10 THINGS TO CONSIDER BEFORE YOUR MORTGAGE RENEWS – part one

Marci • September 12, 2012

You spent a lot of time choosing your home, negotiating the price and arranging your mortgage. Buying a home is a big deal! For most of us, it’s the largest expense we will ever take on. But, have you thought about your mortgage’s renewal? More than just a discussion about the current rates and trends, your renewal needs almost as much thought as the initial mortgage.

 

Here is the first half of a ten point thought-starter to get you prepared and comfortable before that renewal notice arrives in the mail.

 

  1. 1.    Explore your options and ask for a second opinion.

When you receive your renewal statement, it’s incredibly easy to check the boxes and sign on for another term. While this may make sense for some, your family or financial situation may have changed. There may be other options that better meet your current needs.

There’s also the question of whether that renewal form reflects the best rate from your existing mortgage provider.  Let’s shop the entire Canadian mortgage market so you can compare what was offered to you to ensure it is competitive and fair. After all, haven’t you earned the best possible rate based on your loyalty to them for the last few years? Remember, you don’t have to renew with the same lender.

 

  1. 2.    Think about your payments.

If you’ve been feeling financially strapped each month, it could be time to reduce your mortgage payments. On the other hand, if you’re earning more, why not pay down your mortgage faster and save thousands of dollars in interest over time?

 

  1. 3.    Do you need cash flow for other things?

Your priorities and cash flow needs may have shifted since your last mortgage discussion. Things like paying for a child’s university education, planning a career change, or buying a vacation property may call for spending money on things other than your mortgage. You may be able to refinance to take this into account.

 

  1. 4.    Can you handle fluctuating rates?

Some homeowners are uncomfortable with increases in interest rates, while others prefer to go with the flow. Rates are tough to predict. It’s best to base your decision on your personal situation, not what you read in the news, and tailor your mortgage to your needs. I can help you decide on fixed or variable rates so you won’t lose any sleep over your decision!

 

  1. 5.    Will you sell soon?

If you are likely to sell soon, a shorter-term mortgage or one that has flexible terms will save you in penalties if you sell your house before the mortgage comes due.

 

Stay tuned for the next five points to consider before your mortgage renews.

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How Property Type and Condition Influence Mortgage Financing

By Marci Deane • September 30, 2026
Why the Property Matters When You’re Qualifying for a Mortgage When qualifying for a mortgage, lenders typically look at four core areas: Income Credit Down payment or equity The property itself Most buyers focus heavily on income, credit, and savings—and for good reason. But even if those boxes are checked, the property can still determine whether a mortgage is approved. Why Lenders Care About the Property From a lender’s perspective, the property is the collateral for the mortgage. In the unlikely event of default, they need to know the home can be sold quickly and at fair market value to recover their funds. Because of this, lenders are careful about the condition, value, and marketability of any property they finance. Homes that are in poor repair, unconventional, or overpriced can raise red flags—even when the borrower is well qualified. Appraisals Are Always Part of the Process Every mortgage requires an appraisal to confirm value. Insured mortgages (through CMHC, Sagen, or Canada Guaranty) often use an automated valuation model completed online. Conventional mortgages typically require a full, on-site appraisal by a certified appraiser. This appraisal is not optional and happens after an offer is accepted—not at the pre-approval stage. Why Pre-Approvals Aren’t a Guarantee A pre-approval is a great first step, but it only assesses you, not the property. Once you’ve made an offer, the lender must approve the specific home you’re buying. Understanding this upfront helps avoid surprises and confusion later in the process. The Risk of Buying Without a Financing Condition In competitive markets, buyers sometimes remove financing conditions to strengthen their offer. However, this comes with risk. If the appraisal comes back low—or the lender is concerned about the property’s condition—you could be denied financing after the offer is firm. In that scenario, your deposit may be at risk. Buying a Home That Needs Work If you’re considering a property that isn’t in perfect condition, there are solutions. A purchase plus improvements program allows you to buy a home and include renovation costs in your mortgage. The process is structured and requires planning, but it can be an excellent way to turn a fixer-upper into a great long-term investment. Final Thoughts Mortgage approval isn’t based solely on your finances—the property matters just as much. Knowing this ahead of time helps you make smarter offers, reduce risk, and plan more effectively. If you’re buying a property that needs work or want clarity on how a lender may view a specific home, feel free to reach out. I’d be happy to walk you through your options and help you plan with confidence.

What You Need to Know About Mortgages and Parental Leave

By Marci Deane • September 23, 2026
If the title of this article caught your attention, chances are your family is growing. Congratulations. If you’re thinking now is the right time to move into a home that better fits your growing family—but you’re unsure how parental leave affects your ability to qualify for a mortgage—you’re in the right place. Here’s the good news. Qualifying for a mortgage while on parental leave is possible when it’s done correctly. When you work with an independent mortgage professional, lenders can often qualify you based on your return-to-work income , as long as you can provide documentation confirming you have guaranteed employment waiting for you. A word of caution If you walk into a bank branch and disclose that you’re currently on parental leave, there’s a chance the bank will only allow you to qualify using your parental leave income. That can significantly reduce your borrowing power. Parental leave income is typically limited to 55% of your previous earnings, up to a weekly maximum. Qualifying on that amount alone can restrict your options and impact the type of home you can purchase. Why lender choice matters One of the biggest advantages of working with an independent mortgage professional is choice . You’re not limited to one lender’s rules or products. Some lenders will allow you to qualify using 100% of your confirmed return-to-work income , which can make a meaningful difference in your approval amount and overall options. What you’ll need to qualify Most lenders will require an employment letter that includes: Employer name (preferably on company letterhead) Your job title Original start date (to confirm probation has been completed) Confirmed return-to-work date Guaranteed salary upon return Lenders want reassurance that your income will resume once parental leave ends. You may also be asked to provide income history from the past couple of years, which is standard for most mortgage applications. One important note Whether or not you actually return to work after parental leave is entirely your decision. From a mortgage perspective, qualification is based on having a confirmed position available to you at the time of approval. If you have questions about qualifying for a mortgage while on parental leave—or anything mortgage-related—please connect anytime. I’d be happy to walk you through your options and help you plan with confidence.

Need Funds Between Buying and Selling? Here’s How Deposit Loans & Bridge Financing Help

By Marci Deane • September 16, 2026
You’ve outgrown your current home. It no longer fits your life, so moving makes sense. And you’re not interested in juggling two properties. Selling first and buying something new feels like the right move. Ideally, you want possession of the new home before leaving the old one. That overlap makes moving easier, reduces stress, and gives you time to paint, renovate, or settle in before the boxes arrive. But there’s a common challenge. What if the down payment for your next home is tied up in the equity of the one you’re selling? That’s where bridge financing comes in. How bridge financing works Bridge financing temporarily unlocks equity from your current home once it has a firm sale . It bridges the gap between selling your existing property and purchasing your next one, allowing you to use that equity toward your down payment. What about competitive markets? In a hot market, a strong offer often means a larger deposit . If you don’t have that cash sitting in your account, but you do have equity, a deposit loan can help you compete with confidence. The non-negotiable requirement To qualify for bridge financing or a deposit loan, your current home must have a firm, unconditional sale . No firm sale = no bridge or deposit loan. Lenders need certainty to calculate available equity and manage risk. Bottom line A firm sale is the key that unlocks bridge financing and deposit loans. If you’re planning a move and want to understand how these options could work for you, let’s talk. I’m always happy to walk you through your options and help you plan your next step with confidence.