Are you approaching your mortgage renewal? You may have an opportunity to switch lenders and secure a better rate—without the hassle of re-taking the stress test!

What’s Changing?

Traditionally, if you wanted to switch lenders at renewal, you had to pass the mortgage stress test again, even if your payments remained the same. But now, insurable mortgage switches are exempt from the stress test as long as your mortgage amount, amortization, and property remain unchanged.

This means:
✅ Easier qualification – No need to meet higher stress test requirements.

✅ More lender options – Shop for the best rate without barriers.

✅ Potential savings – A lower rate could save you thousands per year.

How Much Can You Save?

Let’s break it down. Suppose you have a $400,000 mortgage with a 5-year fixed rate. If you switch lenders and secure a 0.5% lower interest rate, you could save over $1,800 per year on interest!

Who Qualifies for a Stress-Test-Free Switch?

✔️ You have an insurable mortgage (typically one with an original down payment of 20% or less).
✔️ You’re switching lenders at renewal (not refinancing for extra funds).
✔️ Your remaining amortization stays the same

Next Steps

If your mortgage is coming up for renewal in the next 6 to 12 months, now is the time to explore your options. Don’t let your bank automatically renew you into a higher rate—let’s find you the best deal available!

Want to see if you qualify?
📩 Email me at pattymortgages@outlook.com
📞 Call/Text me at 604-767-7765

I’m here to help you navigate this change and save on your mortgage payments. Let’s make your renewal stress-free!