RENEWALS AND TRANSFERS
Solutions with Dove Mortgages
Renew your mortgage with confidence! Dove Mortgages finds the best rates & terms, helping you save money. Don’t auto-renew —
see other options today!
Mortgage Renewal Time? Let's Get You a Better Deal.
Discover how much you can save! We’ll shop around and compare rates from the leading lenders across Canada, making it simple and hassle-free for you. Best of all, it’s completely free! Start saving today!
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Renewal vs. Switching - Understanding Your Options
Mortgage Renewal or Transfer: Which Path Will Save You More?
Your Mortgage is Up for Renewal—Now What?
Renewing Your Mortgage? Let’s Make Sure You Get the Best Deal! When your mortgage term ends, your lender will offer a renewal—but don’t just accept it without a second thought! Taking a moment to compare rates and terms can save you thousands in interest and open doors to even better options. Let’s explore and make an informed choice together!
Here are some common pitfalls:
1
Your lender’s renewal offer isn’t competitive. Most banks don’t offer their best rates upfront—they count on you accepting without shopping around.
2
You’re unsure if switching lenders is worth it. What if another lender has a better deal? But what about the paperwork and costs?
3
You’re too busy to compare rates and negotiate. Life is hectic, and spending hours researching mortgage options feels overwhelming.
4
You’re worried about qualifying with a new lender. Your finances may have changed since you first got your mortgage—will you still be approved?
5
You don’t want to pay unnecessary fees. Some transfers come with legal or administrative costs and knowing what’s worth it can be confusing.
The Solution. A Smart, Easy Renewal or Transfer That Saves You Money!
At Dove Mortgages we guide homeowners through this critical moment with a clear and stress-free process that gets you the best rate and terms available.
Renewing with Your Current Lender: The straightforward choice, but consider all your options.
Renewing with your existing lender at the end of your mortgage term is the easiest solution. However, “easy” doesn’t always mean best, and lenders know this. Many homeowners make that mistake and lose out on significant savings because they don’t shop around.
Switching to a New Lender (Transfer): Save thousands with better rates and terms.
The Canadian mortgage market is competitive. Sometimes, a different lender may offer you much better rates, more flexible terms, or products that are a better fit for your needs. Switching, also known as transferring your mortgage, may end up saving you a considerable amount of money in the long term.
Why Review All Your Mortgage Options
The most important figure is your monthly payment, which includes both the principal and interest. The calculator breaks this down so you can see how much of your payment goes toward paying off the loan balance (principal) and how much goes toward interest.
Don’t Settle!—Review Your Options.
Your mortgage renewal could be the biggest financial opportunity you’ll have. Let Dove Mortgages help you find the best rate, terms and options so you can save and make your mortgage work for you.
Find Out What’s Best For You
Don’t Auto-Renew—You Could Be Leaving Money on the Table! Lenders Count on You Not Shopping Around
Many Canadian homeowners auto-renew their mortgage without questioning their lender’s offer—assuming they’re getting a good deal. But the truth is, lenders don’t offer their best rates to clients who don’t negotiate. Auto-renewing might be easy, but it could cost you thousands in unnecessary interest.
We Shop the Market for You!
Instead of accepting what your lender offers, let us do the work. At Dove Mortgages, we shop rates and terms from a huge network of lenders across Canada so you get the best deal possible—not just the one your lender hopes you’ll take.
Loyalty Doesn’t Always Pay.
Sticking with your current lender because it’s easy or because you know them won’t necessarily get you the best rate. Banks and lenders offer their best rates to new clients and rely on existing customers to renew without question. We make sure your loyalty is rewarded with savings, not higher payments.
Even a Slightly Lower Rate = Thousands in Savings.
A small difference in your mortgage rate can add up to big savings. For example, reducing your rate by 0.5% could save you thousands over the life of your mortgage. That’s money that could go towards your savings, renovations, or investments instead of interest payments.
