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About Mortgages in Canada

A mortgage is a loan that supports the financing or purchase of real estate acquisitions. It is a formal agreement which enables lenders to provide home purchasing funds by securing ownership of the real estate until you complete payment of the mortgage loan.

The funding obtained through mortgage loans gets repaid through regular payments over a set period,  and these payments cover the borrowed amount along with interest costs.

Financial institutions such as banks and mortgage lenders offer mortgages which customers can obtain directly or through mortgage brokers.

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Mortgages play an important role in Canada’s housing market enabling most Canadians to achieve their dream of home ownership. Most people would find it difficult to afford home buying without mortgage programs.

Mortgage financing is the core component behind home purchasing demand which strengthens both residential property market activities alongside supporting economic sectors.

Knowledge about mortgage rates and fixed or variable mortgage options helps people achieve their real estate goals besides making sound financial choices in Canada.

How to compare mortgages

When you’re ready to own a home, one of the most important things to do is to compare your mortgage options. Here’s how to do it:

Mortgage rates and fees

• Mortgage rates are very important for homeowners. A small modification in the 5-year mortgage rate alters both your monthly mortgage payments and the total interest you will pay during the loan period.
• Pay attention to the fine print. Lenders may charge different fees like application fees, appraisal fees, or prepayment penalties.
• Always compare the best mortgage rates you get from different mortgage lenders.

Mortgage terms and conditions

• Common Mortgage terms are 5 years, but you can find shorter or longer options.
• Know the difference between fixed-rate and variable mortgage options. Fixed rates offer stability, while variable rates fluctuate with the market.
• Look for flexible repayment options that allow you to pay down your mortgage loan faster and save on interest.

Mortgage features and options: beyond the basics

• Some mortgages offer features like portability, allowing you to transfer your mortgage to a new property without penalty.
• Consider whether you need features like the ability to increase your mortgage amount later for renovations or other expenses.
• If you’re a first-time homebuyer, explore government programs and incentives that can help you with your down payment or offer mortgage insurance benefits.

Getting expert advice: the mortgage broker advantage

• A mortgage broker can be a valuable resource in helping you compare mortgage options from multiple lenders.
• They can provide personalized advice based on your financial situation and help you find the mortgage that best suits your needs.
• Brokers are especially helpful if you have a complex financial situation or are self-employed.

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Coast Capital

Overview: Best mortgage for lower rates. Coast Capital provides a range of mortgage options in Canada, including fixed and variable rates, construction mortgages, and home equity lines of credit. They also offer flexible features like lump-sum prepayments and accelerated payment schedules.

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Coast Capital Best For

Who it's for

Coast Capital mortgages are ideal for British Columbians seeking competitive rates and personalized service from a member-owned credit union. Their offerings cater to first-time homebuyers, those refinancing, and individuals looking for flexible mortgage solutions with transparent terms.

Coast Capital Features

Stand-out features

• Get a member-preferred rate
• Expert advice from mortgage specialists
• Frequent cash back offers
• Lock your rate for 120 days
• Available in 1 to 10 year terms
• Be mortgage-free sooner with extra payment options

Who it's for

Coast Capital mortgages are ideal for British Columbians seeking competitive rates and personalized service from a member-owned credit union. Their offerings cater to first-time homebuyers, those refinancing, and individuals looking for flexible mortgage solutions with transparent terms.

Stand-out features

• Get a member-preferred rate
• Expert advice from mortgage specialists
• Frequent cash back offers
• Lock your rate for 120 days
• Available in 1 to 10 year terms
• Be mortgage-free sooner with extra payment options

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4.04%

Uninsured Rates From

4.09%

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From $2,641

Lower

Overview: Lower is a leading Canadian mortgage platform that makes getting a great home loan simple, fast, and transparent through its easy online experience and competitive rates.

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Lower Best For

Who it's for

Lower is ideal for Canadians who want a quick, transparent, and hassle-free way to secure a competitive mortgage entirely online.

Lower Features

Stand-out features

• Fast, fully online mortgage application
• Competitive, low-rate options
• Personalized loan recommendations
• Transparent, no-hidden-fee process
• Expert support from licensed advisors
• Quick approvals and smooth closing process

Who it's for

Lower is ideal for Canadians who want a quick, transparent, and hassle-free way to secure a competitive mortgage entirely online.

