Switching carries no prepayment penalty right now
At renewal you can move to another lender with no prepayment penalty. That window closes once you sign, and it does not come back until the end of the next term.
You can reopen it yourself, right now.
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613-707-7638
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Renewal letter in hand?
Your renewal letter is one lender's number, worth checking before you sign. Navreet compares a wide range of lenders against it first, and at renewal you can move without paying a penalty.
Thanks, you're all set. Nav Virk Mortgages gets back to you directly to set things up.
Prefer to talk? Call +17783503160.
Navreet is registered with the BC Financial Services Authority as a Submortgage Broker.
Most people call once the renewal letter arrives, unsure whether a second look is even worth it. When it is not, Navreet says so.
The comparison covers what other lenders would offer on your numbers and what the fine print beside the letter actually commits you to, so you decide on a comparison rather than a single offer.
It is also the moment most people spend the least time on. Here is what is actually on the table.
At renewal you can move to another lender with no prepayment penalty. That window closes once you sign, and it does not come back until the end of the next term.
Renewal is when you can change your amortization, switch between fixed and variable, or fold other debt in. A rate-only comparison misses most of what you can actually adjust.
Navreet shops your file across lenders on a single credit pull, so comparing does not cost you anything on your credit report.
Here is how the call with Navreet usually goes.
Your renewal letter, exactly as it arrived. Navreet reads the offer, the term and the fine print before you talk.
What the next few years look like: staying put, moving, renovating, or folding in other balances.
The comparison comes back in writing so you can read it on your own time. Nobody chases you for an answer.
No. A prepayment penalty applies when you break a term early. At the end of your term you can move to a different lender without one, though the new lender still has to approve your application.
Most lenders will look at a renewal a few months out, and starting earlier gives you room to compare properly. If your date is close, it is still worth a call before you sign anything.
Navreet works from one credit check and presents your file to lenders from it, rather than each lender pulling separately.
Leave your details and Nav Virk Mortgages gets back to you directly to set up a time that works for you.