Mortgage Renewal in Okotoks, AB
A mortgage renewal in Okotoks lets you change lenders at the end of your term without a penalty. If you bought new in D'Arcy or Westmount with the lender your builder suggested, renewal is when you can test that lender against others. We run that comparison across the lenders we work with and move the mortgage for you if someone else offers better terms. In most cases the lender pays us, so our help is free to you.
Can I shorten my amortization when I renew?
Dropping from 27 years left down to 25 is usually allowed at renewal, and it raises your payment while cutting the interest you pay over the life of the loan. Going back up to 30 adds years to the loan, so most lenders treat it as a refinance and you'd qualify again under the stress test, which uses the greater of your contract rate plus 2% or 5.25%. We show you the payment both ways before you choose.
Is it harder to get approved when I switch to a new lender?
For a straight switch, with no money added to the balance and no change to the amortization, a federally regulated lender won't ask you to pass the stress test again. Insured mortgages get similar relief from Finance Canada. The new lender still confirms your income and credit. Alberta has no land transfer tax, and the Land Titles fee to register a new $500,000 mortgage is about $550, which can be part of the up to $3,000 added for fees.
How much is a better renewal rate worth each month?
On a $500,000 mortgage with a 30-year amortization, each 1 percentage point on the rate changes your monthly payment by about $283 to $298. Put your lender's offer and ours side by side in the renewal comparison calculator to see the difference on your own balance.
Start your Okotoks renewal comparison
Book a free call about 4 months before your renewal date, or phone 604-262-3500. We'll send you 14 milestone updates from application to funding, so you'll know where things stand without chasing anyone.
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
Will my lender check my credit again at renewal?
Many lenders renew without a new credit check if you stay. Switching means a credit check and income documents, so have a recent pay stub ready.
Can I renew early if my term ends next year?
Many lenders let you sign a renewal a few months before your term ends with no penalty. Breaking the mortgage earlier than that usually costs a penalty, so we work out that figure first.
When does my lender have to send the renewal?
A federally regulated lender has to send it at least 21 days before the term ends, and Alberta credit unions follow provincial rules.