Switching Your Insured Mortgage at Maturity in Canada

As a Canadian homeowner, your mortgage plays a significant role in your financial journey. If your mortgage is insured and nearing maturity, you have a valuable opportunity to reassess your financial strategy and potentially secure more favourable terms. In this blog post, we'll explore the process and considerations involved in switching your insured mortgage at maturity.

Insured mortgages are those backed by mortgage insurance, typically provided by agencies such as the Canada Mortgage and Housing Corporation (CMHC). This insurance protects lenders in case the borrower defaults on the mortgage, enabling borrowers with lower down payments to access homeownership.

Since your mortgage is already insured, the lender is assuming far less risk and therefore can offer you many perks such as lower interest rate and switching lenders for free! If you have a mortgage that is up for renewal, many lenders, who are competing for your business, will offer you incredible rates, pay for any legals involved and even cover the appraisal should it be required. Some lenders do a have a cap to how much they’re willing to cover in your switch but it’s really great to know that you have these options available to you.

Switching your insured mortgage at maturity is an opportunity to optimize your financial strategy and align your mortgage with your current goals. By considering market options, evaluating new terms, and consulting with professionals, you can make informed decisions that contribute to your long-term financial well-being. Seize the opportunity at maturity to explore new possibilities and make the most of your homeownership journey in Canada.

For more information on how to switch your mortgage for free, contact My Mortgage Ladies.