Mortgage Renewal in Burnaby, BC
A mortgage renewal in Burnaby is your chance to reset your rate and term, and to move lenders if your current one won't match a better offer. We gather your renewal statement, shop it with the lenders we work with and handle the paperwork if you switch. If your first renewal letter for a condo near Metrotown or Brentwood has arrived, you're free to change the lender and the term, and in some cases the amortization. In most cases the lender pays us, so our work is free to you.
If I renew with the same lender, do they run a new credit check?
Most lenders renew their own clients without a full new application, and some still pull a credit report before they send the offer. Your lender also has a notice deadline, because a bank or other federally regulated lender has to send your renewal statement at least 21 days before the term ends, and credit unions follow BC's rules, so check which kind holds your mortgage.
Staying with your lender takes the least paperwork, so we compare their offer with others before you sign and you know what staying costs.
Will my Burnaby neighbours get the same renewal offer I do?
Each lender prices renewals its own way, so 2 Burnaby neighbours with the same balance can get different offers. For a $500,000 mortgage over 30 years, every 1 percentage point on the rate moves the monthly payment by about $283 to $298. That gap between offers comes out of your budget every month. Put your offer into our renewal comparison calculator to see the difference in dollars.
Can my amortization go back to 30 years when I renew?
Adding years to your amortization changes the loan, so most lenders handle it as a refinance and you'd need to qualify under the stress test. That test uses your contract rate plus 2% or 5.25%, whichever is greater. Shortening it, say from 27 years down to 25, is usually allowed at renewal and lowers the total interest you'll pay.
If you want to free up cash from a Capitol Hill or Deer Lake house at the same time, look at our mortgage refinance in Burnaby page first.
Book a free Burnaby renewal review
We'll go through your renewal letter with you and show how it compares with offers from other lenders. Book a free call to get started.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
This is my first renewal. What should I expect?
You'll get a letter with a rate and term to sign. Send it to us as soon as it arrives so there's time to compare it with offers from other lenders.
We might buy a bigger place before my next term ends. Does that change how I renew?
It can, because a shorter term or a mortgage you can take with you to the next home gives you room to move without a large penalty. Get a mortgage pre-approval in Burnaby and we'll plan both steps together.