Mortgage Renewal in Nanaimo, BC

Is everyone renewing right now facing the same thing?

Your neighbours may be renewing too, and each offer is still priced on its own file. The first number in the mail can be your lender's opening offer, which is why we line up other offers next to yours before the date arrives. On a $500,000 mortgage over 30 years, each 1 percentage point on the rate moves the monthly payment by about $283 to $298, so a gap of even a fraction of a point is worth chasing.

What happens at a first renewal?

You'll get a renewal statement listing the new rate, the term and the balance left. Banks and other federally regulated lenders must send it at least 21 days before your term ends, and Island credit unions follow BC's provincial rules, so check your own agreement for the date. Once you sign, the new term starts when the old one ends and nothing else about your home changes. If you want to compare, we only need that statement and a recent pay stub to start.

Does a new lender make approval harder than renewing?

For a straight switch, with the same balance and the same amortization, a federally regulated lender doesn't make you pass the stress test again, and insured mortgages have similar relief. You'll still provide income documents and the new lender will check your credit, and up to $3,000 can be added to the balance to cover switching fees. If you'd like money out for a suite in Harewood or a renovation in Hammond Bay, that's a refinance, and our Nanaimo refinance page explains the limit of about 80% of your home's value.

Book your free Nanaimo renewal call

Send us your renewal letter and book a free call. We'll set your offer beside the lenders we work with and tell you clearly whether to sign it or switch.

Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.