Mortgage Renewal Process 2022

Take the Mystery Out of Your Mortgage Renewal Process

When you first go through the process of getting a mortgage, you’ll likely be given a few different options. Your lender will ask how much you want to borrow, and then suggest an interest rate based on your credit-worthiness and other factors. You might also be asked if you want to get a fixed or variable rate mortgage. Depending on your current financial situation, short-term goals and risk tolerance, that may feel like quite a lot of pressure, when it comes to making this big decision.

Whether you have an adjustable rate mortgage or not, we can all agree that the terms of your mortgage renewal are important. While renewing your mortgage doesn’t need to be a stressful process, understanding what the implications could be if you don’t act before the end of your term is important information for any home owner. Here are some things to consider when thinking about your upcoming mortgage renewal process.

Know When Your Mortgage Renewal Is Coming Up

One of the most important things to know when thinking about your mortgage renewal is when your current mortgage agreement ends. When you first get a mortgage, you will likely be given a specific date when your agreement ends. If you don’t know this information already, contact your lender to get the specifics. This is important information to have because it will allow you to start planning for what your options will be at the end of your term. If you’ve been thinking about getting a new mortgage or want to know what your renewal options are, get started early. The sooner you know that your current agreement will be up soon, the better prepared you’ll be to make a decision that’s best for you and your family.

Decide Whether You Want To Stay With The Same Lender Or Not

This might seem like a silly thing to consider, but it’s very important to know if you want to stay with the same lender or look for a new one. While it is rare, not all lenders offer automatic mortgage renewal. This means that if you want to continue your current mortgage with the same lender you’ll need to reapply and go through the entire application process from start to finish once again.

If you want to stay with the same lender, it’s important to speak with your lender about their application process and see if there’s anything you can do to make your application process easier. If you want to change lenders, make sure you give yourself plenty of time to complete the application process. Depending on your specific situation, you may want to start looking for a new lender as early as six to nine months before your current agreement ends.

Check Your Current Mortgage Conditions

Make sure you keep track of the amount of money you currently owe, your interest rate and your monthly repayment amount. It’s likely you don’t have to write these numbers down on a piece of paper, but it doesn’t hurt to have them written down in one place anyway. Having a list of these numbers written down on a piece of paper or in a document on your computer will help you keep track of your mortgage situation and make it easier to compare different options when it comes time to renew your mortgage.

Make sure you understand all the conditions of your current mortgage. This includes your interest rate, monthly repayment amount and length of your repayment period. If you have an adjustable mortgage, this is when you want to start keeping an eye on interest rate trends.

Rotate Or Change Your Mortgage Repayment Period

This one is tricky because not all lenders offer it and some may charge a fee or a higher interest rate. To change the length of your repayment period, you’ll want to contact your current lender and see if they offer a shorter repayment option. If they don’t, explore other options. This is a tricky one to pursue because each lender is different and you’ll want to make sure that you are getting the best terms for your situation. If you want to change your repayment period, make sure you have a good reason for doing so.

Changing your repayment period from a 15-year term to a 30-year term will significantly increase your monthly payments. This may not be the best option for you if you are just trying to get the monthly payments down. If you want to lower your monthly payments, you can ask your lender if they offer a bi-weekly or accelerated monthly payment plan. This will increase the length of your mortgage term, but it will help lower your monthly payments. Make sure you understand the implications of doing this, though.

Change Or Rotate Your Interest Rate

If you have a fixed mortgage, you will likely be happy with your current interest rate. If you have an adjustable mortgage, however, you may be thinking about ways to decrease your monthly payments. There are a few different ways you can do this. The first thing you can do to decrease your monthly payments is to change your mortgage interest rate. Many lenders offer their clients the option to change their interest rate once per year. Some lenders even offer the option to change your interest rate as often as every quarter.

If you want to change your interest rate, make sure you do it before the interest rates change. You can also change your mortgage payment. You can do this by changing the length of your mortgage term. If you shorten the length of your mortgage term, your monthly payments will decrease. This is because you will be repaying your mortgage debt in less time. Keep in mind that doing this will increase the total amount you end up paying for your mortgage. Make sure you choose the option that’s best for you.

Change Or Roticre Your Monthly Mortgage Repayment Amount

If you have an adjustable mortgage with a low interest rate and you want to decrease your monthly payments, you can always change the amount you repay each month. You can pursue if you want to decrease your monthly payments without decreasing your interest rate. This is a tricky one because it will change your mortgage terms. If you need help with this, make sure you talk to your lender and get advice from a professional.

