Mortgage Renewal in Langley, BC
A mortgage renewal in Langley means picking your rate and term for the next few years, and deciding whether your current lender has earned another term. We compare their renewal offer with other lenders and move your mortgage for you when the numbers favour a switch. A first renewal letter on a Willoughby or Walnut Grove home can arrive with very little explanation from the lender, so we walk you through each line of it. You won't pay us anything in most cases, since the lender covers our fee.
This is my first renewal. What does it look like?
Your lender will send a renewal statement with a rate, a term and a date to sign by. A bank or other federally regulated lender has to send it at least 21 days before the term ends. Credit unions follow BC's provincial rules, so read the date on yours carefully.
A 21-day window goes quickly when you want to compare lenders, so we start about 120 days before your term ends and have the comparison ready well ahead of the deadline.
Can I bring my amortization from 27 years back up to 30, or down to 25?
Cutting to 25 years is something most lenders allow at renewal, and it lowers the interest you'll pay over the loan. Moving back up to 30 adds years, so you'd have to qualify again under the stress test, and a lender switch would no longer count as a straight switch. We run both payments for you so you can see the trade before you pick.
I've heard I can renew early. Is that true?
Most lenders let you renew a few months early without a penalty, and earlier than that you'd pay to break the term. If you're thinking about selling in Murrayville and buying in Fort Langley, a mortgage pre-approval in Langley shows what you can buy, and bridge financing in Langley can cover the gap between the 2 closings.
Talk to us before you sign your Langley renewal
Bring your renewal statement to a free call and we'll compare it with other lenders while you still have time to switch. Book a free call here.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
Is it harder to get approved by a new lender?
It's usually easier than qualifying for a purchase. Since November 21, 2024, a federally regulated lender won't make you pass the stress test again on a straight switch of an uninsured mortgage, and insured mortgages have similar relief. Up to $3,000 can be added for fees.
Will my lender run my credit again?
If you stay, many lenders renew without a new application. A new lender will pull your credit and ask for income documents, and we handle that request with you.
Will other Langley owners renewing now get the same offer as me?
Lenders price each file on its own, so 2 Langley owners with similar balances can see different numbers, and it's worth comparing a few offers before you sign.