Stand-out features

• Fast, fully online mortgage application
• Competitive, low-rate options
• Personalized loan recommendations
• Transparent, no-hidden-fee process
• Expert support from licensed advisors
• Quick approvals and smooth closing process

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3.50%

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3.80%

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From $2,496

Homewise

Overview: Best mortgage for a digital experience. ChatGPT said: Homewise is a digital mortgage brokerage in Canada that partners with over 30 lenders, including banks, credit unions, and private institutions, to offer a variety of mortgage products. Their services encompass pre-approvals, purchases, refinances, renewals, and alternative lending options, all accessible through a streamlined online application process.

Homewise Best For

Who it's for

Homewise is best suited for Canadians seeking a fully digital, hassle-free mortgage experience. It caters to first-time homebuyers, self-employed individuals, newcomers, and those with less-than-perfect credit, offering access to over 30 lenders, including major banks and alternative institutions.

Homewise Features

Stand-out features

• Compare 30 banks and lenders
• Save over $10,000 on average
• No credit check to apply
• Only takes 5 minutes
• They negotiate on your behalf
• Honest, unbiased and jargon-free

Who it's for

Homewise is best suited for Canadians seeking a fully digital, hassle-free mortgage experience. It caters to first-time homebuyers, self-employed individuals, newcomers, and those with less-than-perfect credit, offering access to over 30 lenders, including major banks and alternative institutions.

Stand-out features

• Compare 30 banks and lenders
• Save over $10,000 on average
• No credit check to apply
• Only takes 5 minutes
• They negotiate on your behalf
• Honest, unbiased and jargon-free

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Meridian

Overview: Best mortgage for flexible repayments. ChatGPT said: Meridian offers a variety of mortgage products, including fixed, variable, and high-ratio mortgages, as well as specialized options like construction loans and self-employed mortgages. They also provide unique offerings like the Flex Line Mortgage, combining a mortgage with a home equity line of credit.

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Meridian Best For

Who it's for

Meridian mortgages are ideal for Ontario residents seeking flexible, member-focused mortgage solutions. They cater to first-time homebuyers, self-employed individuals, those with less-than-perfect credit, and real estate investors, offering personalized service and a range of mortgage products.

Meridian Features

Stand-out features

• Flexible payment options
• Prepayment available
• Skip-a-payment options
• Cash back offers
• Get a mortgage with friends or family
• 120-day rate guarantee

Who it's for

Meridian mortgages are ideal for Ontario residents seeking flexible, member-focused mortgage solutions. They cater to first-time homebuyers, self-employed individuals, those with less-than-perfect credit, and real estate investors, offering personalized service and a range of mortgage products.

Stand-out features

• Flexible payment options
• Prepayment available
• Skip-a-payment options
• Cash back offers
• Get a mortgage with friends or family
• 120-day rate guarantee

When to take out a mortgage

Deciding when to take out a mortgage is a financial decision that shouldn’t be taken lightly. Here’s how you go about it:

Assess your readiness

• Financial Stability: Before even thinking about mortgage rates, take a good look at your financial situation. Are you financially prepared for this responsibility? Making a larger down payment can increase your chances of loan approval and getting better mortgage rates.
• Life Stage: Consider your current household and lifestyle to determine if you’re ready to buy a house.
• Credit Score: A good credit score is crucial for securing a favourable mortgage loan.

Market conditions

• Interest Rates: Monitor Canadian mortgage rates and the Bank of Canada’s policy. When interest rates come down, buying a home becomes more affordable.
• Seasonal Trends: Spring is often considered the best season to buy a home but winter months are a bit slower for real estate and may be the best time to find the lowest prices and the least competition.
• Don’t Wait Too Long: Waiting for interest rates to fall may not always save you money, especially if home prices continue to increase.

Other considerations

• Get Pre-Approved: Before you start seriously house hunting, get pre-approved for a mortgage. This will give you a clear idea of how much you can afford and strengthen your negotiating position.
• Consult a Professional: A mortgage broker can provide valuable guidance and help you navigate the complexities of the mortgage market.
• Equity: Borrow equity only when it can save you money or increase the value of your home over the long term

8 types of mortgages

Here’s a comparison of eight common types of mortgages to help you make great choices:

How to get a mortgage

Follow the steps below to guide you through the process of securing a mortgage loan in Canada:

Step 1: Assess your financial situation

• Check Your Credit Score.
• Calculate Your Debt-to-Income Ratio (DTI). Lenders use it to assess your ability to repay the mortgage.
• Determine your down payment as it will affect your mortgage amount and whether you need mortgage insurance.

