RRenewing your mortgage is just as important
as selecting your first mortgage.

While renewing your mortgage, you are in a stronger financial position than where you were before. Your home equity grows over a period of time. By decreasing your principal loan balance, you are in a good position so have our team negotiate for you!

Here are some helpful facts

1. You do not have to renew your mortgage with your current lender.

2. Your initial lender must inform you of the decision to renew or not to at least 21 days before the mortgage expiration date.

3. You are free to hire a mortgage broker to help you find the best mortgage rate and terms for your new loan.

4. As long as you have all your paperwork in order, such as your income verification papers, insurance, appraisal, the title, the mortgage statement and charge, etc., a renewal will only take 3-5 business days.

5. Preparing for renewal takes planning. If you want to ensure that you get the best rate, you should start looking into at other mortgage rates and options four months prior to your mortgage expiration.

We are here to help

With expertise in the Canadian mortgage industry, our team will help you get the most out of your mortgage renewal. Pay off existing debts, clear credit card bills, refinance, or renovate your home.

Our team will find you the most competitive offer in the market to ensure that switching lenders become a quick and easy process. Heads up, a good time to start is 3-6 months prior to your current mortgage maturing.

The renewal process

1. Complete an application.

Provide us with your current mortgage information/renewal offer, along supporting documents. We will provide you with a personal consultation and review all the offers available to you.

2. Renewal Approval.

There should be no cost to you, as the new lender will cover the legal and appraisal costs.

3. Meet with the solicitor prior to the completion date.

Renewals vs Refinance

Both renewing or refinancing your mortgage should be quick and easy. When your current mortgage reaches the maturity date, you can renew with a lender that offers you the best terms and rate. With a renewal, there’s no additional money, no changes in amortization, and no changes in the title. With a refinance, however, you can make changes to your mortgage at any time. You do not have to wait until the maturity date.

Whether you choose to renew or refinance, our team works with you to find the best mortgage solution to suit your financial and personal needs

We can help you in any project

There’s a better deal out there, and we’re here to help you get it. Irina Nichol Mortgage Team offers unparalleled choice and expert advice when you’re making the largest financial decisions of your life.


We can help you in any project

We’ll help you get a better deal. Professional mortgage brokers will give you independent advice so you can make the best choice for your family. We offer unparalleled choice and expert advice to Canadians when you’re making the largest financial decisions of your life.