Four Things You Need to Know Before You Renew Your Mortgage

Marci • May 26, 2014

When it comes time to renew your mortgage, there is more involved than might first meet the eye. What might seem like a simple trip to your bank to sign a few documents – though it can sometimes be that simple – can often be much more complex. You should make sure that you clearly understand what goes into your mortgage renewal before you head to the bank, especially when looking at the opportunity for a change and potentially greater savings.

The Posted Rate Isn’t the Best Rate

Understanding that the posted rate at your bank isn’t the best rate they can offer is key to obtaining a better interest rate when renewing your mortgage. There certainly isn’t anything wrong with asking for a better rate either, and shopping around to see what other banks and institutions can offer you is also recommended. Make sure to do your research and shop around before you start to negotiate your rate with your bank.

Being Loyal May Make No Difference

Contrary to common belief, being a loyal customer to a bank and renewing with your existing institution will likely make no difference as to the interest rate you are offered. On the contrary: often you can actually obtain a better rate if you move to a new bank or institution to renew your mortgage as a new customer. Every bank and institution wants to attract new clients, and one of the common advantages of being a new customer is getting a better rate on your mortgage renewal. So when it comes to banking and finances, be loyal to yourself, not your bank.

Read the Fine Print

It can be easy to become careless when renewing your mortgage simply because you’ve been through the process before, but you should be wary of this. Make sure you read the fine print, and understand that the cheapest mortgage isn’t always the best one. Make sure that you clearly understand the penalties involved with the mortgage, and ensure that you have the ability to pay extra on your mortgage should you wish to do so. Before you sign anything, check the terms carefully.

A Broker Can Likely Offer You Better

Mortgage Brokers can more often than not offer better rates and options to their clients than banks can because brokers have the ability to connect with various institutions and credit unions in order to “shop around” the client’s file and achieve the best option for them. Banks, on the other hand, are much more limited with rules and regulations, and can thereby generally offer only their posted rate with some exceptions for preferred clients. Using a broker also means that you can obtain longer amortization periods on mortgages, which can significantly reduce your monthly payments and help your monthly cash flow.

Even if you’ve been happy with your mortgage over your previous term, you should still consider what your other options are. More likely than not, things in the mortgage and real estate market worlds have changed since you last renewed your mortgage, and there might just be something better out there for you. So get in touch with a mortgage professional directly! You can reach me by email with any of your questions.

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How to Finance a Spousal Buyout After Separation or Divorce

By Marci Deane • November 4, 2026
Mortgage Options During Divorce or Separation: What You Should Know If you’re going through—or considering—a divorce or separation, you may not realize that there are mortgage solutions specifically designed to help one party keep the home . For many people, the family home is their largest asset and where most of their equity is tied up. In situations like this, a spousal buyout program can allow one person to refinance the property and buy out the other party’s share—often up to 95% of the home’s value . This option can work whether you want to keep the home or your former partner does. What Is the Spousal Buyout Program? The spousal buyout program is a refinancing option that allows one owner to purchase the other owner’s share of the property as part of a separation or divorce settlement. In some cases, it can also be used to pay off jointly held debts, as outlined in a legal agreement. Below are some of the most common questions about how the program works. Is a finalized separation agreement required? Yes. Lenders require a signed and finalized separation agreement that clearly outlines how assets and debts are to be divided. This document is essential for approval. Can the funds be used for renovations or personal debts? No. Funds from a spousal buyout can only be used to: Buy out the other owner’s share of equity Pay off joint debts specifically listed in the separation agreement They cannot be used for renovations, personal loans, or unrelated expenses. How much equity can be accessed? The maximum amount available is the amount required to: Buy out the other party’s agreed-upon share of equity Pay off any joint debts listed in the agreement This amount cannot exceed 95% loan-to-value . What is the maximum loan-to-value allowed? The maximum loan-to-value is the lesser of : 95%, or The remaining mortgage balance plus the required buyout and joint debt payout The property must be the primary owner-occupied residence . Do all parties need to be on title? Yes. All individuals involved in the buyout must currently be registered on title. Your solicitor will confirm this through a title search. Does this only apply to married or common-law couples? No. While commonly used for married or common-law couples, the program may also apply to siblings or friends who jointly own a property and need one party to exit the mortgage. These cases are typically reviewed on an exception basis and require insurer approval. If no separation agreement exists, the purchase contract must clearly outline the buyout terms. Is a full appraisal required? Yes. A physical, on-site appraisal is required to confirm the property’s value before the mortgage can be finalized. Final Thoughts This overview covers some of the most common questions about mortgage options during separation or divorce, but every situation is different. Working with an independent mortgage professional gives you access to multiple lenders, specialized programs, and unbiased advice—so you can clearly understand your options and choose what’s best for your future. If you’re navigating a separation and need guidance around keeping or selling the home, feel free to connect anytime. All conversations are handled with discretion and confidentiality, and I’d be happy to walk you through your options.

Bank of Canada Raises Rate to 2.5% — October 28, 2026

By Marci Deane • October 28, 2026
On October 28, 2026, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.5%. If you have a mortgage, are shopping for a home, or have a renewal coming up, this decision matters. Here is a plain-language look at what changed, why it happened, and what it could mean for you.

How to Legally Assign a Construction Mortgage

By Marci Deane • October 21, 2026
Why More Mortgage Options Matter—Especially for Assignment Purchases One of the biggest advantages of working with an independent mortgage professional is access to choice. Instead of being limited to one lender and one set of products, mortgage brokers work with multiple lenders—each with different guidelines, risk tolerances, and mortgage solutions. That flexibility becomes especially valuable when your situation doesn’t fit neatly into a “standard” box. A great example of this is purchasing new construction through an assignment contract . Why Assignment Purchases Can Be Challenging Assignment purchases are often viewed as higher risk by traditional lenders. Rather than declining these deals outright, many lenders quietly make them difficult by adding layers of conditions, restrictions, or uncertainty. This can lead to delays, frustration, or financing falling apart late in the process. The Good News There are lenders—available exclusively through the broker channel —that have clear, favourable policies for assignment purchases. With the right lender and proper planning, these transactions are absolutely doable. Typical Financing Requirements for Assignment Purchases While every situation is unique, many lenders that allow assignment financing look for the following: Standard purchase qualification, including income verification, credit, and down payment Assignments accepted at either the original purchase price or current market value Minimum 620 credit score , with no prior bankruptcies or consumer proposals The full down payment must come from the purchaser —seller incentives cannot be used Required Documentation To secure financing, lenders typically require: The original purchase agreement signed by all parties The MLS listing (if applicable) The assignment agreement signed by the builder, original purchaser, and new buyer Any side agreements outlining changes to the purchase price A full appraisal to confirm value This list isn’t exhaustive, but it highlights that while assignment purchases require more coordination, they are very achievable with the right lender and guidance. Final Thoughts Assignment contracts can open doors to great opportunities—but only if your financing supports the transaction. This is where access to multiple lenders and specialized policies makes a real difference. If you’re considering purchasing new construction through an assignment, or if you’d like to explore more traditional purchase options, feel free to connect anytime. I’d be happy to walk you through the mortgage products available and help you choose an option that doesn’t limit your financing possibilities.