Q: I already own a home, and my mortgage is up for a renewal. Unfortunately my bank is not willing to give me a lower rate. Can I also get pre-approved with a different lender to receive a better rate?

Absolutely! What I can do for you is to submit a switch mortgage application to a different lender, that offers a better rate and hold the rate up to 120 days depending on the lender. After all, you will already be guaranteed a lower rate that will not go up, and if the rates go down, you will get the lowest for the time. This will save you thousands of dollars in interest!

Q: My mortgage is up for renewal within half a year. When do I need to contact a mortgage broker to get pre-approved for a better rate?

Mortgage brokers can typically hold your rate for up to 120 days (180 days for a new home construction). So it is in your interest to contact me 4 months before your mortgage is up for renewal. I will take a quick application and submit it to a lender for a pre-approval. Once approved, your rate is guaranteed not to go up. You can provide all the required documents, after the pre-approval has been received. Typical papers include: income verification (employment letters, pay stubs), recent property tax bill, fire insurance confirmation, etc.

Q: The interest rate I am paying on my mortgage right now is quite high, comparing with current low rates. Though my mortgage is not up for renewal yet, I don't feel very comfortable "giving away" my money on interest. What are my options?

You can always switch to a new lender. Unfortunately, in most cases if your mortgage term is not up yet, you will have to pay penalties to your current bank. Your first step should be calling your bank with your mortgage number in front of you, to find out the amount of penalties. You will need to submit your current financial information to a new lender to qualify for a mortgage. Your current income, existing property details and credit will be taken into consideration.

Q: When switching my mortgage to a new lender, will I need to pay CMHC insurance fee again? Are there any expenses I need to be aware of?

When switching an insured mortgage, CMHC insurance number will simply be transfered to a new lender at no cost to you. Typically on a mortgage switch lenders will also cover your legal and appraisal expenses for you.