Mortgage Renewals in BC: Banks, B lenders, Private Options

Whether you have a traditional bank mortgage or a private mortgage, renewal time is a critical opportunity to reassess your financing. Here’s what you need to know to make the best decision.

Part 1: Renewing a Regular Bank Mortgage

When your bank mortgage term ends, you’ll receive a renewal offer—but don’t just sign it blindly. Follow these steps:

1. Check Your Options

• Banks often offer auto-renewal at their posted rates (which may not be the best deal).

• Shop around—compare rates from other banks, and credit unions.

2. Negotiate a Better Rate

• Use competing offers as leverage.

• Ask about discounted rates for loyal customers.

3. Consider Refinancing (If Needed)

• Need extra cash? A refinance lets you access equity (but requires requalifying).

• Switching lenders with regular mortgages usually does not cost anything to the borrowers. New lender would cover all the costs.

4. Act Early

• Start reviewing options 4-6 months before renewal to avoid last-minute stress and secure rate up to 120 days before maturity date.

Need Help? As a mortgage broker, I can negotiate better rates and find the best lender for your renewal.

Part 2: Renewing a Private Mortgage

Private mortgages are short-term solutions (1-3 years), so renewal is a chance to improve your financing. Here’s what to do:

1. Can You Switch to an A or B Lender?

• If your credit/income has improved, you may qualify for a lower-rate mortgage with a bank or B-lender.

• I can help you explore stated-income or alternative financing options.

2. Check Renewal Terms

• Renewal fees vary—some lenders charge $250, others 1-2% of the loan.

• Watch for rate hikes—some lenders increase rates by 2-4% at renewal. 

3. Compare Other Private Lenders

• If fees/rates are too high, I can find a better private mortgage with:
  ✅ Lower renewal fees
  ✅ Competitive rates
  ✅ Flexible terms

Part 3: Renewing a B-Lender Mortgage

If you have a B-lender mortgage (like alternative or stated-income loans), renewal is your chance to upgrade or improve terms.

What to Do:

1️⃣ Check if You Can Switch to an A Lender

• Improved credit/income? You may now qualify for lower bank rates.

• I can help transition you back to prime lending.

2️⃣ Brokers Can Negotiate Better B-Lender Rates

• B-lenders often offer renewal discounts if negotiated properly.

• I have access to multiple B-lenders to find you the best deal.

Why Work With Me?

• No-cost renewal review – I’ll check if you can get a better deal.

• Access to 50+ lenders (banks, credit unions, private lenders).

• Save thousands by avoiding high renewal fees or rate hikes.

Don’t Overpay at Renewal—Contact Me Today!