Negotiate Every Mortgage Renewal

Tanya Toye • March 20, 2025

Whether you’re a first-time homebuyer facing your very first mortgage renewal or you’re a seasoned homeowner who has been through multiple terms, it’s beneficial to ensure you negotiate your mortgage features and rate every time your term is up for renewal.


Become familiar with your renewal date and speak to your mortgage broker well in advance of your mortgage maturity date. They’ll be able to lock in a rate 90-120 days before your current mortgage term ends. If rates drop during that time, your rate will also drop and, even more important, if rates rise, you’ve already secured a lower rate.


A lot can change over the course of your mortgage term – regardless of its length – including your income, debt load and interest rates, to name a few. Renewal time is the perfect opportunity to review the details of your mortgage and re-examine your personal financial situation to ensure they’re still in sync. 


Since you don’t have to renew your mortgage with your current lender, this is also a good time for your mortgage broker to shop around on your behalf to see what other lenders are offering and, perhaps, save some money. Your mortgage broker has access to many different types of lenders and will do the legwork for you in order to find the best mortgage options suited to your needs, potentially saving you thousands of dollars over the course of your next term. 


What to do with an early renewal offer:

Your current lender will likely send you an early mortgage renewal option. Don’t simply sign and return your lender’s renewal offer, since this won’t necessarily be your best choice. Be sure to have your mortgage broker review the offer with you so you can weigh all your options.


Renewal is also an ideal time to consider accessing some of your home equity to improve cash flow, pay down debt, send your kids to school, buy an investment property, etc, because you won’t be charged a penalty for breaking your mortgage.


Have questions about what’s best for you at renewal? I’m here to help: 604-788-8693 | tanya@tanyatoye.ca

Tanya Toye

Mortgage Broker

GET STARTED

How Property Type and Condition Influence Mortgage Financing

By Tanya Toye • August 19, 2026
Why the Property Matters When You’re Qualifying for a Mortgage When qualifying for a mortgage, lenders typically look at four core areas: Income Credit Down payment or equity The property itself Most buyers focus heavily on income, credit, and savings—and for good reason. But even if those boxes are checked, the property can still determine whether a mortgage is approved. Why Lenders Care About the Property From a lender’s perspective, the property is the collateral for the mortgage. In the unlikely event of default, they need to know the home can be sold quickly and at fair market value to recover their funds. Because of this, lenders are careful about the condition, value, and marketability of any property they finance. Homes that are in poor repair, unconventional, or overpriced can raise red flags—even when the borrower is well qualified. Appraisals Are Always Part of the Process Every mortgage requires an appraisal to confirm value. Insured mortgages (through CMHC, Sagen, or Canada Guaranty) often use an automated valuation model completed online. Conventional mortgages typically require a full, on-site appraisal by a certified appraiser. This appraisal is not optional and happens after an offer is accepted—not at the pre-approval stage. Why Pre-Approvals Aren’t a Guarantee A pre-approval is a great first step, but it only assesses you, not the property. Once you’ve made an offer, the lender must approve the specific home you’re buying. Understanding this upfront helps avoid surprises and confusion later in the process. The Risk of Buying Without a Financing Condition In competitive markets, buyers sometimes remove financing conditions to strengthen their offer. However, this comes with risk. If the appraisal comes back low—or the lender is concerned about the property’s condition—you could be denied financing after the offer is firm. In that scenario, your deposit may be at risk. Buying a Home That Needs Work If you’re considering a property that isn’t in perfect condition, there are solutions. A purchase plus improvements program allows you to buy a home and include renovation costs in your mortgage. The process is structured and requires planning, but it can be an excellent way to turn a fixer-upper into a great long-term investment. Final Thoughts Mortgage approval isn’t based solely on your finances—the property matters just as much. Knowing this ahead of time helps you make smarter offers, reduce risk, and plan more effectively. If you’re buying a property that needs work or want clarity on how a lender may view a specific home, feel free to reach out. I’d be happy to walk you through your options and help you plan with confidence.

What You Need to Know About Mortgages and Parental Leave

By Tanya Toye • August 12, 2026
If the title of this article caught your attention, chances are your family is growing. Congratulations. If you’re thinking now is the right time to move into a home that better fits your growing family—but you’re unsure how parental leave affects your ability to qualify for a mortgage—you’re in the right place. Here’s the good news. Qualifying for a mortgage while on parental leave is possible when it’s done correctly. When you work with an independent mortgage professional, lenders can often qualify you based on your return-to-work income , as long as you can provide documentation confirming you have guaranteed employment waiting for you. A word of caution If you walk into a bank branch and disclose that you’re currently on parental leave, there’s a chance the bank will only allow you to qualify using your parental leave income. That can significantly reduce your borrowing power. Parental leave income is typically limited to 55% of your previous earnings, up to a weekly maximum. Qualifying on that amount alone can restrict your options and impact the type of home you can purchase. Why lender choice matters One of the biggest advantages of working with an independent mortgage professional is choice . You’re not limited to one lender’s rules or products. Some lenders will allow you to qualify using 100% of your confirmed return-to-work income , which can make a meaningful difference in your approval amount and overall options. What you’ll need to qualify Most lenders will require an employment letter that includes: Employer name (preferably on company letterhead) Your job title Original start date (to confirm probation has been completed) Confirmed return-to-work date Guaranteed salary upon return Lenders want reassurance that your income will resume once parental leave ends. You may also be asked to provide income history from the past couple of years, which is standard for most mortgage applications. One important note Whether or not you actually return to work after parental leave is entirely your decision. From a mortgage perspective, qualification is based on having a confirmed position available to you at the time of approval. If you have questions about qualifying for a mortgage while on parental leave—or anything mortgage-related—please connect anytime. I’d be happy to walk you through your options and help you plan with confidence.