How It Works: Your Mortgage Renewal or Transfer, Made Easy
1
Know Your Situation
We start by reviewing your current mortgage details and discussing your financial goals. Do you want to lower your rate, reduce payments, pay off your mortgage faster or access home equity? We’ll present you with all available options.
2
Shop The Market
Unlike banks that only offer their own products, we shop rates and terms from a wide network of lenders across Canada. We’ll look beyond your current lender to find the best rates and mortgage options available to you.
3
Personalized Analysis & Recommendations
We provide a clear, side by side comparison of your renewal and transfer options, breaking down the savings, costs and benefits. No surprises—just straight up advice so you can make an informed decision with confidence.
4
Effortless Application & Approval
Once you choose the best option, we’ll handle the entire application process from start to finish. We work directly with lenders to get your approval done smoothly and hassle-free while keeping you informed every step of the way.
Renewing or transferring your mortgage doesn’t have to be a headache. At Dove Mortgages, we make it simple, transparent, and focused on getting you the best deal possible. Here’s how:
1
Know Your Situation
2
Shop the Market
3
Personalized Analysis & Recommendations
4
Effortless Application & Approval
1
Know Your Situation
We start by reviewing your current mortgage details and discussing your financial goals. Do you want to lower your rate, reduce payments, pay off your mortgage faster or access home equity? We’ll present you with all available options.
2
Shop the Market
Unlike banks that only offer their own products, we shop rates and terms from a wide network of lenders across Canada. We’ll look beyond your current lender to find the best rates and mortgage options available to you.
3
Personalized Analysis & Recommendations
We provide a clear, side by side comparison of your renewal and transfer options, breaking down the savings, costs and benefits. No surprises—just straight up advice so you can make an informed decision with confidence.
4
Effortless Application & Approval
Once you choose the best option, we’ll handle the entire application process from start to finish. We work directly with lenders to get your approval done smoothly and hassle-free while keeping you informed every step of the way.
Switch & Save: Real Clients, Real Mortgage Savings
Case Study #1: How the Khans Saved $18,000 Over Their Mortgage Term
Challenge:
The Khans, a family in Ontario, were facing their mortgage renewal and were automatically offered a rate of 6.75% from their existing lender. They felt they could do better but didn’t have time to shop around.
Solution:
We analyzed their financial situation and provided them with options from our network of lenders. We found a lender offering a 5-year fixed rate of 5.99%. We also helped them consolidate some high-interest credit card debt into their new mortgage.
Results:
By switching to the new lender, the Khans will save approximately $18,000 in interest over the 5-year term. They also lowered their monthly payments by $250 by consolidating debt.
Client Quote:
We were so relieved when Dove Mortgages found a much better rate. The savings are huge, and we’re now in a much better financial position. Thank you! Best Mortgage Broker Company In Mississauga – Aisha Khan
Case Study #2: From Auto-Renewal to $250/Month Savings: Chloe's Mortgage Success Story
Challenge:
Chloe, a single homeowner in British Columbia, was about to auto-renew her mortgage at a rate of 7.15%. She hadn’t considered other options because she thought the process would be too complicated.
Solution:
We explained the benefits of exploring the market and guided Chloe through the process. We found a lender offering a 3-year fixed rate of 6.25%.
Results:
Chloe’s monthly mortgage payments decreased by $250. She’s now saving $3000 per year and will save $9000 over the course of her 3 year fixed term, thanks to our help.
Client Quote:
I was hesitant to switch lenders at first, but Dove Mortgages made it so easy. I’m saving a significant amount each month, and I’m so glad I didn’t just auto-renew!” – Chloe
Case Study #3: The Millers Unlock $50,000 in Home Equity for Renovations
Challenge:
The Millers, a couple in Alberta, wanted to renovate their kitchen but were unsure how to finance it. Their current mortgage was up for renewal, and their bank offered them a renewal rate of 6.9%.
