The ReFinancer

Here are a few things you need to know before you renew your mortgage!

​You may be aware of the new mortgage rules that came into effect on November 21, 2024 regarding the no stress test for uninsured mortgage transfers to another lender instituion where you are not refinancing for additional funds and/or changing your amortization period.  Well, the Office of the Superintendent of Financial Institutions ("OFSI") is now stating that this only applies to Federal regulated financial institutions, meaning that if you have a mortgage with a credit union or other financing lender, you will not be able to avoid the stress test!  

Over 70% of Canadian mortgage holders will have to renew their mortgage in 2025.  Experience has shown that the “Big Banks” send their mortgage renewals out at a posted rate. Lenders are counting on the fact that most homeowners are too busy to ask questions or to inquire about getting a better rate, but don't let this happen to you!  

​

To ensure you get best mortgage with the best rates and terms available, contact me.  I will provide you with mortgage transfer options where you may be able to avoid legal fees and/or an appraisal fee to switch mortgage lenders*

* (OAC - certain restrictions may apply)