Renewing a mortgage in Ottawa this year? Follow three payment-saving moves:
(1) Lock terms up to 120 days early to protect against future hikes,
(2) invite a broker to compare six mainstream and alternative lenders so you see every lower-payment option, and
(3) roll credit-card or LOC balances into the renewal, cutting total monthly outflow, not just mortgage cost.
A seasoned broker can transfer you to a new lender in about 10 business days with no appraisal when equity is verified. Scroll for the exact steps, documents, and hidden fees to watch.
Why 2025 Renewals Feel Different in Ottawa
Higher living costs, tighter lender guidelines, and June 2025 federal rule tweaks mean Ottawa homeowners have to work harder to keep payments down. The good news? Equity growth since 2020 gives most borrowers leverage to negotiate better terms, or switch entirely.
Strategy #1: Shop 120 Days Before Maturity
Banks send renewal letters 30 days out. That’s too late to negotiate. Ask a broker four months before your term ends so you can secure a lower payment window while you decide.
Strategy #2: Compare Mainstream & Alternative Lenders
Alternative lenders allow higher flexibility on debt-service ratios and bruised credit. Brokers present side-by-side payment summaries so you choose the smallest monthly obligation, not just the default bank offer.
Strategy #3: Bundle High-Interest Debt
Consolidating revolving balances into the new mortgage often slashes total monthly payments by hundreds of dollars, and boosts your credit score once those credit lines report paid.
Documents & 10-Day Timeline
- Online application (2 min)
- Two current pay stubs / NOAs
- Mortgage statement & property-tax bill
- Equity confirmation (automated valuation or existing appraisal)
- Lawyer signs transfer, funds advance (Day 10)
Hidden Costs & How to Avoid Them
- Discharge fee (≈ $400) → often reimbursed if you switch.
- Assignment fee if you keep the same lender → ask to waive in exchange for loyalty.
- Title insurance update → shop the price; some lawyers pass their bulk rate on to you.
Let Burke Financial help you consolidate, save, and breathe again, with fast approvals and no judgment.
📞 1-866-702-9394 | 🌐 www.burkefinancial.ca