Step 2: Get pre-approved for a mortgage

• Contact different banks, credit unions, and mortgage lenders to compare mortgage rates and terms.
• You’ll need to provide documents such as proof of income, employment history, and bank statements.
• A pre-approval gives you an idea of how much you can borrow and strengthens your offer when you find a home.

Step 3: Find a property

• Get a real estate agent to help you find properties that meet your needs and budget.
• Before making an offer, have the property inspected to identify any potential problems.

Step 4: Make an offer

• Work with your real estate agent to negotiate a fair purchase price.
• Make your offer conditional on obtaining mortgage approval.

Step 5: Finalize your mortgage

• Your lender will require additional documents to finalize your mortgage approval.
• If your down payment is less than 20%, you’ll likely need mortgage insurance.
• Review the mortgage documents carefully and sign them with your lawyer present.

Step 6: Close the deal

• You’ll need to pay closing costs, such as legal fees, land transfer taxes, and appraisal fees.
• Take Possession of Your New Home.

How long does it take to get a mortgage?

Generally, mortgage approvals in Canada take between 2 to 10 business days. However, some applications can be approved quickly sometimes, even within 24 hours. The entire mortgage process, from application to final approval, could take around 2 weeks, or sometimes even 4-8 weeks.

1. What affects the mortgage approval timeline

• More complicated financial circumstances.
• Missing or inaccurate information.
• Lender’s workload and high demand.
• Property valuation.
• Poor credit history.

2. Tips for a faster mortgage approval

• Get pre-approved.
• Gather all necessary documents before you start the application process.
• Respond to the lender’s requests for information quickly.
• Work with a mortgage broker.
• Be honest with mortgage brokers.

Who offers mortgage loans in Canada?

Here’s an overview of the main players in the Canadian mortgage market:

Banks

Big banks like RBC, TD, BMO, Scotiabank, and CIBC are major players in the Canadian mortgage market. They offer a variety of mortgage products, including fixed-rate, variable-rate, and hybrid mortgages.

Banks have stricter lending criteria than other types of lenders but can offer very competitive mortgage rates. 

Credit unions 

Credit unions are member-owned financial institutions that often have a community focus. They can be a good option if you’re self-employed or have a unique financial situation.

Credit unions like Desjardins, Duca Financial Services Credit Union and Alterna Savings Credit Union offer mortgages to residents of certain provinces in Canada.

Private lenders

Private mortgage lenders are less regulated than banks and credit unions, and can, therefore, offer more flexible lending criteria.

They often charge higher interest rates and fees to compensate for the increased risk. Examples of private lenders in Canada include Alpine Credits, Alta West Capital and Canadian Mortgages Inc

What are the best mortgages in Canada?

Here’s a comparison of some of the notable mortgage lenders with the best mortgage rates and the right mortgage product for your needs in Canada:

What affects mortgage rates?

There are complicated economic factors, government policies, and individual borrower characteristics that influence mortgage rates in Canada, let’s take a look at them:

• Bank of Canada Rate: The Bank of Canada’s policy interest rate has a direct effect on mortgage rates. When the Bank of Canada raises or lowers its rate, it often leads to corresponding changes in mortgage rates. Variable mortgage rates are determined by commercial banks’ prime rates, which are determined by the Bank of Canada’s key interest rate.
• Fixed vs. Variable Mortgage: The price of fixed mortgages is mainly dictated by the bond yield of the corresponding term for Canadian government bonds. Mortgage providers set variable rate fluctuations based on their prime interest rates. People who need consistent mortgage rates should choose variable-rate mortgages. Getting a fixed-rate mortgage would best suit someone who needs long-term financial stability. 
• Credit Score: A good credit rating helps show the mortgage provider you’re good at repaying your debt and may earn you a lower interest rate.
• Income: Lenders assess your income to determine your ability to repay the mortgage. A higher, stable income increases your chances of getting approved for a mortgage at a favourable rate.
• Employment: A stable employment history is viewed favourably by lenders. They want to see that you have a consistent source of income to meet your mortgage obligations.
• Credit History in Canada: A positive credit history, demonstrating responsible borrowing and repayment behaviour, is essential for securing a mortgage at a competitive rate.
• Debt-to-Income Ratio: Lenders will evaluate your debt-to-income ratio (DTI) to assess your ability to manage your existing debt along with a mortgage payment. A lower DTI is generally preferred.
• Home Appreciation: While not a direct factor in setting mortgage rates, the perceived potential for home appreciation in a particular area can influence lender confidence and, indirectly, lending practices.

