free copy of the Financial Consumer Agency of Canada's Paying Off Your Mortgage Faster Guide from our Library.