Mortgage Renewal in Kelowna, BC
A mortgage renewal in Kelowna is the one point in your term when you can move your mortgage to another lender without a penalty, so the offer in your mailbox deserves a second look before you sign it. If you bought in Glenmore or the Upper Mission a few years ago and this is your first renewal, we'll compare your lender's offer against the lenders we work with, and in most cases the lender pays us, so the comparison costs you nothing.
What does a first mortgage renewal look like?
Your lender sends a renewal statement with a rate, a term and your remaining balance. A bank or any other federally regulated lender has to send it at least 21 days before your term ends, and BC credit unions follow provincial rules, so a Kelowna credit union can work on a different timeline. That's a tight window, so we start comparing about 4 months out.
Is approval with a new lender harder than renewing where I am?
If you keep the same balance and the same amortization, a federally regulated lender won't make you pass the stress test again when you switch. That's been the case for uninsured mortgages since November 21, 2024, and insured mortgages get similar relief from Finance Canada. You'll still send income documents and the new lender will check your credit. Up to $3,000 can be added to cover switching fees, and no equity can come out in a straight switch.
How much does the rate on my renewal change my payment?
Take a $500,000 mortgage with a 30-year amortization: every 1 percentage point on the rate moves the monthly payment by about $283 to $298. Put your lender's number next to ours in the renewal comparison calculator before you sign. Between approval and funding, our Rate Look Back guarantee has us check rates every business day, and if a lower one opens we re-lock you at no cost.
What if I want money out of my home when I renew?
Adding to the balance turns the switch into a refinance with a full approval, where you can usually borrow up to 80% of your home's value to pay for something like a suite in a Rutland home. Our Kelowna refinance page walks through it, and if you're selling and buying, start with a pre-approval in Kelowna.
Ready to compare your Kelowna renewal offer?
Book a free call and send us your renewal letter, and we'll show you how it stacks up against the lenders we work with. If a phone call is easier, ring 604-262-3500 and we'll book the time for you.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
Will my current lender check my credit again when I renew?
Many lenders renew existing clients without a full new approval, so staying put usually means less paperwork. A new lender will pull your credit and confirm your income, so tell us early if your work has changed.
Can I go back to a 30-year amortization at renewal?
Stretching the amortization back out counts as a change, so a new lender would need you to qualify at the greater of your contract rate plus 2% or 5.25%. Shortening it from 27 years to 25 is usually simpler, and it can cut the interest you pay over the life of the mortgage.