Your mortgages renewal is a great time to investigate the other options that are available in the market. Banks send out mortgage renewal agreements to their clients with a goal of having people who aren’t informed lock into rates that are higher than what is being offered to the market. There are few steps involved in making sure that your renewal is a seamless process that leaves you better off. MorCan Direct tracks all of their clients mortgages to identify times when it makes sense to either break their mortgage or simply what product to renew into when the their mortgage comes to maturity. The most important

  • Keep track of your mortgage so that you can start shopping 120 days (4 months) before your mortgage renews.
  • Know what kind of mortgage you have. (i.e. is it transferrable?)
  • Know your financial goals and what you would like your new mortgage to be.
  • Review your bank’s offer, but beware of locking into a mortgage that doesn’t give you refinancing options! We suggest to stay away from the big banks and to use a mortgage broker as they have access to non-balance sheet lenders.
  • Qualify for the rate with the following information:
    1. Credit Score
    2. Income
    3. Mortgage Details
  • We’ll send you a document request form outlining what paperwork we will need in order to get you approved.
  • Once we have received the paperwork, we will send it to the lender for approval
  • After the mortgage is approved, we will send you the approval to sign.
  • Your bank will let you know that your mortgage has been transferred.


Important note: Do not just auto renew your mortgage! Yes, it might be simpler, less confusing and less work. However, this is your time to revamp your mortgage! You can get a lower interest rate, lower your payments or switch to a mortgage that has more flexibility in case you want to break it down the road! Never underestimate the power of being informed, and acting when the time is right!