As your mortgage renewal date approaches, our team at Mid Island Mortgage wants to help you make the most of this opportunity. With many Canadians renewing their mortgages in 2025, this renewal season comes with some unique advantages, thanks to recent policy changes. Here’s why a renewal could be more beneficial than you think:

What’s New for Renewals?

Starting November 1st, the Federal Government of Canada has relaxed qualification rules for uninsured mortgage transfers. If you’re switching lenders without increasing your mortgage amount or extending your amortization, the stress test is no longer required. This could mean more lender options and flexibility for you.

In January 2025, homeowners with insured mortgages (initial down payment of less than 20%) will be able to refinance up to 90% of their home’s value to add a secondary suite or carriage home. This option allows homeowners to generate rental income and offset monthly expenses—a new pathway to financial flexibility.

 

3 Tips to Maximize Your Renewal:

1. Start Early: Begin the process 4-6 months before your renewal. This gives you time to explore competitive rates and tailor your mortgage to your current goals. If rates drop before your renewal, most lenders will adjust your rate up to 10 days before funding.
2. Reassess Your Financial Goals: Your priorities may have shifted since you first got your mortgage. Consider switching from fixed to variable (or vice versa), altering your term, or refinancing to manage home improvements, maintenance, or debt consolidation.
3. Let Us Do the Shopping: Don’t limit yourself to your current lender’s renewal offer! As Mortgage Brokers, we partner with multiple lenders to find you the best rates and terms for your situation, saving you time and effort. We will help you determine if moving your mortgage is an option that is in your best interests.

We’re here to guide you through every step of your renewal. Feel free to reach out with any questions or to discuss your options with one of our brokers.  Our mortgage brokers can provide tailored advice and help you find the best options suited to your needs.

Call us at 250-753-2242