Mortgage Renewal in Richmond, BC
A mortgage renewal in Richmond lets you pick a new rate and term, and it's the easiest time to move your mortgage to another lender without a penalty. We compare your renewal offer with other lenders and, if a switch makes sense, we handle it for you from the first document to funding. Steveston and City Centre owners can send us the bank's letter for a second opinion before signing it. Our clients rate us 4.9 stars across more than 400 Google reviews, and in most cases the lender pays us so you don't.
Is getting approved with a new lender harder than a standard renewal?
A straight switch has a lower bar than a new mortgage. When you move to a new federally regulated lender at renewal without adding to your balance or amortization, you don't need to pass the stress test again. That has been the rule for uninsured mortgages since November 21, 2024, and Finance Canada gave insured mortgages similar relief. You can roll up to $3,000 of fees into the new mortgage, but no equity can come out.
The new lender will still check your credit, your income and the property, so we collect those papers early.
My renewal is still a few years off. Am I allowed to renew early?
Most lenders let you renew a few months before your term ends with no penalty. Earlier than that, you'd be breaking the mortgage, and the penalty can be larger than the savings from a better rate. We calculate both numbers for your Richmond home so the choice is clear before you commit.
If your plan is to sell in Broadmoor and buy elsewhere before the term ends, bridge financing in Richmond may suit you better than an early renewal.
What does a first renewal look like from start to finish?
Your lender mails or emails a renewal statement. If that lender is a bank or another federally regulated lender, it has to arrive at least 21 days before your term ends, though some lenders send it earlier, and credit unions follow BC rules. We like to start about 120 days out, so ask your lender for the statement if it hasn't come yet.
Switching with us also comes with Stay in the Know, our promise of 14 milestone updates before funding and a reply from your own advisor on the same business day. The details are on our guarantees page.
Book a free call before your Richmond renewal date
Send us your renewal statement on the call and we'll show you how it compares while there's still time to act. Book a free call to set it up.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
Can I change my amortization from 27 years to 25 or 30?
Going down to 25 is usually fine at renewal. Going up to 30 adds to your amortization, so you'd qualify again under the stress test and lose the straight switch exemption if you also change lenders. Our mortgage refinance in Richmond page covers that route.
Do most lenders offer about the same deal at renewal?
Offers vary by lender and by file. Each 1 percentage point on your rate works out to about $57 to $60 a month per $100,000 borrowed over a 30-year amortization, so compare offers before you sign.