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Renewals, Refinancing, and HELOCs

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  • Renewals, Refinancing, and HELOCs

Mortgage Renewal

What is a mortgage renewal?

In most cases, your mortgage term – the length of time of your agreement with a particular lender – will be shorter than the full amortization period of the loan. When your term is coming to an end, it’s time to evaluate your options for renewing your mortgage. Practically, this means deciding whether you want to stay with your current lender, checking to see what interest rates are being offered, and considering your current financial goals.

When you think about your life 5 years ago, your situation has likely changed since then! Most Canadians sign their mortgage renewal letters and send them back without thinking of how changing their mortgage lender or rate could be improved for their current lifestyle and circumstance. Luckily, working with a mortgage broker like Auxilium takes the stress and guesswork out of evaluating the number of lenders and mortgage terms currently on the market.

Renewing Your Mortgage in BC in 5 Days

The mortgage renewal process at Auxilium is very similar to our regular approval process, and it’s easy to get the ball rolling. If you have all of your documents ready, our team can typically have a solution for you in just three to five business days.

Documents needed to renew a mortgage:

  • A mortgage application to review your basic details with one of our brokers
  • A copy of the latest Insurance Statement for the property
  • Your most recent BC Assessment and Property Tax notice
  • A copy of the most recent mortgage statement which shows: name of the lender, mortgage reference number, approximate mortgage balance, current monthly payment and mortgage renewal date. An annual statement is perfect for this, or these days an online statement works just as well
  • Verification of income from your employer, usually as a Letter of Employment
  • Two current paystubs
  • If you’re self-employed, lenders require both your T1 Generals and Notices of Assessment for the previous two years to verify your income.

With all of the documents on file, our team will be able to review your options with you. Once you decide to proceed, we’ll continue to manage all of the details of the transaction with the lender, appraiser, and lawyers.

Mortgage Refinance

What is a mortgage refinance?

If you’ve built up some equity in your home and your loan-to-value is below 80%, you might want to refinance your mortgage to access some of those funds. Many people consider refinancing at the end of their mortgage term, but depending on your current product and what penalties may be in place for early payment, it is likely possible to refinance your mortgage in the middle of your term.

There are usually costs associated with refinancing, but our team will lay those requirements out for you and compare them with the money you will save before we proceed. The overall amount of your mortgage will increase and be treated as a single transaction.

Why refinance your mortgage?

There are many reasons to consider refinancing your mortgage:

  • Paying for a renovation or other property upgrade
  • Restructuring your other debts
  • Securing funds for other investments at a lower interest rate

If you’re looking at this solution, you’ll want to make sure you’re planning to stay in your home long-term (5-15 years) to fully realize the potential savings.

Second Mortgage Financing

A second mortgage can be another way to access the equity in your home. The primary benefit is that it allows you to borrow more funds without having to break your existing mortgage. If your current mortgage has a great rate that’s no longer available, or if you have to pay a penalty to pay out your first mortgage early, opening a second mortgage can be a fantastic option. It’s a common myth that second mortgages are always very expensive and come with high rates. While this can happen, there are other options out there.

Working together, the Auxilium mortgage team is able to bring the experience and knowledge of our entire staff to your file. Once we know your overall goals, we look at the options available to you and discuss the best solution for your unique situation.

Home Equity Lines of Credit (HELOCs)

A home equity line of credit (HELOC) is a line of credit that is secured against the equity in your home. Unlike a traditional mortgage, you may have the option to only withdraw a portion of the funds, and once you’ve repaid the amount is it available to you again. Most often registered in second place behind your primary mortgage, your HELOC could be in first place if you’ve already paid off the fixed portion of your mortgage.

HELOCs are typically only offered by a few lenders and can be limited by your loan-to-value.

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Get Help from Local Victoria Mortgage Experts

Looking to refinance or renew your mortgage? Connect with the experienced team at Auxilium to weigh your options and find the best mortgage solution for your situation.

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Name*
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Please enter the following information about your current mortgage:

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Auxilium needs the information you provide to us to contact you about our products and services. You may unsubscribe at any time. For information, please review our Privacy Policy.
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