What do you need to get a mortgage?

Applying for a mortgage involves gathering various documents and information to demonstrate your financial stability and creditworthiness. Here’s a checklist of what you’ll need:

Financial documents/proof of income

• Recent pay stubs (usually two to three months’ worth), T4 slips from the previous two years, and a letter of employment.
• Notice of Assessments (NOAs) from the previous two to three years, business financial statements, and articles of incorporation (if applicable).
• Recent bank statements (usually covering the past three months) to verify your assets and cash flow.
• Statements for any investment accounts that you plan to use for your down payment.
• Documentation to prove the source of your down payment, such as bank statements, gift letters (if applicable), or investment statements.

Identification and legal documents

• Driver’s license, passport, or other government-issued photo identification.
• Social Insurance Number (SIN) Card.
• A copy of the signed purchase agreement for the property you intend to buy.

Credit information

• Lenders will pull your credit report to assess your creditworthiness. You can also obtain a copy of your credit report from Equifax or TransUnion.
• Statements for any outstanding debts, such as credit cards, student loans, or car loans.

Property information

• Address, legal description, and property tax information for the property you’re purchasing.
• The lender may require an appraisal of the property to determine its market value.

Other documents (if applicable)

• If part of your down payment is a gift, you’ll need a signed gift letter from the donor stating that the funds are a gift and not a loan.
• If you’re divorced, you may need to provide a copy of your divorce decree.
• If you’ve previously declared bankruptcy, you’ll need to provide documentation of your discharge.

Do you need an agent to get a mortgage?

Mortgage brokers and agents provide beneficial assistance when dealing with the Canadian mortgage market though their usage is not mandatory.

A mortgage broker or agent brings both expertise and ability to locate several lenders while negotiating terms which leads to potential time and money savings.

The process of finding a satisfactory mortgage option on your own through independent research eliminates the need for an agent.

You should consider working with a mortgage broker or agent to gain ease of access to expert advice and additional lenders but their services come at a cost.

Benefits of using a mortgage broker/agent

• Access to Multiple Lenders: Brokers have access to a wide network of lenders, including banks, credit unions, and private lenders, potentially giving you more options than if you approached lenders directly.
• Expert Advice: Mortgage professionals possess extensive industry knowledge and can provide personalized guidance based on your financial situation.
• Negotiation Skills: Brokers can negotiate with lenders on your behalf, potentially securing better terms and rates.
• Streamlined Process: They can simplify the mortgage process, handling paperwork and coordinating with lenders.
• Cost Savings: Even a 0.1% decrease in your mortgage rate can save you thousands of dollars in interest charges over the life of your mortgage.
• Free Service: In most cases, a mortgage broker’s services are free to you, as they are paid a finder’s fee or commission by the lender.

What is mortgage insurance?

Mortgage insurance is a financial product designed to protect lenders against losses if a borrower defaults on their mortgage.

It’s an important part of the Canadian housing market, making homeownership more accessible, especially for first-time homebuyers. However, it’s important to understand the different types of mortgage insurance and how they work.

Types of mortgage insurance

There are three main types of mortgage insurance in Canada:

• Mortgage Default Insurance: This type of insurance is mandatory in Canada for homebuyers who make a down payment of less than 20% of the home’s purchase price. It protects the lender if you default on your mortgage, and the cost is passed on to you.
• Mortgage Loan Insurance: Also known as CMHC insurance, this type of insurance works like mortgage default insurance, protecting lenders against the risk of borrower default and allowing buyers to secure a home loan with a smaller down payment.
• Optional Mortgage Protection Insurance: This is an additional policy that homeowners in Canada can purchase to enhance their financial security. This insurance provides support to cover mortgage payments in case of unforeseen events such as disability, critical illness, or death.

