Mortgage Renewal in Abbotsford, BC
A mortgage renewal in Abbotsford is a decision on your rate, your term and your lender, and you can choose more freely than the renewal letter makes it look. We compare your lender's offer with other lenders and handle the switch if you move. If you own acreage near Matsqui or a house in Clearbrook or Auguston, we first confirm which lenders will take your property, because some lenders' rules on rural and farm properties can narrow the choice. In most cases the lender pays us for our work, so it costs you nothing.
Will my lender run a new credit check, or is renewal automatic?
Many lenders treat a renewal with their own client as close to automatic, and some still run a credit check first. Your lender also has a notice deadline, since banks and other federally regulated lenders have to send your renewal statement at least 21 days before the term ends. Credit unions follow BC's provincial rules, so check which kind of lender holds your Abbotsford mortgage and mark the date.
Is it harder to get approved with a new lender than to renew?
A switch at renewal can take less paperwork than a new purchase. Moving to a new federally regulated lender with the same balance and amortization means you don't requalify under the stress test, a rule in place for uninsured mortgages since November 21, 2024. Insured mortgages get similar relief from Finance Canada. You can add up to $3,000 for fees, and the switch can't include taking equity out.
If you do want equity for a project on your property, our mortgage refinance in Abbotsford page explains how a refinance usually lets you borrow up to 80% of your home's value.
Is my renewal offer the same one every Abbotsford owner gets?
The offer you get depends on your lender and your file. If your mortgage were $500,000 over 30 years, a 1 percentage point difference in rate would change the monthly payment by about $283 to $298, so put your offer through our renewal comparison calculator before you sign.
Book a free Abbotsford renewal call
Send us your renewal letter and on a free call we'll show you which lenders will take your property and how their offers compare. Book a free call to get your comparison.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
Can my amortization go from 27 years back to 30?
Going back to 30 adds to the amortization, so you'd requalify under the stress test at your contract rate plus 2% or 5.25%, whichever is greater. Dropping to 25 is usually easy at renewal.
My term has a few years left. Can I renew ahead of time?
Most lenders allow it a few months before your term ends. Earlier than that is a break with a penalty, so we compare the cost with the savings. If you plan to buy before then, start with a mortgage pre-approval in Abbotsford.