Elevation Mortgage Elevation Mortgage
Call Us 403-828-8832
Book a Phone Call with Julie
Book a Phone Call with Andy
  • Home
  • Mortgage Calculator
  • Mortgage Solutions
    • First Time Home Buyers
    • Home Renovation
    • Mortgage Renewal
  • Blog
  • Connect With Us
Elevation Mortgage Elevation Mortgage
  • Home
  • Mortgage Calculator
  • Mortgage Solutions
    • First Time Home Buyers
    • Home Renovation
    • Mortgage Renewal
  • Blog
  • Connect With Us
May 23

Renewing your mortgage – three reasons to talk to us first

  • Getting ready for your mortgage renewal, Newsletter

Renewing your mortgage – three reasons to talk to us first

Reason number one – you simply went to “your bank” and didn’t shop around for a lender or mortgage rates the first time! You took the advice of your parents or simply went to your bank branch.  That can lead to unhappiness with the service, advice, terms of the mortgage or the interest rate at renewal time. All mortgage holders have the option to review their current mortgage and to transfer to a different lender as the mortgage at renewal.

If that’s a situation you find yourself in, there are many great options, and we can help you make the best decision going ahead.

It’s worth a little effort to save thousands of dollars

Reason number two – most lenders, especially the big banks, will send you a renewal letter when there is still three months in the remaining term. Sometimes that letter could come with six months before the renewal date. Typically, the lender will offer you a rate at that time and all you’ll have to do is sign at the bottom line to your mortgage starts over in a new term.

But beware, lenders often offer a higher rate to current clients than a new client because they’re hoping the ease of renewal (just sign on the dotted line) will keep you from seeking out a new lender and lower rate. Renewal rates are a current lender are as much as .5% up to 1% higher in some cases than rates a new lender. The higher rate equals way more in interest costs during your next mortgage term.

It’s the perfect time to review and build a mortgage strategy

Reason number three – has the current lender offered a mortgage review, explained the important difference between fixed rates and variable rates, and offered advice on planning for your future mortgage needs? Here are some of the questions we ask our clients at renewal – what are you plans for work, family, travel, and savings? Do you plan to sell the current home within the next five years? Would you like the purchase a new home in the next five years, down size, or pay down consumer debt?

The answers to these questions allow us to come up with a mortgage strategy that works for now and the future!

Changing lenders can lead to saving thousands of dollars, it should certainly be something to consider. Our 15 minute mortgage reviews are free, fast and very efficient. If we find that your current lender is offering a good option we promise you we will let you know! Occasionally staying with the same lender is best but most often there are better options and rates out there!

Before you sign your mortgage renewal, contact us. You may be surprised how much you can save and how many options there are that suit your needs!

Other Blogs You Might Enjoy
Take the Stress out of Buying Your First Home

Take the Stress out of Buying Your First Home

Buying a home should be fun, not... read more →
November 30, 2022
You are pre-approved! What’s next in the mortgage process?

You are pre-approved! What’s next in the mortgage process?

Congratulations! You are pre-approved. Congratulations! You are formally pre-approved. A pre-approval means that our team... read more →
November 23, 2022
Ready to buy a home?

Ready to buy a home?

We are here... read more →
September 23, 2022
Like this post? Please share with your friends!

Related Posts

  • You are pre-approved! What’s next in the mortgage process?November 23, 2022
  • Ready to buy a home?September 23, 2022
  • Your credit – the factors and impacts on credit scoresSeptember 23, 2022
  • CMHC Guideline ChangesJune 23, 2022

Comments are closed.

Recent Blogs

  • Take the Stress out of Buying Your First Home
  • You are pre-approved! What’s next in the mortgage process?
  • Ready to buy a home?
  • Your credit – the factors and impacts on credit scores
  • CMHC Guideline Changes

HAVE A QUESTION?

    Blog Categories

    elevationmortgageyyc

    Andy Jeffery l Julie Jeffery - Serving Alberta and BC
    Happy May long weekend! Not a snow flake or cold w Happy May long weekend! Not a snow flake or cold wind to be found 💗🌴🌺🐟🦜🍍🏖️🌊
    Happy long weekend and happy Easter! Beautiful hik Happy long weekend and happy Easter! Beautiful hike today to kick off a few days of rest and relaxation!⛰️
    I know, we wish love made the world turn 💙 It s I know, we wish love made the world turn 💙 It sure helps but money and how it’s earned, spent, saved and managed is so important to mortgage pre-approvals. Money is such an emotionally charged subject, it’s complex and can be confusing. So we are here to really listen and support our clients. 

