Renewing Your Mortgage

The best mortgage for you is the one that meets your specific needs. If your situation has changed since the start of your last term, an adjustment to your mortgage might make sense.

Our Straight Rate mortgage is a closed-term, fixed-rate mortgage that’s great for predictability because your interest rate holds steady for the duration of your mortgage term, no matter what happens to interest rates.

CU Flex, another closed-term, fixed-rate mortgage, lets you make extra payments whenever you want, so it’s a great fit if you’re after flexibility. Some conditions apply.

A Variable mortgage is a closed-term mortgage that’s tied to Affinity’s prime rate so your mortgage rate will fluctuate if the prime rate goes up or down. It can be a bit of a gamble, but if interest rates stay low, you win with a lower rate.

Plus, we know life happens and a little cushion can make all the difference, so all of our mortgages come with skip a payment options. With a variety of mortgage products to choose from, there’s at least one that’s right for you!

It depends on what you’re doing with your mortgage at renewal. In most cases, you probably won’t need an appraisal. If you’re moving your mortgage to a new financial institution, they might need an appraisal to confirm the property’s value. If you’re using your home to secure an additional mortgage loan, you’ll also need to prove the value of your home – this could be through an appraisal, tax assessment or other property valuation. The maximum amount you can borrow depends on the value of your home, so we need to get a clear picture of what it’s worth.

Your mortgage is wide open at the end of each term so you can pay off as much of it as you want without any penalty whatsoever. If you’re going from one closed mortgage to another, renewal can be a great time to chop a piece off your mortgage principal. Depending on what kind of mortgage you have, you may also be able to make prepayments throughout your term without any penalties. Our CU Flex mortgage is one example where you can make penalty-free prepayments. Some conditions apply.

If you have equity built up in your home, you have an opportunity to put that money to work. You can borrow a portion of what you’ve repaid on the mortgage – we call this the AffinityEQ. You can use that money for travel, to make renovations, whatever – and because it’s part of your mortgage the interest rate will be nice and low. You can borrow a maximum 80% of your home’s value, minus the balance you have left owing on the mortgage. Adding debt onto your mortgage can be a great way to get some nice things, but it’s also a helpful tool to manage other debts. You can consolidate higher-interest debt under your mortgage and end up paying a much lower interest rate. Call our Contact Centre at 1.866.863.6237 to learn more.

Not necessarily. We always love a chance to meet with our members but thanks to e-signature, you don’t need to come see us in-person to renew your mortgage. As long as you have an email address and a computer, mobile phone or tablet, you can use e-signature to renew. Life gets busy and this is one way to save yourself some time.

To renew your mortgage with e-signature, contact your Affinity mortgage lender ahead of your renewal date or call our Contact Centre at 1.866.863.6237 who will be able to connect you with an Affinity lender.