Kam not only found us a mortgage with terms we wanted, but at an institution both helpful and easy to deal with. When the time comes for refinancing, we know who to call. – S. Brown & A. Hurst
Banks and lenders are in the business of making money. That shouldn’t come as a surprise. They aren’t benevolent organizations, nor can we expect them to be.
But did you know that most Canadians sign their mortgage renewal letters and mail them back without contacting another bank or a mortgage broker? In fact, that’s what almost 85 percent of Canadians do! Maybe they don’t have the time to shop around, or maybe they don’t enjoy haggling with a bank to get the best overall mortgage and rate.
Whatever the reason, the good news is that our team of professionals is happy to do it for you!
The mortgage renewal process differs very little from the approval process itself, and it’s easy to get the ball rolling. If you have all of your papers ready, the entire process typically only takes three to five business days.
Documents you need to renew a mortgage:
- Mortgage application
- Verification of income from your employer
- Copy of the latest insurance statement for the property
- Most recent BC Assessment and property tax notice
- Copy of the most recent mortgage statement which shows: name of the lender, mortgage reference number, approximate mortgage balance, current monthly payment and mortgage renewal date. An annual statement is perfect for this,(these days an online statement works just as well)
- Two current paystubs
- If you’re self-employed, for income verification, lenders require both your T1 Generals and Notices of Assessment for the previous two years