Tips For Making Sense Of All This Information And Helping You Decide What You Want To Do

Here are a few things to keep in mind as you make your decision about what to do when your mortgage renewal time comes up. If you have an adjustable rate mortgage, you’ll want to keep an eye on interest rate trends. If rates go up, your monthly payments will likely increase. If rates go down, your payments could go down as well. If you want to keep your monthly payments low and you have a fixed mortgage, you can always increase your monthly payments to repay your mortgage faster.

This will decrease the total amount you end up paying for your mortgage. If you have a fixed mortgage, you have a few options for lowering your monthly payments. You can change your interest rate, change your payment or shorten the length of your mortgage term. Even if you decide to renew your mortgage with the same lender, you can ask for better terms and conditions.

You can request a lower interest rate or higher monthly payments. You can also ask for a shorter repayment term as well. Remember that your mortgage renewal is a chance for you to make changes for the better. Even if you like your current mortgage conditions, these are good opportunities to make your home mortgage payments more manageable and get ahead in your repayment.

We here at Capital Mortgages look forward to assisting you with Ottawa mortgage needs and approvals. Contact us today by calling us at: 613-228-3888 or email us direct at:

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Capital Mortgages specializes as a service-oriented brokerage that prides itself on integrity and maintaining a service level second to none in the industry.

Meet the Founders of Capital

We believe that buying a home is one of life’s most memorable experiences. Everyone who works on the team at Capital Mortgages is here because we are passionate about helping people own their dream home! This week, we want to introduce you to the Partners at Capital Mortgages.

Stefan Krepski, Owner, Capital Mortgages


Stefan Krepski co-founded Capital Mortgages over 20 years ago! In January 1999, he and his partners united to provide strategic advice in arranging suitable mortgage financing for purchases, refinances, construction and switch mortgages. Today, they continue to help Ottawa residents with residential and commercial financing. Stefan’s stands by his motto: “We get you the right financing, from the right lender, at the right rate!” Stefan has a degree in History from Carleton University and lives with his family here in Ottawa.


Learn more about Stefan here:



Po Krepski, Owner, Capital Mortgages


Po co-founded Capital Mortgages after graduating from Carleton University with a Bachelors in Commerce and Finance. She works hard to make sure her clients get what they have come in for and is renowned in Ottawa for her incredibly strong work ethic, reliability, and honesty with clients. Po lives by her motto: “I save you money by sourcing the best products at the best rates – not only on your first mortgage but on every subsequent renewal”.

Learn more about Po here:



Richard Morgan, Owner, Capital Mortgages


Richard Morgan has devoted 28 years to helping people from all walks of life with their mortgages. He co-founded Capital Mortgages with his partners over twenty years ago and has since represented thousands of clients surpassing billions of dollars in mortgages with a team of over fifty incredible mortgage agents in Ottawa. His motto is “to get our clients the Best Possible Mortgages that they qualify for through fast, professional and personal service”. Richard is a member of the IMBA, CIMBL, BBC and is a nationally recognized Accredited Mortgage Professional, the experts on call guest at CFRA and the recipient of the Chairman’s award in 2016 and 2017. He lives at home with his wife and two children, to whom he credits his success.

Learn more about Richard here:


Get to know our mortgage brokers more personally by scheduling an appointment with them to discuss your mortgage goals and learn how we can make them come true. Contact us now.

Capital Mortgages specializes as a service-oriented brokerage that prides itself on integrity and maintaining a service level second to none in the industry.

Refinancing Your Mortgage – What You Need To Know

There are a number of reasons why you might consider refinancing your property. One of these could be to capitalize on the equity you’ve built up in your home. For example, using the equity in your home can be a lower cost way of accessing funds than taking out a traditional loan. To learn more about whether refinancing could benefit you, we’ve gathered together some important information on the ways in which a refinance can be used:


Take advantage of low interest rates

Over the years interest rates can fluctuate and, since the time you took out your original mortgage, the interest may have moved. Through refinancing, you are able to take advantage of these new, potentially lower, rates and lower your payments.


Consolidate debt

If you are burdened by large monthly payments on multiple high interest credit card debt, you can refinance your mortgage to consolidate your debt into your mortgage at a lower interest rate, thus allowing you to save money and increase your cash flow.


Combine multiple mortgages into one

Paying various installments for multiple mortgages can be stressful. With refinancing, you are able to consolidate these mortgages into one with a fixed interest rate and possibly a longer repayment duration.