Solution:
We helped the Millers review their options and found a lender offering a lower rate of 6.1% on a new mortgage that allowed them to access $50,000 in equity for their renovations and they lowered their monthly payments by $150.
Results:
The Millers were able to complete their dream kitchen renovation without taking on high-interest debt. They also lowered their mortgage rate saving them money in the long run.
Client Quote:
Dove Mortgages helped us achieve our renovation goals while also improving our mortgage situation. We couldn’t be happier with the outcome. – Ethan Miller
Ready to find out if a transfer or renewal is right for you? Let's Talk.
Get the best possible rate and terms for your renewal or transfer.
Frequently Asked Questions
General Questions
What's the difference between a mortgage renewal and a switch (transfer)?
A mortgage renewal means renegotiating your mortgage terms with your current lender at the end of your term. A mortgage switch (or transfer) involves moving your mortgage to a new lender who may offer you better rates or terms.
When should I start thinking about my mortgage renewal?
It’s a good idea to start finding out what your options are 4 to six months before your current mortgage term is up. This gives you plenty of time to compare rates, negotiate terms, and complete the process without rushing.
Why shouldn't I just automatically renew with my current lender?
While a simple renewal is convenient, auto-renewal may not get you the best deal. Lenders often offer their most competitive rates to new customers, not existing ones. Shopping around for options could save you thousands of dollars in interest over the term of your new mortgage.
Renewal/Switch Process
How does the renewal/switch process work?
We start with a thorough review of your current mortgage and discuss your financial goals. Then, we’ll research the current market, comparing rates and terms from various lenders. Then, we will present you with personalized recommendations. If it makes sense and you decide to go ahead, we will handle the application and approval process, working with you every step of the way.A mortgage calculator is a tool that helps you estimate your monthly mortgage payments based on the loan amount, interest rate, and amortization period. By entering these details, you can see how much your payments will be, making it easier to plan your budget before buying a home.
What documents will I need for a mortgage renewal or switch?
You’ll need documents to verify your income and employment. You’ll need to show your current mortgage agreement and property documents. We’ll provide you with a detailed checklist based on your specific situation.
What are the fees associated with switching to a new mortgage?
There are usually fees associated with a transfer of mortgage, such as appraisal fees, legal fees, or discharge fees from your current lender. Keep in mind though, the fees you pay to switch to a lower interest rate often outweigh these costs. We’ll provide you with a transparent breakdown of any potential fees so you can decide what’s right for you.
Benefits and Considerations
How much money could I save if I transfer my mortgage?
Your projected savings will depend on several factors, including your current mortgage balance, interest rate, and the new terms of your mortgage. Even a small difference in the interest rate can turn into significant savings over the life of your mortgage. We’ll provide you with a personalized cost analysis to show you how much you may be saving.
Can I access the equity in my home during a renewal or switch?
Yes, a renewal or switch can be an opportunity to access your home equity. You can use this equity for renovations, debt consolidation, investments, or other financial needs.
What are the potential drawbacks of switching lenders?
While switching can offer significant benefits, it’s important to consider potential drawbacks such as prepayment penalties from your current lender (if applicable) and the time and effort involved in the application process. We’ll help you weigh the pros and cons to make an informed decision.
Working with Dove Mortgages
Why should I use a mortgage broker instead of going directly to a bank?
As independent mortgage brokers, we work with a wide network of lenders, giving you access to more options and competitive rates than any single bank can offer. We also provide unbiased advice and personalized service, acting in your best interest, not the lender’s.
How are you compensated?
In most cases, we are compensated by the lender who funds your mortgage. This compensation is typically a percentage of the mortgage amount, industry standard is that all mortgage brokers receive the same compensation.
How do I get started?
Contact us today for a free, no-obligation consultation. We’ll be happy to answer your questions, review your current mortgage, and present options for you to consider. You can call us at (647) 417-4760 email us at info@dovemortgages.com, or fill out our online form.