The strongest mortage applications are all about money. But not in the way you may think! 💲

Downpayment is important but mortgage approvals at 5% down are just as strong (in a lenders view) as those that are 20% down. 🤓

Income is a critical driver of all mortgage applications. The amount of verifiable income, directly correlates, to the amount of a mortgage approval. That can be salary, hourly, seasonal, contract or self- employed. Consistency year over year is the key.👷🏼‍♀️🧑‍🍳🧑‍🌾👩🏼‍💼🧑‍🚀🧑🏻‍🚒👩‍🔧

We ask lots of questiond around income and collect all required documents to verify income at the preapproval stage. We want to be 100% confident that a lender will approve the mortgage application once our clients find the right property. 🏙️

Debts are a big part of the equation. The less the better, but if there is enough income to support both the new mortgage amount and the debt then debt loads don’t impact mortage pre-approvals. Credit scores are very important. 680 is a good benchmark for the minimum score a lender wants. Buy exceptions are made at lower levels. 

So don’t let money and the stress it can bring keep you from deciding to start a mortage pre-approval! It’s just a conversation, with no pressure, and sharing of our mortgage knowledge and advice. ☺️

📲Julie 403-828-4832
📧 julie@elevationmortage.ca

📲 Andy 403-828-8832
📧 andy@elevationmortgage.ca 

Give us a call or send an email. DM us or visit our website to book a meeting! Link in our bio.
    It’s so cold 🥶! Aren’t we all dreaming of w It’s so cold 🥶! Aren’t we all dreaming of warm, cozy spaces in our homes? 🤍

Our clients just purchased a quaint and beautiful cottage style home in Sunnyside. Absolute stunner!
There’s something wonderful about a renovated heritage home. The cozy factor is very high. The neighbourhood is established, highly walkable and the streets are lined with trees. Sounds perfect! So exciting. 

My go to interior designer for stunning, warm, thoughtful and super cosy design is @amberinteriors. Every room is perfection. Such great style. Enjoy and stay warm today!
    Load More... Follow on Instagram

    Elevation Mortgage Licensed by Mortgage Connection

    To STAY  IN  TOUCH with the latest on Mortgages trends and interesting ways to manage the equity in your home, Sign Up for the Elevation Mortgage Newsletter.

      Contact Us

      ELEVATION MORTGAGE

      julie@elevationmortgage.ca
      Julie: 403.828.4832

      andy@elevationmortgage.ca
      Andy: 403.828.8832

      elevationmortgageyyc

      Andy Jeffery l Julie Jeffery - Serving Alberta and BC
      Happy May long weekend! Not a snow flake or cold w Happy May long weekend! Not a snow flake or cold wind to be found 💗🌴🌺🐟🦜🍍🏖️🌊
      Happy long weekend and happy Easter! Beautiful hik Happy long weekend and happy Easter! Beautiful hike today to kick off a few days of rest and relaxation!⛰️
      I know, we wish love made the world turn 💙 It s I know, we wish love made the world turn 💙 It sure helps but money and how it’s earned, spent, saved and managed is so important to mortgage pre-approvals. Money is such an emotionally charged subject, it’s complex and can be confusing. So we are here to really listen and support our clients. 

The strongest mortage applications are all about money. But not in the way you may think! 💲

Downpayment is important but mortgage approvals at 5% down are just as strong (in a lenders view) as those that are 20% down. 🤓

Income is a critical driver of all mortgage applications. The amount of verifiable income, directly correlates, to the amount of a mortgage approval. That can be salary, hourly, seasonal, contract or self- employed. Consistency year over year is the key.👷🏼‍♀️🧑‍🍳🧑‍🌾👩🏼‍💼🧑‍🚀🧑🏻‍🚒👩‍🔧

We ask lots of questiond around income and collect all required documents to verify income at the preapproval stage. We want to be 100% confident that a lender will approve the mortgage application once our clients find the right property. 🏙️

Debts are a big part of the equation. The less the better, but if there is enough income to support both the new mortgage amount and the debt then debt loads don’t impact mortage pre-approvals. Credit scores are very important. 680 is a good benchmark for the minimum score a lender wants. Buy exceptions are made at lower levels. 

So don’t let money and the stress it can bring keep you from deciding to start a mortage pre-approval! It’s just a conversation, with no pressure, and sharing of our mortgage knowledge and advice. ☺️

📲Julie 403-828-4832
📧 julie@elevationmortage.ca

📲 Andy 403-828-8832
📧 andy@elevationmortgage.ca 

Give us a call or send an email. DM us or visit our website to book a meeting! Link in our bio.
      It’s so cold 🥶! Aren’t we all dreaming of w It’s so cold 🥶! Aren’t we all dreaming of warm, cozy spaces in our homes? 🤍

Our clients just purchased a quaint and beautiful cottage style home in Sunnyside. Absolute stunner!
There’s something wonderful about a renovated heritage home. The cozy factor is very high. The neighbourhood is established, highly walkable and the streets are lined with trees. Sounds perfect! So exciting. 

