Are you approaching the end of your mortgage term? Don't let the renewal process stress you out. At Clover Mortgage, we're here to guide you through a hassle-free mortgage renewal experience, tailored to your unique financial needs.
At Clover Mortgage, we simplify the renewal process for you. Our team of skilled brokers navigates the complex Canadian mortgage landscape, securing competitive rates and flexible terms. We handle the paperwork, negotiate with lenders, and provide personalized advice to ensure your mortgage renewal aligns with your financial goals.
We partner with over 40 major banks and lenders, giving you access to a wide range of mortgage products and rates.
Leverage our volume discounts to secure the most competitive mortgage rates in the market.
We craft personalized renewal strategies based on your unique financial situation and goals.
Our expert team handles the paperwork and negotiations, making your renewal process smooth and effortless.
We start with a no-obligation chat to understand your needs.
We analyze your existing mortgage to identify potential improvements.
We present you with various renewal options tailored to your situation.
We negotiate with lenders to get you the best rates and terms.
To renew your mortgage with Clover Mortgage, you typically need to:
Don't worry if you're unsure about meeting these criteria. Our expert brokers can guide you through the process and explore alternative options if needed.
Don't miss out on potential savings. Renew your mortgage with confidence and secure your financial future.
Get StartedWe offer competitive mortgage renewal rates to suit various financial situations. Our rates are regularly updated to reflect current market conditions, ensuring you always get the best deal.
| TERMS | FIXED | VARIABLE | PRIVATE 1ST MORTGAGE | PRIVATE 2ND MORTGAGE |
|---|---|---|---|---|
| 5 Year | 4.09% | 4.45% | ||
| 4 Year | 4.19% | |||
| 3 Year | 4.19% | 4.60% | ||
| 2 Year | 4.89% | 6.59% | 8.99% | 10.99% |
| 1 Year | 5.79% | 7.09% | 8.49% | 10.99% |
| 7 Year | 4.34% | |||
| 10 Year | 5.65% |
Use our mortgage renewal calculator to estimate your potential savings and new monthly payments. Input your details for a personalized projection of how different rates and terms could affect your mortgage payments.
Clover Mortgage was founded on over 20 years of experience in the Canadian mortgage industry. Our team of dedicated Mortgage Agents and Brokers provides knowledgeable and honest service to clients across Ontario and Alberta.
Since 2018, we've been offering personalized mortgage solutions that go beyond just securing financing. We empower you to make informed decisions throughout your home-buying journey, helping you achieve your property ownership goals.
With access to over 40 major banks and lenders, we offer more than 300 custom mortgage products, increasing your chances of finding the perfect fit.
Our dedicated mortgage advisors have in-depth knowledge of the Ontario real estate market, ensuring you receive relevant, up-to-date advice.
We believe in clear, open communication at every step of the renewal process, keeping you informed and confident in your decisions.
We understand that every financial situation is unique. That's why we craft bespoke solutions to meet your specific mortgage needs and goals.
To help you navigate the renewal process, here are some valuable tips:
Your mortgage renewal statement is a crucial document in the renewal process. Here's what to look for:
When it's time to renew, you have several options:
Convert Your Mortgage: Switch from a variable to a fixed rate, or vice versa.
Ready to take the next step in your mortgage journey? Let Clover Mortgage guide you through a seamless renewal process. Our expert team is ready to help you secure the best rates and terms for your unique situation.
Renew Today]Understanding how interest rates affect your mortgage is crucial for making informed decisions:
| Rate Type | Pros | Cons |
|---|---|---|
| Fixed Rate | Predictable payments | Potentially higher rates |
| Variable Rate | Potential for lower overall interest | Fluctuating payments |
Remember, the lowest rate isn't always the best choice. Consider factors like prepayment options, penalties, and flexibility when choosing your mortgage.
Sometimes, renewing your mortgage before the term ends can be beneficial. Here's when to consider early renewal:
Be aware of potential prepayment penalties when renewing early. Our brokers can help you calculate whether the benefits outweigh the costs.
Want to become mortgage-free faster? Here are some strategies:
Round Up Your Payments: If your payment is $1,247, round it up to $1,300.
Canadian regulations require lenders to "stress test" mortgages to ensure borrowers can handle potential rate increases. Here's what you need to know:
Our brokers can help you navigate the stress test and find a mortgage that fits your budget now and in the future.
Mortgage renewal is the process of renegotiating your mortgage contract when your current term expires. It's an opportunity to review your mortgage options and potentially secure better terms or rates.
It's best to start considering your renewal options 4-6 months before your current mortgage term ends. This gives you ample time to explore different lenders and mortgage products.
Yes, you can often start the renewal process early. Some lenders allow you to renew up to 120 days before your maturity date without penalties. Early renewal can be beneficial if you want to lock in a lower interest rate.
A fixed-rate mortgage maintains the same interest rate throughout the term, providing stable, predictable payments. A variable interest rate fluctuates with the lender's prime rate, potentially offering lower rates but with less payment stability.
To save money, compare offers from different lenders, consider switching to a shorter amortization period, explore prepayment options, and negotiate for better terms. A mortgage broker can help you find the best deals.
While renewing with your current lender might be convenient, it's not always the best option. Shop around and compare offers from other lenders to ensure you're getting the best possible terms and rates.
Typically, you'll need proof of income, details of your current mortgage balance, and information about your property. If you're switching lenders, you might need to provide more documentation, similar to a new mortgage application.
Yes, renewal time is an excellent opportunity to adjust your payment frequency. Many lenders offer flexible payment options, including monthly, bi-weekly, or accelerated bi-weekly payments.
A lump sum payment is an extra payment you make on top of your regular mortgage payments. It directly reduces your mortgage balance, helping you pay off your mortgage faster and save on interest over time.
If you're renewing with your current lender, they may not check your credit score. However, if you're switching lenders, your credit score will be a factor in determining your interest rate and approval.
An appraisal fee is charged for a professional assessment of your property's value. You typically won't need to pay this when renewing with your current lender, but it may be required if you switch lenders or refinance.
Yes, if you have enough equity in your home, you might be able to consolidate other high-interest debts into your mortgage during renewal. This can lower your overall interest payments, but it may extend your amortization period.
If you don't take action, many lenders will automatically renew your mortgage, usually for a short term at their posted rates. It's best to be proactive and negotiate your renewal to ensure you get the best terms.
A mortgage broker can access rates and products from multiple lenders, saving you time and potentially money. They can also provide expert advice on different mortgage products and negotiate on your behalf.
A mortgage renewal statement is a document from your lender that outlines the terms they're offering for your next mortgage term. It typically includes the new interest rate, payment amount, and term length
Yes, renewal time is an opportunity to adjust your amortization period. Shortening it will increase your payments but save you interest over time while extending it can lower your payments but increase the total interest paid.
Stress testing is a requirement for Canadian mortgages to ensure borrowers can handle potential interest rate increases. You must qualify at either the benchmark rate or your contract rate plus 2%, whichever is higher.
If you renew before your maturity date, you may face prepayment charges. These are typically calculated based on the greater of three months' interest or the interest rate differential (IRD) for the remaining term.
Yes, a mortgage payment calculator can be a useful tool to estimate your payments under different scenarios, such as changes in interest rates or amortization periods.
Changes in your income, debts, or credit score can impact the terms you're offered at renewal. If your financial situation has improved, you might qualify for better rates. If it's worsened, you might face challenges in renewing or switching lenders.