How to use a mortgage calculator

A mortgage calculator is a handy tool that can help you estimate your monthly mortgage payments and understand the overall cost of buying a home. Here’s how to use one effectively:

• Enter the Home Price: Input the total purchase price of the home you’re interested in buying.
• Enter the Down Payment: Specify the amount of your down payment, either as a dollar value or as a percentage of the home price.
• Enter the Interest Rate: Input the annual interest rate you expect to pay on your mortgage. 
• Select the Amortization Period: Choose the amortization period, which is the length of time it will take you to pay off the mortgage. Common amortization periods in Canada are 25 years, but you can choose shorter or longer periods.
• Calculate: Click the “Calculate” button to generate your mortgage payment estimate.
• Review the Results: The calculator will display your estimated monthly mortgage payment, as well as other important information, such as the total interest you’ll pay over the life of the loan and a breakdown of principal and interest payments.

What happens after you get a mortgage?

Here’s what you can expect after you get a mortgage:

• Approval and Compliance Conditions: After your application is approved, the lender will require additional documentation from you regarding your income, the property itself, or your debts and/or assets. The documents that the lender requests are either for the lender’s internal requirements or for governmental regulatory compliance.
• Instructions Phase: After you have satisfied all of your approval conditions, your mortgage will move to the instruction phase. The lender will instruct the lawyer or notary (conveyancer) that they are ready to prepare and register the mortgage and disburse the funds.
• Meet with Your Lawyer: You’ll need to meet with your bank or mortgage broker to arrange your mortgage so that money moves to your lawyer’s account. From there, your money will be transferred to the seller on closing day. The lawyer gets the mortgage instructions from the bank and puts together a mortgage. Then you have to come in and sign the documents.
• Disbursement of Funds: The lender provides the mortgage money to your lawyer in trust for future disbursement to the vendor’s lawyer.
• Closing Day: On closing day, your lawyer transfers your mortgage funds and down payment to the seller. They also register the deed in your name. The deed is the legal ownership document for your home. Registering the deed transfers title (the legal term for ownership) from the previous owner to you.
• After Closing: After the funds have been disbursed, your mortgage file is taken over by the lender’s servicing department. That means that if you want to change your payment frequency or date or change which account the payments come from, you should contact the lender directly. Near the end of your term, your mortgage broker will reach out to you to see if your financing needs have changed and explore how best to renew or refinance your mortgage.
• Mortgage Discharge: A mortgage discharge is a process involving you, your lender and your provincial or territorial land title registry office. You must get a mortgage discharge when you sell your property

How to manage a mortgage

Effective mortgage management is crucial for achieving financial stability and long-term homeownership success. Here’s how to manage your mortgage effectively:

1. Set a budget and stick to it

• Create a detailed budget that accounts for all your income and expenses, including your mortgage payment, property taxes, and home insurance.
• Spend no more than 28% of your monthly income on housing costs (including mortgage payments, taxes, and insurance) and no more than 36% on total debt repayment (including your mortgage).
• Monitor your spending and identify areas where you can cut back to free up more funds for your mortgage.
• Review your budget regularly to account for any changes in your financial situation.

2. Make extra payments when possible

• Accelerate your mortgage payoff timeline by making additional payments toward the principal balance whenever possible. Even small extra payments can add up over time and significantly reduce the total interest paid over the life of the loan.
• Round up your monthly payment to the nearest hundred dollars.
• Increase your payment by a small amount each month (e.g., the dollar-a-month plan).
• Apply unexpected windfalls, such as bonuses, tax refunds, or inheritance, towards your mortgage principal.

3. Consider bi-weekly payments

• Switch to biweekly mortgage payments, paying half the mortgage payment every two weeks instead of a lump sum once a month. This way, you’ll make 26 half payments over the course of the year, amounting to 13 full payments and equivalent to an extra month’s mortgage payment.

4. Refinance to a shorter term (if it makes sense)

• Refinancing to a shorter loan term, such as a 15-year mortgage, can help you pay off your mortgage faster and save on interest costs.
• While monthly payments may be higher, you’ll build equity more quickly and become debt-free sooner.

5. Review your mortgage regularly

• Have you reviewed your home loan in the past 10 years? If you haven’t you could be paying more than you should be.

6. Communicate with your lender

• If you’re facing financial difficulties that make it challenging to keep up with your mortgage payments, contact your lender as soon as possible. Many lenders offer assistance programs, loan modifications, or temporary forbearance options to help homeowners facing financial hardship.

7. Seek housing counseling

• Consider seeking guidance from a HUD-approved housing counsellor who can provide personalized assistance and help you explore foreclosure prevention options, budgeting strategies, and financial resources available in your area.