My go to interior designer for stunning, warm, thoughtful and super cosy design is @amberinteriors. Every room is perfection. Such great style. Enjoy and stay warm today!
      Did you complete a mortage pre- approval in 2024? Did you complete a mortage pre- approval in 2024? Well it’s time for an update! 

We are reaching out to our pre-approved clients from 2024 and updating mortgage pre-approval details, chatting about lender options and interest rate changes.🤓 

As we head into the spring housing market - it’s time to update your mortage pre-approval details. 

Income may have changed, maybe you received a bonus or overtime pay in 2024? A salary or hourly rate of pay increase? Or maybe you reduced your work hours?

Debt loads on credit cards and lines of credit fluctuate so it’s best to update the details. A new car loan added into a mortage application can be very impactful. 

You may have discussed purchasing a home with immediate family, and they offered a gift of downpayment funds? Savings also fluctuate, so now is the time to review your mortage pre-approval details. 

Prime has reduced, this will continue throughout 2025. Now is the time for expert advice on rate choices! 

If you are pre-approved at your bank - you need a second opinion. 👋🏻 We work with many lenders and can review lender policy and interest rate options at all lenders both during your pre-approval and again when you have an excepted offer on a home. Don’t miss out on the option to shop your interest rate and to understand lender fine print. 

#yyc #yycmortgages #yycrealestate #yycmortgagebroker
      BIG NEWS! 🚨 The Bank of Canada announced a 0.25 BIG NEWS! 🚨 The Bank of Canada announced a 0.25% Prime Rate reduction this morning! 📉 Economists expect another .50% this spring and up to an additional 1% this year. We may need to shine our 🔮 - with so many factors in play, including inflation, unemployment, economic growth or lack of, and the dreaded tariff talk - it’s a wait and see environment as to how low Prime will go. 

For today, this means lower interest rates for many of you - IF you have a variable rate mortgage OR a line of credit.🏡 Fixed rates are just that - fixed and set for the term. Variable rates move up or down or stay steady based the Prime rate. Most lenders now have a Prime rate of 5.20%. Variable rates are always Prime and a discount off of Prime. Each lender sets their unique discount. This is what we “shop” for our clients - the discount off of Prime, the fine print relating to the mortgage and most importantly, a great variable rate with a lender that allows and offers  competitive fixed rates if and when you want to lock in. 🤓

Ready to see how this affects you?
DM us or visit our website to book in with us. Let’s explore your options and find the best mortgage solution for your needs.

#MortgageRates #BankofCanada #HomeBuying #FinancialGoals #ElevationMortgage
      Winter magic at @mountengadine! Favourite place. 💙 Snow showing, fat bikes, winter hikes, Nordic skiing and the most stunning scenery. The food is epic and all included in the price. Such a great value. Lunch break with my guitar player. 😍 #mountengadinelodge #canadianrockies #albertalodge
      2024 camera roll. 📸 ✨What a year. ✨ One of 2024 camera roll. 📸 ✨What a year. ✨ One of the best, ever! 

In early 2024, we set intentions to build the life of our dreams, focused on adventure, authenticity and home. 🤩 Our 2024 words were fun - fitness - family - finance. 

Beyond grateful for our little family ❤️, two amazing teens (proud of these kids for digging into new experiences and achieving goals) and great friends (new and old), love and kindness, a bit of magic 🪄🔮, my husband’s fantastic coffee ☕️ and breakfast skills, his capacity for fun, musical taste 🎶 and his willingness to always say yes to my wild new ideas, our business and and clients (🙏🏻 gratitude for a great year), travel, foodie experiences and exploring. Nature gave us so much charity in 2024. What a gift. 

2025 is all about simplicity - strength - service. Highly recommend choosing a few words to go back to when the path is unclear. 🫶🏻 

Happy New Year, sending our best wishes and love to friends, near and far, for an incredible, healthy and fun 2025! 

💙👋🏻Julie (and Andy) 

🚞🌺🌈☀️🐾🌲🌙🌊🌿🥾🏔️🦅🌎💧🏞️☁️🌱🌳🦌🍄🌠🫶🏻🙏🏻😘
      Load More... Follow on Instagram
      © 2023 Elevation Mortgage | Designed by Oliver and Spence Creative.