Up for mortgage renewal? There’s great news – it’s now easier to switch lenders in Canada! I’ll explain how it works.
There was a little-known policy that came out last week. This is totally mortgage broker geek stuff, BUT it has huge implications for you. OSFI, the government body that regulates banks and lenders, came out saying, “Hey, we’re going to make it easier for people to switch lenders at renewal.”
Not only did they say that they were going to make it easier, but they had been sitting on a policy for more than a decade that no one knew about. What it means for you is if you’re switching lenders and you’re taking a five-year fixed rate mortgage, and your mortgage was originally insured, it doesn’t matter when you got that mortgage, we can still switch you to a different lender without having to use the full stress test.
This is really important because what was happening previously is that people would be totally trapped with their lender if they couldn’t qualify to go elsewhere. And of course, then they could potentially end up paying more than necessary in terms of their interest rate.
So it’s really, really important to talk to a mortgage broker or another lender to see what your options are and try to save money. Every dollar counts these days, my job is to help you save money. Same with other mortgage brokers out there. Happy to help you out! Give me a call at 780-720-2490, or you can email me at jason@edmontonmortgagebroker.com.
I also have a helpful video about whether to get a mortgage or a car loan first.
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker Edmonton.
