Akal Mortgages

Renew your mortgage

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    Min $ 300,000

    Min $ 25,000

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    How Our Mortgage Brokers Can Help

    At AKAL Mortgages Inc., we believe that you should not just renew your mortgage loan—you should renegotiate it! Our mortgage brokers have connections to numerous lenders and can help you assess your options and determine which one will provide you with the best loan terms. We can help you compare factors such as:

    Lendevi Expert Advice

    4 things that you should evaluate to renew your mortgage

    Mark your current mortgage term’s maturity date on the calendar, then count back 120 days (~ 4 months) and mark that too; this is the date majority of the lenders will let you begin the early mortgage renewal process, meaning you could renew early with your current lender without having to pay a prepayment penalty (for breaking your term early). If you’re not ready to sit down with your mortgage broker or lender on this day, you can at least start researching your options online. By identifying which lenders are offering what, in terms of mortgage rates, prepayment options and other terms and conditions, you will be better armed to mediate when you are all set to renew.

    5% on the first $500,000 = $25,000

    10% on the next $200,000 = $20,000

    A total of $25,000 + $20,000 = $45,000


    If you plan to live in the home for more than five years, you need not worry about portability that is, shifting the mortgage to a new property.

    Low-Frills Mortgages

    If you don’t plan on moving, refinancing or making huge prepayments in the upcoming five years, you can consider low-frills mortgages.


    Most first-timer buyers opt for a 5-year fixed rate because they cannot afford an interest risk.

    Hybrid Mortgages:

    If you do go variable, look for one that maintains your payment the same regardless of interest rate variations. It’s easier for budgeting and gives you peace of mind if rates start climbing.

    Consider Your Financial Goals

    A lot can happen throughout your current mortgage term. Your financial goals at the beginning of your current mortgage term may no longer match up with your present goals. You could have received a substantial raise at work, lost some income or even retired.

    Be Ready to Renew in the Last 30 Days

    By law, your current lender has to send you a mortgage renewal statement at least 21 days before your term is up, but they will usually mail you a renewal offer for their lowest posted rate that is good for the 30 days before maturity.

    Make a Decision

    After shopping around, considering your financial goals, outlining your mortgage needs and receiving a mortgage renewal offer from your current lender, it’s finally time to make a decision.

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    Why You Should Choose AKAL Mortgages Inc.




    Frequently Asked Questions

    Along with your other financial goals, you should make a list of what you’re looking for in a mortgage product. To start, ask yourself a few questions:
    • Does your monthly budget have room for you to increase your mortgage payment amount? (If so, review the monthly prepayment options in the terms and conditions.) Do you think you will receive any bonuses or inheritances that you could put towards your mortgage? (If so, you’ll also want to look at the lump sum prepayment options.)
    • Do you think you will have the option to pay off your mortgage entirely, in this next term? (If that being the case, consider the prepayment penalties that go with fixed vs. variable rate mortgages.)
    • Do you think you will want to borrow more money from your lender during this next term? (If that is the case, you will again want to consider the prepayment penalties involved in a refinance, or look at collateral mortgages instead.)
    • Is there any chance you will be selling your home and/or moving in the next 5 years? (In that case you may need a mortgage that is portable or assumable.)
    • Can I negotiate during renewal?

    “You may as well hand your wallet over to the granter,” says a buyer. If you identify that your current lender has the best mortgage features, advice and policies, ask your bank to match a competitor’s lower rate.

    “If you don’t come right out and ask for a better rate, you won’t get one,” says a real estate lawyer in Toronto. He also claims that banks might be more desirous of lowering your rates if you transfer over other accounts or investments, such as an RRSP. Don’t just fixate on the interest rate. The amortization period, the rate type (fixed or variable) and the flexibility of the payment schedule can be crucial to lowering your costs.