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Renewal Process

  • Submit the mortgage application electronically to the lender.                                                                                     As we cannot determine the exact mortgage amount to be paid out we have to submit the application based on the approximate mortgage balance remaining on maturity.  This amount will be readjusted to reflect the exact amount once the payout statement has been received as the payout statement confirms the total amount of money required to payout the existing mortgage.  
  • Lender will issue a commitment typically 3-5 business days after submission outlining what documents/conditions are required to fulfill the mortgage approval.
  • I then submit the required documents to the lender and order an appraisal if required.  An appraisal is a professional estimate of a property's market value used by lenders .
  • The lender will review the documents and issue a full approval once all the conditions have been satisfied.
  • I will then have you sign the mortgage documents and we can either meet in person OR I can fax or email the documents for digital signing, whichever option is most convenient for you.
  • The new lender will order a payout statement from the existing lender. 
  • Once the payout is received, a representative from First Canadian Title will call you to schedule an appointment with a lawyer near your home.  This cost is covered by the new lender and it is a quick meeting to confirm your ID.
Typical items a lender will condition the approval on:
  • Income verification
    • Signed and dated employment letter on company letterhead confirming your name, start date, position, salary OR guaranteed hours and hourly rate and contact person to confirm your employment.
    • Last 2 pay stubs you received
    • 2012 and 2013 income notice of assessments
  • Land title act Form B.
  • Proof of fire insurance - applicable to houses.
  • Confirmation that property taxes are up to date.
  • Copy of renewal agreement from current lender.
  • Strata form B Information statement if the subject property is a strata.  You have to order this form from the property management company and it typically takes seven business days.
  • Lender may or may not require strata minutes.

If the current lender is collecting your property taxes

Depending on the timing of the renewal, the property taxes already collected by your existing lender may apply as a credit on the payout statement.   For example, if the mortgage amount owing is $301,000 and the property taxes already collected for 2015 is $1000, then the new mortgage amount will be $300,000.  In this scenario you would be responsible for the 2015 property taxes.

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