8. Eliminate private mortgage insurance (PMI)

• If you made a down payment of less than 20%, you’re likely paying private mortgage insurance. Calixto highlights another effective strategy: eliminating private mortgage insurance

How to refinance a mortgage

The refinancing process may seem complex, but breaking it down into clear steps can make it manageable. Here’s how to refinance your mortgage effectively:

1. Set your refinancing goals

• Lower your interest rate.
• Reduce monthly payments.
• Change from a variable rate to a fixed-rate mortgage (or vice versa).
• Access cash through a cash-out refinance for home improvements or other expenses.

2. Choose the right type of refinance

• Rate and Term Refinance: Change the interest rate and loan terms of your current mortgage.
• Cash-Out Refinance: Take out a new loan for more than you owe on your existing mortgage and receive the difference in cash.
• Cash-In Refinance: Contribute a lump sum towards your mortgage to increase equity and potentially secure better terms.
• No-Closing-Cost Refinance: Roll closing costs into the principal of the new loan instead of paying them upfront.

3. Shop for lenders

• Research and compare lenders to find the best rates and terms. You don’t have to refinance with your current lender; shopping around can lead to better deals.
• Consider factors like customer service, fees, and overall reputation.

4. Gather required documents

• Prepare documents similar to those needed when you first applied for your mortgage, including:
• Recent pay stubs (usually two months).
• W-2 forms or tax returns for self-employed borrowers.
• Bank statements from the past few months.
• Documentation of any additional income or assets.

5. Apply for the refinance

• Submit your application with the chosen lender, providing all necessary documentation.
• Be ready for a credit check; lenders will evaluate your credit score and financial history.

6. Lock in your interest rate

• After approval, you may have the option to lock in your interest rate. This ensures that your rate remains unchanged until closing.
• Weigh the pros and cons of locking versus floating your rate based on current market conditions.

7. Undergo underwriting

• Your lender will review your financial information, verify details about the property, and order an appraisal to determine its current value.
• If you’re refinancing for cash-out purposes, the appraisal is particularly important as it affects how much equity you can access.

8. Get a home appraisal

• An appraisal is required to confirm your home’s value. Prepare by ensuring that your home is clean and well-maintained.
• If the appraisal meets or exceeds expectations, you’ll proceed with closing; if it comes in low, you may need to adjust your refinancing plans.

9. Close on your new loan

• Once everything is approved and finalized, you’ll close on the refinance just like you did when you bought your home.
• Review all closing documents carefully and pay any closing costs that apply.

How to renew a mortgage

As your current mortgage term approaches its maturity date, here’s how to navigate the renewal process effectively:

1. Start early

• Begin the renewal process at least 120 days (about four months) before your current mortgage term ends. This gives you ample time to explore options and make informed decisions.
• Mark your maturity date on your calendar to ensure you don’t miss important deadlines.

2. Review your financial situation

• Assess any changes in your financial circumstances since you first obtained your mortgage. Consider factors such as changes in income, expenses, and overall financial goals.
• Evaluate whether your current mortgage terms still align with your needs or if adjustments are necessary.

3. Compare rates and terms

• Research current mortgage rates and terms from various lenders, including your existing lender. Don’t assume that they will offer you the best deal.
• Use online resources or consult with a mortgage broker to compare offers and find competitive rates.

4. Understand your renewal statement

• If your mortgage is with a federally regulated institution, you should receive a renewal statement at least 21 days before the end of your term.
• This statement will include important information such as the remaining principal balance, interest rate, payment frequency, and any applicable fees.

5. Negotiate with your lender

• If you receive a renewal offer from your current lender, don’t hesitate to negotiate for better terms or rates.
• Use the information you gathered during your research to leverage discussions with your lender.

6. Make a decision

• After evaluating all options, decide whether to stay with your current lender or switch to another lender for potentially better terms.
• If you choose to switch lenders, be prepared for additional paperwork and possible fees associated with the transfer.

7. Complete the renewal process

• If renewing with your current lender, follow their instructions for signing and submitting the renewal agreement.
• If switching lenders, submit a new mortgage application, provide the necessary documentation, and undergo the approval process again.

8. Confirm new terms and conditions

• Once the renewal is finalized, review all new terms and conditions carefully before signing any documents.
• Ensure that you understand any changes in interest rates, payment schedules, or other important details.

Coast Capital

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Lower

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Homewise

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Uninsured Rates From

3.80%

Meridian

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