Mortgage Renewal in Edmonton, AB
A mortgage renewal in Edmonton lets you move your mortgage to a new lender without a penalty, as long as you make the move when your term ends. In Windermere, Griesbach or anywhere else in the city, your bank only has to send the renewal 21 days before the term ends, which leaves very little time to compare. We line your offer up against the lenders we work with, and our clients have rated us 4.9 stars across more than 400 Google reviews.
What does my first renewal involve?
The paperwork is a single renewal agreement from your lender. A bank or another federally regulated lender has to get it to you at least 21 days before the term ends, and Alberta credit unions follow provincial rules. If you sign it, your new term picks up where the old one stops. If you'd like to compare first, we need that statement plus a recent pay stub, and we can start up to about 4 months before your date.
Will I need a new credit check if I stay with my lender?
Many lenders renew existing borrowers without a new credit check, which is part of why the renewal letter feels automatic. Switching to a new lender comes with a credit check and proof of income, much like a smaller version of your original application. Since November 21, 2024, a federally regulated lender won't make you pass the stress test again on an uninsured straight switch, and insured mortgages have similar relief. Keep the balance and the amortization the same and your switch stays straight.
How much does my renewal rate matter to my monthly payment?
Each 1 percentage point on your rate changes the payment by about $57 to $60 a month for every $100,000 borrowed over a 30-year amortization. Multiply that by your own balance and the gap between 2 offers becomes easy to see in our renewal comparison calculator. Our Rate Look Back guarantee has us check rates every business day between approval and funding, and if a lower one opens we re-lock you at no cost.
Book a free Edmonton renewal call
Forward your renewal statement and book a free call. You'll get a same-business-day reply from your own advisor and a clear answer on whether to sign or switch.
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
What does switching lenders cost in Alberta?
Alberta has no land transfer tax. Registering the new mortgage at Land Titles costs $50 plus $5 for every $5,000 borrowed, about $550 on a $500,000 mortgage, and up to $3,000 can be added to the balance for fees.
Can I take equity out when I renew?
You can through a refinance, which can usually go up to 80% of your home's value and needs a full approval. Our Edmonton refinance page explains it, and if you're moving to a new place, a pre-approval in Edmonton comes first.
Can I shorten my amortization at renewal?
Many lenders let you shorten it at renewal, which raises the payment and can lower the total interest. Lengthening it at a new lender means passing the stress test again.