Mortgage Renewal in Vancouver, BC
A mortgage renewal in Vancouver is the moment your term ends and you choose the rate, term and lender for the next few years of your loan. We put your current lender's offer side by side with what other lenders will give you. If another lender comes out ahead, we handle the switch. On a large balance, like the one a Yaletown or Mount Pleasant condo can carry, a small rate difference shows up on every payment. In most cases the lender pays us, so our help costs you nothing.
What does a first mortgage renewal look like?
Your lender sends a renewal statement with a rate, a term and a signature line. If your lender is a bank or another federally regulated lender, that statement has to reach you at least 21 days before your term ends, so mark the date and have your numbers ready well before it. Credit unions follow BC's provincial rules, so check your paperwork if you bank with one.
Signing the letter as it arrives is the easy path, though this is also when you can move to another lender without a penalty. We start about 120 days out, ask for your statement, and compare it with offers from other lenders so you can sign the better deal with time to spare.
Is getting approved with a new lender harder than renewing with my own?
A switch at renewal can be easier than a brand new mortgage because of a federal rule. If you move to a new federally regulated lender and keep the same balance and amortization, you don't have to pass the stress test again. That has applied to uninsured mortgages since November 21, 2024, and insured mortgages get similar relief from Finance Canada. Up to $3,000 can be added for fees, and you can't take equity out in the same move.
If you want cash from your Kitsilano or Kerrisdale home for a renovation, that's a different file, and our mortgage refinance in Vancouver page walks through it.
How much does my renewal rate change my monthly payment?
On a $500,000 mortgage over a 30-year amortization, each 1 percentage point on your rate changes the monthly payment by about $283 to $298. If your balance is higher, the change grows with it, so run your own numbers in our renewal comparison calculator before you sign anything.
Book a free call before you sign your Vancouver renewal
Bring your renewal statement to a free call and we'll compare it with offers from other lenders before your signing date. Book a free call today.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
Will my bank do a new credit check when I renew?
Most lenders renew an existing client without a full new application, though some do pull credit. A new lender will check your credit and ask for income and property documents, so we gather those early.
Can I renew early if my term ends in a few years?
Many lenders let you sign a renewal a few months before your term ends with no penalty. Breaking the mortgage earlier than that window usually costs a penalty, so we work out that figure first. If you're thinking of selling a Fairview condo to buy a house, read our bridge financing in Vancouver page before you decide.