Mortgage Up For Renewal?
Mortgage coming up for renewal?
Avoid higher rates – avoid unsuitable products and terms – don't be part of the crowd!
Don't be too hasty in just signing the form and sending it back to the lender. Many mortgage holders do just that, and the usual result is a higher rate and a mortgage product that might not be best suited to their interests.
Let us do the legwork for you – we will find you a very competitive rate and product to suit your interests. Click here to sign up for our Mortgage Renewal Registry.
Renewing / Switching
If you’re wanting to renew/switch your mortgage to another lender who will most often give you a better rate, most lenders now offer "no cost or low cost switches.” Invis can take care of all the details for you and help you negotiate with your existing lender or find a new lender who will give you very competitive rates. Get us working for you today. In addition, here's how switching works along with important related information.
What happens legally when you switch?
Most people are unaware of the legal effect of switching lenders. When you renew you are essentially starting the process again – discharging the existing mortgage, taking out a new one, and beginning the whole payment process, albeit at a lower principal amount. As such, you should treat this as just as important a process as the first time you arranged the mortgage. Remember your situation will most likely have changed since then, and you require a different product with different terms attached to suit your situation.
In most provinces a switch of the current or lower balance requires only a simple assignment of interest in the mortgage to be executed by all parties and registered on title. This assignment also attaches the specific terms that will have legal effect, and replaces those of the transferring institution. So even though the old mortgage is still registered on title, all those old terms and conditions registered by your previous lender will be completely replaced by those of your new lender under the assignment of interest.
Moreover, the form that you are holding in your hand from the lender who did your previous mortgage financing has a rate that probably is not as competitive as it could be. Don't let the hassle from the first time you negotiated lead you to just signing the form and sending it back to the lender – it will most probably cost you in the form of higher rates.
The lenders count on renewers just signing the form and mailing it in – they are not forcing you – but they are preying on human nature to embrace convenience. However, let us do the work for you – the same convenience, at a much lower cost to you and a product and terms that will suit your current situation. The fact is that it is likely another lender will give you what you want at a rate you want – there are no legal implications to you switching.
Let Us Help You When The Time Comes
Need some help when your mortgage comes up for renewal? Make sure you are signing your next term at the best possible rate and with the right product!
Tell us a bit about yourself and we will do our best to secure you the best rate: