Mortgage Renewals Saskatoon, Saskatchewan
Mortgages come up for renewal at maturity. Maturity is when your mortgage term ends. At that time the lender will send to you renewal documents. Each lender is different in their timing but you should typically look at your mortgage renewal 120 days prior to renewal. This will allow you time to review the interest rates and if required, time to move to another lender with perhaps a better product and better rate. Most lenders and rates are able to be locked in 120 days prior to maturity.
- Review – 120 days prior to mortgage renewal, review current mortgage/lender to see where rates are at
- Determine if you are going to move to a new lender
- Collection of documents
- Application sent to lender (typical turn around time 24 to 48 hours)
- Receive commitment from lender
- Signing of commitment and verification/approval of all documents
- New mortgage is instructed to the lawyer
- Signing with the lawyer
- Wait for your renewal date
DOCUMENTS REQUIRED (if moving to a new lender)
- Proof of income – letter of employment, current paystub, last 2 years T4s (if self employed, will need a 2 year history of your income – T1 Generals, T4s, NOAs
- Verification of equity in home – if insured the insurer will verify it; if uninsured there is a chance that the property will need to be appraised
- Current mortgage statement or renewal documents
- Current property tax statement
- Current home insurance policy
DOCUMENTS REQUIRED (if staying with current lender)
- Renewal documents from lender
Review – once I have the renewal documents, 24 hours to review the rates and run the scenarios if necessary
If moving to new lender – 4 weeks prior to maturity, collection of documents and submission to lender (time is allowed for the possibility of an appraisal)
Completion – on maturity date so that there is no penalty to be paid.
Ratehold – is automatic after scenarios are completed and I have had my phone discussion with you.
Live Submission – occurs when you have a firm purchase offer (accepted by the seller). Typically 5 business days are given to complete approval of financing.
Possession – at least 10 days after approval of financing is what the lenders require to instruct the deal to the lawyer and for the lawyer to complete their due diligence.
Feel free to give me a call to discuss. 306.222.7900
Looking forward to hearing from you.