Resources

When your mortgage is up for renewal you do have options.  Believe it or not nearly 85% of Canadians sign their mortgage renewal letter without actually considering other options for a better rate or product.  When you receive a renewal letter from your lender, they (mainly banks) will not offer you the best discount rate.   They are hoping (and in most cases are correct) that the client will just sign the letter and send it back to the lender.  The lenders save allot of money by taken this approach.
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Clients often call me with this question, but of course each case varies significantly as there are many factors to consider.  When deciding whether or not to refinance there are two important questions you must ask yourself. Firstly, how soon would you like to realize the savings? Secondly, how much longer do you expect to reside in your current home?
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The Government of Canada made some changes to High Ratio mortgage financing rules yesterday.  It is the fourth change since 2008.  The changes take effect July 9^th.
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Dream of Becoming DEBT FREE?
Let the Equity in your home work for you.
Are you paying high interest rates on visa cards, lines of credit and car loans?
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Financing on commercial mortgages is very different to financing on residential mortgages.  The process can take anywhere from 1 month up wards.    Along with an appraisal a  phase 1 environment inspection can be required depending on building type.  Always give yourself more time and do not rush the financing clause as it is there to protect the borrower.  With residential financing a 5 day financing clause is the norm.  With commercial financing 30 days or more is the norm depending on building type and processes involved.

When your mortgage is up for renewal you do have options.  Believe it or not nearly 70% of Canadians sign their mortgage renewal letter without actually considering other options for a better rate or product.  When you receive a renewal letter from your lender, the lender (mainly banks) will not offer you the best discount rate.   They are hoping (and in most cases are correct) that you will just sign the renewal letter and send it back to the lender.  The lenders save allot of money by taken this approach.
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The main objective of any mortgage borrower is to pay down there mortgage as soon as possible.  Naturally coming up with the money to do this is not that easy.  Two ways to chip away at your mortgage is to take an accelerated payment frequency and take advantage of the automatic payment increase allowed on your mortgage by your mortgage lender.  Here is an example.
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At mortgage renewal time your mortgage is completely OPEN.  This means the contract with your current mortgage lender is over.  You do have the option to either stay with your existing lender or move too another lender for better terms and conditions.  Moving to a new lender will require you to re-qualify, however if the terms and conditions are much better then what the existing lender is offering, it makes sense.
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There has being a tremendous amount of chatter and media news over recent mortgage rules changes implemented by Government of Canada and Superintended of Financial Services.  Yes these new rules seemed to have possibly effected the market or maybe it is just bad timing (the market had to slow down at some point).  Below is a simplified review of the changes.  As you will see it is not the end of the world and some mortgage products never changed at all.
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Subprime (B) and private lending options available to clients in Canada

In Canada there are three lending tiers.   The top tier or A lending as it sometimes called refers to clients who can qualify based on income and credit score to support the mortgage.  This type of lending would represent the majority of mortgage lending in Canada.   There are however two other lending options available to consumers, Subprime (B) and private lending.  This source of lending represents a large portion of the overall Canadian mortgage lending market.
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