Your term arrives at the deadline and you’re wondering how to renew your mortgage with the best mortgage rates currently available on the market.

Depending on the needs, two types of mortgage renewal are possible :

1) MORTGAGE TRANSFER :

In this situation, the bank or the mortgage lender agrees to transfer your mortgage as it is at the transfer date, in the same granting conditions than the first loan. The mortgage balance’s deadline arrives as indicated on the mortgage statement issued by the first broker, and it will be the only amount to consider, no more, no less, but also the rest of the depreciation duration fixed before.

Some banks and mortgage brokers can even, by subrogating your mortgage loan, be willing to pay the legal fees associated to this subrogation.
Some conditions must be met so that the subrogation becomes possible.

There are 3 principal conditions needed so that the subrogation becomes possible :
- Transfer only the mortgage balance from the first to the second lender.
- Not having or have not had a registered mortgage credit line with the first lender.
- Not having any collateral charge inscribed in the notarized deed of loan.

2) MORTGAGE REFINANCING :

When we do not write in the method of transfer or when we do not meet the subrogation conditions, the renewal takes the shape of a mortgage refinancing.
The clauses of the contract and the parameters of the loan can be changed.

The most frequent operations are :
- Debt consolidation.
- Increase of initial loan
- Changing the duration of the depreciation.
- Removing equity from its property.
- Add or remove a mortgage credit line.
- Add or remove a collateral charge.

Of course, a qualification is necessary to confirm the mortgage financing eligibility depending on the policies of each bank and mortgage lenders who generally do not go over 80% of the property value.