Renew your mortgage
If you’re happy with your mortgage and you know it, Robinson can help you renew. We’ll start by reviewing your current financing and investigating whether renewing is indeed the ideal approach to help you reach your goals. It all starts with an understanding of where you’re at, and where you hope to go. Renewing your mortgage can be a simple and stress-free way to move forward, and that’s always a path worth considering.
Four easy steps to help you refinance your mortgage
Tell us about yourself.
In just a few minutes, we’ll have what we need to help you get started. We’ll work on confirming that renewing your current mortgage is the best way to reach your goals by seeing what your options are.
Relax while we search.
We search from hundreds of mortgage products by dozens of lenders to make sure renewing is the right approach. And you don’t need to lift a finger, except maybe to check your email when we’re done.
Sign the dotted line.
We’ll work with you to make sure all the required documents are in place to finalize your renewal, and we’ll guide you through the process with a personalized video.
Stay in touch.
Renewals come up every few years, and you might have questions along the way. We’re not going anywhere, so reach out whenever you need to. And when you’re ready to renew, refinance or buy again, just give us a call.
Mortgages can seem confusing
That’s because they often are. Buying a home is a significant investment and a complex process with many moving parts, including your mortgage. But the good news is that Robinson Mortgage works hard to keep things clear, explain how it all comes together, and personalize your experience, to make it stress free and tailored to you. Got questions? We’ve got answers.
Learn more about mortgage renewals
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When looking for a mortgage, there are many factors that come into play. The first and most obvious is interest rate. In theory, finding the best interest rate should save you the most amount of money but that’s not always the case. Your ultimate goal should be to pay the least amount of interest during your term and understanding the small print will help you achieve that. Here are 5 things you should know about your mortgage 1. What is my penalty? The inevitable mortgage penalty comes into play if you decide to break your mortgage for various reasons - refinance, sale, etc. Penalties are calculated differently from lender to lender and fixed vs. variable. The range of penalty can be .75% to 6% or even 7% of your mortgage balance. If your mortgage balance is 400k, that would mean your range is $3,000 to $28,000. To be honest, the lenders are banking (pun intended) on you breaking your mortgage as 60% of Canadians do in the first 3 years. It’s my job to make sure when you do, you pay the least amount of interest. 2. Is my mortgage portable? This means, if you buy another home, it might make sense to take your current mortgage and interest rate with you instead of paying the penalty. Most lenders allow this, but some mortgage products don’t. It is essential to know if you can take your mortgage with you for the life of your term so you’re not surprised down the road. 3. What is the small print in my mortgage? Some no-frills mortgage products offer a lower interest rate but come with some small print. A bona-fide sales clause is one, this means you can’t break your mortgage unless you sell your property. Another one is a fixed penalty percentage, meaning you might pay 3% of your mortgage principal to break even a variable rate mortgage. These are just a couple of the things you need to be aware of. 4. What are my prepayment privileges? The majority of mortgages come with prepayment privileges. This is the ability to increase your monthly payment and/or make a lump sum payment - both will put the funds directly towards your principle which means you’re paying off your mortgage quicker. Some lenders allow you to prepay up to 25% of your original mortgage amount at any time during the year. Other lenders allow you to pre-pay up to 10% but only on the anniversary date of your contract. If you anticipate using your prepayment privileges then it would be wise to align yourself with the more flexible lender. 5. Do I have a standard or collateral charge mortgage? It’s important to know this because, at renewal time, there is typically no cost to switch lenders - aka...you are a free agent. But if your mortgage is registered as a collateral charge, you could incur costs of $1,000 to $1,200 to leave your lender. Your current lender knows you have to pay those costs so the renewal rate might not be as low as you expected. Knowing the answers to these questions will only better prepare you and at the end of the day...save you money.
The decision to choose a fixed or variable rate is not always an easy one. It should depend on your tolerance for risk as well as your ability to withstand increases in mortgage payments.
Hear from a few of our happy customers
Val Meyer
Matt was wonderful when we were buying and selling our house. As soon as we had a place we were considering, he would crunch the numbers for us and see if it was doable or not. Hes very quick in response time and easy to communicate with. This is our second time using him and we will continue to use his services in the future. Thanks Matt!
Nico Abais
As a first-time home buyer, my first resolve was to search for information online and sure enough I find bits of information all over the place. Then we were introduced to Matt. He will answer all your questions in a timely manner and guide you with the whole process and expectations. Matt will work his way to get you the best rate!
Tash Stobbart
Robinson Mortgage were very helpful in obtaining our first mortgage. We had difficulties dealing with banks because my husband is a contractor and has multiple T4’s and his income tax is complicated but Matt and his team made it easy. I would highly recommend to anyone looking for a mortgage and in fact I have sent friends his way.
Expert mortgage advice is just a phone call away
Got questions? We’re happy to help. Reach out anytime or schedule a time that works for you. And we’ll help you get closer to your dream home.
Meet Matt
Robinson Mortgage is owned and operated by Matt Robinson, a professional mortgage broker based in British Columbia’s beautiful Fraser Valley. Matt has helped countless people in Abbotsford, Chilliwack, Mission and beyond navigate the process of finding financing for their home. Whether you’re buying your first place, consolidating your mortgage, or getting ready for a future purchase, Matt is your man with a mortgage plan.
Search and delight
We look through hundreds (sometimes thousands) of mortgage products — from traditional banks and credit unions to mortgage-focused lenders — to find the perfect one for you.
City skyline
Photo By: John Doe
Let’s get moving
Why wait? Let’s get you started on the path to finding the perfect mortgage. Your renewal is just a few clicks away.
