Mortgage Renewal in Surrey, BC
A mortgage renewal in Surrey gives you a short window to pick a new rate and term, and to decide whether your current lender still deserves your business. We line up your lender's renewal offer against other lenders and move the mortgage for you if someone else is offering better terms. If you bought in Fleetwood or Cloverdale with a long amortization, renewal is when you can shorten it, and we'll show you what that does to your payment. You won't pay us anything in most cases, because the lender covers our fee.
My renewal is a few years away. Can I renew early?
Many lenders will let you lock in a renewal a few months before your term ends without a penalty. Renewing years ahead usually means breaking your current term, and the penalty for that can cost more than a lower rate would save. We work out the penalty and the savings with your real balance, so you see both figures before you decide.
If you live in Guildford or Whalley and plan to buy your next place before then, start with a mortgage pre-approval in Surrey so we can plan the renewal and the purchase together.
With 27 years left on my amortization, can I go back to 30 or down to 25?
Dropping to 25 years is usually simple 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 to your amortization, so most lenders treat it as a refinance and you'd qualify again under the stress test. That test uses the greater of your contract rate plus 2% or 5.25%.
For a Panorama Ridge or South Surrey owner who also wants to pull out equity, our mortgage refinance in Surrey page explains the limits.
Is it harder to get approved with a new lender at renewal?
Moving lenders at renewal got easier after a federal rule change. A federally regulated lender won't make you pass the stress test again when you switch with the same balance and amortization. That rule has covered uninsured mortgages since November 21, 2024, and insured ones get similar relief. You can add up to $3,000 for fees, and no equity can come out in the switch. Once a new lender approves you, our Rate Look Back guarantee has us check rates every business day until closing. If a lower one opens, we re-lock you at no cost.
Book a free call about your Surrey renewal
Bring your renewal letter and we'll show you how it compares with other lenders before your signing deadline. Book a free call to get your Surrey comparison started.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
Everyone renewing right now is in the same boat, right?
You're renewing in the same market as your neighbours, and your offer still depends on your lender and your own file. Treat your current lender's letter as a starting point and let us compare it before you sign.
Will my lender run a new credit check if I stay?
Staying put usually means no full application, though some lenders check credit anyway. If you switch, expect a credit check and a request for pay stubs and a recent property tax notice, which we collect for you.