Access the equity in your home

An added bonus of home ownership is that you have access to financing at more competitive rates than unsecured loans or lines of credit. You can use the equity in your home to pay off debts, free up an amount of cash to do some home renovations, buy an additional property, invest in stocks, or for university tuitions. Since a mortgage is a secured loan, the interest applied is considerably lower than that of an unsecured loan.


If you would like to learn more about mortgage refinancing, please give the team at Capital Mortgages a call today. By carefully studying the status of your current mortgage and comparing it to your income and other debts, we can help you pick the refinance solution that best suits your current financial status.

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What To Do When You Have A Mortgage Renewal Coming Up

As your mortgage term draws to an end, you can expect to receive a letter or renewal from your lending institution. These letters are fairly straightforward given that they give you a number of rates and a term to choose from. The banks make it easy as you simply need to make your selection and then send the signed document back to the bank. The major drawback of this process is that these rates and terms may not be competitive and are always in the banks favour. Thus, if you have a mortgage renewal coming up, you need to do a bit of research.

The first thing that you should do is to compare the rates that are shown in your renewal letter with rates that you find online. You will likely find that you are not getting the best possible offers from your lender. You should find out whether or not you are qualified for a lower rate by consulting with a reputable mortgage broker. With steady employment and no major changes in your credit score, this should be easy.

Mortgage brokers can show you exactly how much you can save by working with a variety of lenders. Mortgage Brokers work for you and have your best interest at heart. You will have three options:

One of your options is to simply accept the renewal letter. Choosing from the rates that your lender has provided is usually the easiest thing to do but not the most cost-effective.

An alternative to accepting one of the offers provided in the letter is to try negotiating with your bank. Although this might be effective, it begs the question of why consumers want to negotiate with lenders that aren’t offering the most competitive rates outright. As a loyal customer, you deserve to have access to the most optimal products.

Finally, you have the choice to pack your business up and take it elsewhere. It will certainly take a bit more time to collect all of the documents that you need to go through the application process, but it is definitely worth the extra effort. Even a mere fraction of a percentage point can have a significant impact on the amount of money that you have to spend over the lifetime of your loan.

Buying a New Home: Capital Mortgages Ottawa

5 Things to be Aware of When Renewing your Mortgage.

Now’s the time to renew your mortgage! With the Bank of Canada possibly ready to cut rates again in March, and banks cutting fixed and variable mortgage rates, along with the fact that there is a shrinking pool of borrowers, it is the prime time to make a move. With this being said, a number of Canadians still sign their mortgage renewal papers. A 2011 survey found that nearly 2/3 Canadians stayed with their current mortgage and made no moves to renegotiate.

This stat has independent mortgage brokers puzzled. With people being busy and a quick paced life, it seems many people don’t concern themselves with their mortgages. When the maturity date nears, they simply sign their paperwork and move on with their daily lives. For those who are considering renewing their mortgages, here are 5 things you should be aware of.

1. Rates which are posted, aren’t always the best –

You should look at the posted rate at the beginning of your negotiations. This is the rate which companies use as a value proposition to their clients. The posted rate is stated and to preferred customers, discounts are offered from there. You must speak to a professional mortgage broker to help you shop around!

It seems Canadians trust the local institutions and banks play on this fact. They’ll play dumb and simply offer the posted rate, waiting to see if the customer will come back and try to negotiate.

2. Prior to negotiations, do your shopping –

You must research before negotiations, and always be willing to ask for a lower rate. It is as simple as going online and comparing a few of the current rates. Once you know the current going rate, speak to your mortgage company and ask them to reduce your rates. They always come down. Unless you are asking for something absurd, they will come down considerable in most cases.

3. Choose the bank or a broker? –

Many believe brokers offer lower rates because of the multiple lenders. A Bank of Canada survey did find that you can get lower rates with brokers, due to the fact that they get multiple quotes from various institutions.

4. Loyalty makes no difference –

If you are paying your mortgage and cutting years off amortization this is great; however, it has no bearing on your rates. Even if you have been loyal and been with your bank for years, this is irrelevant. A Bank of Canada letter in 2011 found that loyal customers may be getting a worst rate than customers who are new to a bank.

5. Know what you are signing –

Always read the small print. The cheapest rate doesn’t always equate to the best one. Look for additional options such as the ability to pay extra on the mortgage, and one that defines penalties if you don’t abide by the contract.

