Mortgage Renewal in Cochrane, AB
A mortgage renewal in Cochrane is the point where your term ends and you can pick a new rate, term and lender without paying a penalty. If you bought in Sunset Ridge or Fireside a few years ago, your first renewal letter may be the first time anyone has put your lender up against the rest of the market. We set your lender's offer next to what other lenders will give you, and if another lender comes out ahead, we handle the switch. In most cases the lender pays us, so our help costs you nothing.
Is my lender's renewal offer the best I can get?
Lenders price each renewal on your own balance and payment history, and the first offer can be the lender's starting point. 2 neighbours in Riversong with the same balance can get different offers from different lenders. Comparing is how you find out where yours stands, and we start about 120 days before your term ends so there's time to act on what we find.
Do I have to pass the stress test again if I switch lenders?
For a straight switch, with no money added and no change to your amortization, a federally regulated lender won't ask you to pass the stress test again. That has applied to uninsured mortgages since November 21, 2024, and insured mortgages, which you'll have if you bought with less than 20% down, get similar relief from Finance Canada. The new lender still checks your income and credit. Up to $3,000 can be added for fees. Alberta has no land transfer tax, and the Land Titles fee to register a new $500,000 mortgage is about $550.
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. Put your lender's offer into our renewal comparison calculator to see the gap in dollars on your own numbers before you sign.
Book a free call about your Cochrane renewal
Bring your renewal letter to a free call, or phone 604-262-3500, and we'll compare it with offers from other lenders before your signing date. You can read what our clients say in our 4.9 stars across more than 400 Google reviews.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc. (operating as BRX Mortgage), licensed by the Real Estate Council of Alberta to deal in mortgages.
Frequently asked questions
Will my lender check my credit again at renewal?
Many lenders renew without a new credit check if you stay. Switching means a credit check and income documents, so have a recent pay stub ready before the call.
Can I add money for a renovation when I renew?
Adding money turns it into a refinance, which can usually go up to 80% of your home's value. Our mortgage refinance in Cochrane page walks through it.
When does my lender have to send the renewal?
A federally regulated lender has to send it at least 21 days before the term ends, and Alberta credit unions follow provincial rules.