Bridge Financing

1. Start Preparing Early


It's smart to begin planning your mortgage renewal about 4-6 months before your current term ends. Use this time to review your finances, track changes in your income and expenses, and define what you want to achieve with your next mortgage term. Understanding your current financial picture is the foundation for making the best decisions.

2. Take a Close Look at Your Finances


Before renewing, evaluate your overall financial health. Check your credit score, calculate your debt-to-income ratio (we can help with that), and take stock of your savings and investments. Knowing where you stand will help you determine what you can comfortably afford and what type of mortgage term and rate will suit your needs.,

3. Explore Your Options


We do the research of different lenders and their rates. It's not always best to go with your current lender as some may offer you better terms as a new client, giving us leverage in negotiations or even a reason to switch lenders if it makes sense.

4. Negotiating Your Renewal

We are armed with research and the understanding of your finances to negotiate your mortgage renewal. We don't settle with the first offer - we use our research and findings to secure a better rate and more favourable terms. We provide you with the options to make the most informed decision about which lender to go with.

5. Finalize Your Mortgage


Once you have chosen which lender and option to go with we carefully review the new mortgage agreement with you.. We make sure all negotiated points are included and that you understand the conditions. When everything looks right, you're ready to sign and move forward.

Do you understand the impact of rate hikes?

Interest rates can fluctuate, and when the Bank of Canada increases rates, mortgage costs can rise as well. Here's how different mortgage types are affected:

Fixed-Rate Mortgages:

Your current rate stays locked until renewal. After that, higher rates may mean higher payments.

Variable-Rate Mortgages:

Payments can change during your term. Rate hikes from the Bank of Canada typically result in higher mortgage payments.

How to Prepare for Potential Increases

Lock in a fixed rate: For predictability, consider switching to a fixed-rate mortgage.

Shop around: We compare rates from multiple lenders to find the most competitive option for you.

Pay down your principal: Extra payments reduce the amount of interest you'll owe over time.

Tips to secure the best renewal rates

Boost your credit score:

Strong credit makes you a more attractive borrower.

Lower your debt:

Reducing your debt-to-income ratio can help you qualify for better rates.

Compare lenders:

Don't automatically renew with your current lender - let us explore all options for you.

Negotiate

Lenders expect negotiation. We ask for better terms and rates - you will be surprised at what's possible.

Ready to explore