Mortgage Renewal in Chilliwack, BC
A mortgage renewal in Chilliwack gives you a short window to pick a new rate and term, and to decide whether your current lender still deserves your business. We line up your lender's renewal offer against other lenders and move the mortgage for you if someone else is offering better terms. If you bought a townhouse in Garrison Crossing or a house in Sardis with a long amortization, renewal is also when you can shorten it, and we'll show you what that does to your payment. You won't pay us anything in most cases, because the lender covers our fee.
What does a first mortgage renewal look like?
Your lender sends a renewal statement with a rate, a term and a signature line. A bank or other federally regulated lender has to send it at least 21 days before your term ends, and credit unions follow BC's provincial rules, so check your paperwork if you bank with one. Signing as it arrives is the easy path, though this is also when you can move to another lender without a penalty. We start about 120 days out so you can sign the better deal with time to spare.
Is it harder to get approved with a new lender at renewal?
Moving lenders at renewal got easier after a federal rule change. A federally regulated lender won't make you pass the stress test again when you switch with the same balance and amortization. That rule has covered uninsured mortgages since November 21, 2024, and insured ones get similar relief. You can add up to $3,000 for fees, and no equity can come out in the switch.
How much does my renewal rate change my monthly payment?
On a $500,000 mortgage with a 30-year amortization, each 1 percentage point on the rate changes your monthly payment by about $283 to $298. If your balance is higher, the change grows with it, so run your own numbers in our renewal comparison calculator before you sign anything.
Book a free call about your Chilliwack renewal
Bring your renewal letter to a free call, or phone 604-262-3500, and we'll show you how it compares with other lenders before your signing deadline.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
Will my lender run a new credit check if I stay?
Staying put usually means no full application, though some lenders check credit anyway. If you switch, expect a credit check and a request for pay stubs and a recent property tax notice, which we collect for you.
Can I go back to a 30-year amortization at renewal?
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, which uses the greater of your contract rate plus 2% or 5.25%.
Can I take cash out when I renew?
That makes it a refinance, and our mortgage refinance in Chilliwack page explains the limits.