You've already done the reading. We shop the best rate.
Canadian bond yields are volatile right now, and fixed mortgage rates move with them. The rate available today may not be available next month.
Lock in a rate within 48 hours and hold it for 120 days. If rates drop before you sign, your locked rate drops too. You can't lose by checking.
At the end of your mortgage term, typically every 1 to 5 years, your contract expires. Your current lender sends a renewal letter 3–4 months before your renewal date with their offered rate. You can sign it, negotiate with them, or move your mortgage to a new lender for a better rate. If you do nothing, most banks automatically renew you at their posted rate, which is rarely the best one available.
Most lenders allow you to renew up to 120 days before your renewal date with no prepayment penalty. That's the window where you can lock today's rate with float-down protection. If rates drop before you sign, yours drops too. If they rise, you keep your locked ra
A rate hold lets you lock today's rate for up to 120 days while you finalize your new mortgage contract. Float-down means if interest rates drop before you sign, your rate drops with them, automatically. You get the best of both worlds: protection against rate hikes, plus upside if they fall.
Usually not. When your mortgage term ends, you're free to move to another lender without any prepayment penalty. The new lender typically covers your legal and appraisal costs (we negotiate this into the deal). Renegotiating with your current lender is free too, but they rarely lead with their best rate unless you have a competing offer in hand.
No. The initial quote is based on basic info from your renewal letter and a quick chat. No credit check required. We only run a soft credit pull once you ask us to move forward, and that has zero impact on your score.
A renewal means signing a new term on your existing mortgage balance, either at your current bank or a new lender. A refinance means breaking your mortgage to take out more equity or restructure the loan (usually with penalties if you're mid-term). At renewal time, there's no penalty either way. We help you decide which fits.
Not at all. We often use a better quote from a competing lender as leverage to get your current bank to match the rate. Many clients stay with their existing lender, at a lower rate they would never have been offered otherwise. Either way, you win.
