Mortgage Renewal in Lethbridge, AB
A mortgage renewal in Lethbridge is the only point in your term when you can switch lenders with no penalty, so it's worth comparing before your signature goes on the offer. An early renewal offer on a West Lethbridge or Copperwood home can look tempting, so we check whether it saves you money before you sign. We compare your renewal across the lenders we work with, and in most cases the lender pays our fee, so you don't.
Is it true I'm allowed to renew my mortgage early?
It's true within limits, because some lenders will renew you with no penalty in the last few months of your term and a few let you start a little earlier. Renewing a year or more ahead usually means breaking the current term, and the penalty can eat up what you'd save, so get the penalty quote in writing.
What should I expect from my first renewal?
Expect a letter or an email from your lender with the offered rate, the term options and your remaining balance. Federally regulated lenders have to send it at least 21 days before your term ends, while Alberta credit unions follow provincial rules. If you switch, the new lender registers its mortgage at Land Titles, which costs $50 plus $5 for every $5,000 borrowed, or about $550 on a $500,000 mortgage, and Alberta charges no land transfer tax. A straight switch with the same balance and amortization skips the stress test at a federally regulated lender, and up to $3,000 can be added for fees.
How much does a different rate change my payment?
On a $500,000 mortgage over 30 years, a 1 percentage point difference moves your monthly payment by about $283 to $298. Scale that to your own balance in our renewal comparison calculator. If you want to free up equity for a renovation, our Lethbridge refinance page covers how it works, and a Lethbridge pre-approval is the first step if you're buying your next home.
Book a free Lethbridge renewal review
Book a free call and we'll compare your renewal offer with the lenders we work with. Once you're approved, our Rate Look Back guarantee has us checking rates every business day until funding, and we re-lock you at no cost if a lower one opens.
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
Can I shorten my amortization from 27 years to 25?
Many lenders allow it at renewal, and it can cut the interest you pay over the life of the mortgage. Lengthening it back to 30 at a new lender means qualifying at the greater of your contract rate plus 2% or 5.25%.
Does everyone renewing this year get the same offer?
Offers differ by lender and by file, even between owners renewing in the same month. A neighbour near the University of Lethbridge with the same bank can be offered a different number than you, so compare yours.
Do I need a new credit check?
Many lenders renew without one if you stay, and a new lender will check your credit and ask for proof of income when you switch.