Renewal or Transfer


Read this BEFORE you sign a mortgage renewal or transfer agreement with the same lender!

There are two key time periods associated with every mortgage. The first is the amortization period. This is the total length of time expected to completely pay off the mortgage. Amortization periods are usually about 20 years.

The second key time period is the term. This is the duration of your agreement with the lender and is usually five years or less. What this means is that while the lender expects it to take 20 years or more to pay off your mortgage loan, they are only agreeing to lend you the initial amount for a five year period at the agreed interest rate. So, when the term is up or you want to sell one home to buy another, you essentially need to pay back all that is still owing. To do this, the lender will want you to “renew” or “transfer” the mortgage but this actually means signing a new agreement to borrow what is still owing.

While this may sound complicated, the bottom line is that you DO NOT have to renew or get the mortgage on your new home with the same lender; and it is definitely worth the time and effort to shop around for a better deal on this new loan. The GREAT news is, that we will actually do the shopping for you.

As mortgage brokers, we have access to many different types of lenders – not just the big banks. This is a tremendous advantage to you, not only because we may find a lower interest rate, but also because private lenders are more willing to offer loans to those who may not qualify for the stricter bank criteria.

There may be other benefits as well. Since you are taking out a new loan, you may be able to:

  • borrow more than what is owing, using the additional cash to pay off other debts
  • lower or increase your payment amount, depending on your current circumstances
  • change when you make your mortgage payments, to pay less interest overall
  • gain the option of making a large lump sum payment more frequently
  • make changes to lower taxes

So, even if you haven’t used our Real Estate services, if the term of your mortgage is coming to an end or you are selling one home to buy another, please call us to learn more about how we can help you save money!!

Mortgage Testimonials

Helped Me Buying My First Condo

Ravi was an angel to me. It was my first time buying a property and i didn't know anything, but Ravi patiently answered my million questions and guided me through out the whole process. He got my mortgage approved in 2 days and i moved in to my new condo in less than 3 weeks. I'm grateful for all his support and now im happily enjoying my beautiful condo with my family. I highly recommend his services to all my friends

Surrey BC
Honest and Dedicated Business Professional

Being in the insurance industry for over 17 years, I have rarely seen such a high success rate for approved mortgages.

 Sonny Saran
Great To Work With

I found Ravi Singh to be a very pleasant and professional person to handle my mortgage needs. I highly recommend him to all my family and friends! Thanks again!!

Surrey BC
Commitment to Service Excellence

As an accountant i've referred many of my clients to Ravi Singh because I am confident they will be in good hands. Thanks for your hard work and commitment to service excellence.

 Nijjar Accounting
Surrey BC
The Best In The Business

I can't thank Ravi enough for helping me get a 2nd mortgage when the banks weren't able to. He updated me with how things were going, so that was great on his part. He is best in the business. Definitely give Ravi a call if you need help with mortgages! Thanks Ravi!

 Ramesh Sharma
If he can't do it no one can

Being a self employed it has always been a challenge getting my mortgages approved through my bank. But luckily couple of years ago my realtor referred me to Ravi, and so far i've got 3 mortgages through Ravi. Surprisingly every single time Ravi finds a ways to get my mortgages approved. You are the MAN!!!

Mission BC
Got us a Mortgage Despite bad Credit

When all the banks were turning us away due to poor credit, Ravi worked his magic to get us approved as well as helped us in re-building our credit! We are forever grateful for his efforts and his hard work to get us the answer we wanted.

 Gary D
Great Service!

Great Service. I can always rely on Ravi to provide me with trusted advice and solution to all my mortgage needs. He's been my mortgage advisor for almost 10 years now.

Helped me pay off my CRA taxes

I would like to give a huge thanks to Ravi for helping me refinance my mortgage to payoff my CRA taxes. I will definitely be calling Ravi in the future for any of my mortgage needs and would recommend him without hesitation.


Your Mortgage Source
35639 Eagle View Place
Abbotsford, BC, V3G 0C8
Main Level

Contact Us

Mon - Fri 7am - 5pm
Sat 7am - 3pm
Sun Closed

Phone: 604-556-9524