Don’t wait until the last minute. Contact a Capital Mortgage expert to begin shopping around at least 4 months prior to signing a renewal.


At Capital Mortgages in Ottawa we strive to be your personal mortgage broker for life.

Renewing Your Mortgage for the First Time

Many Canadians renew their mortgages like they renew their newspaper subscriptions: the renewal notice comes in the mail, they sign on the dotted line, and that’s that.

But homeowners should be more discriminating, say experts. A lot can change between the time you purchased your house and your first renewal — everything from interest rates to your job and family situation can change dramatically. Therefore, it’s good advice to re-evaluate your needs thoughtfully rather than blindly signing the renewal.

“It’s not simply about the best rate,” says Gerry Orr, a mortgage agent with Alberta’s Best Mortgage in Calgary. “Most mortgage brokers look at your mortgage as part of your overall plan.”

If it’s your first time renewing your mortgage, you should be aware of the options available to you. You may find that negotiating different terms or changing lenders not only saves you money but could shorten the life of your mortgage substantially.

Plan ahead
Your renewal notice will arrive a few months before the actual renewal date, but some experts suggest thinking about renewing your mortgage about four months before then. While homeowners have the option of renewing online, by mail or by phone, a face-to-face visit with your lender can offer invaluable feedback.

“It’s wise to come into the bank and discuss what your options are with a person,” says Joan Bidner, manager of residential mortgages for TD Canada Trust in London, Ont. “They should reassess their needs and which term is best for them. People get to different stages of their lives, and they should re-evaluate and see what works for them.”

For example, if the homeowner is making more money, she may want to shorten the term of her mortgage, making larger payments and paying it off more quickly. On the other hand, if she is on a tighter budget than when she initially purchased her home, choosing a long-term mortgage with a lower, fixed interest rate may be a better option.

As always, it’s wise to compare your current situation against the terms and conditions of other mortgage terms to get the best deal.

Become a negotiating machine
When your notice arrives in the mail, it will include the most current interest rates. But don’t assume that’s the only way to go. And don’t be intimidated to negotiate with your lender for a better rate — after all, it’s in the lender’s best interest to keep your business.

In addition to looking for a lower interest rate, you can also bargain for more prepayment privileges. Remember, a few hundred dollars extra every month added up over the life of your mortgage can save you a bundle.

But don’t expect miracles when negotiating. In one expert’s experience, there is no rhyme or reason why banks will negotiate with one homeowner while letting another go without a fight. “(Banks) have room to negotiate but only with certain terms and products, so they only have so much room to negotiate,” says Anthony De Almeida, president of CanEquity Mortgage based in Calgary.

Broker it out
If you don’t have the wherewithal to haggle or shop for a better deal on your own, consider hiring a mortgage broker or specialist to do the work for you. “We have no allegiance to any one lender, so we will offer you unbiased information and we have access to everyone,” says De Almeida.

And whereas many lending institutions don’t post their lowest rates, mortgage brokers and specialists deal directly with the mortgage underwriting department of all financial institutions, which takes the profit margin out of the price, says Orr. It’s like comparing the price of a dress for a customer versus a store buyer, who buys it cheaper at wholesale.

And remember, if your current lender doesn’t offer better terms, you can pack up and change lenders.

Change teams
A common myth about mortgage renewal is that once you sign on with one bank, you’re stuck with it to the end. But that is not the case. Still, it seems that Canadians are wary of changing lenders. Among homeowners who renewed or refinanced mortgages, 13 per cent changed lenders while 87 per cent stayed with the same according to a study prepared by the Canadian Institute of Mortgage Brokers and Lenders published in October 2005.

Younger people (ages 18 to 34) are more apt to switch than older people (older than 55), at a rate of about 19 per cent compared to five per cent.

Orr says he often must remind customers that changing lenders does not affect their credit ratings. “If you move your mortgage to a new instruction, it’s not going to affect your credit or your (financial) standing in general in any way.” He also adds that it’s not complicated to change, nor is it expensive. Lenders charge a flat rate of about $200 to switch institutions, but in many cases, that fee is waived or covered by your new lender.

Timing is everything
Homeowners can also renew early. This is advantageous if you find a low rate that you want to lock in. Some lenders will hold an interest rate as long as 120 days prior to the actual renew date, so it’s something to consider.

And if you forget to sign your mortgage renewal entirely, some mortgage contracts will simply keep the same rate until the next renewal period, so it pays to stay on top of it.