To ensure a smooth mortgage renewal process, here is a step-by-step breakdown of what to expect:

 

• Mortgage Application Submission

  • I will electronically submit your mortgage application to the lender based on the approximate balance owing on the renewal date.

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• Lender Commitment

  • The lender typically issues a commitment within 2–3 business days (this may vary depending on their volume). This document outlines the required documents and conditions for approval.

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• Document Submission

  • I will gather and send the necessary documents to the lender, such as income verification or strata documents (if applicable).

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• Appraisal Requirement

  • The lender may or may not require an appraisal as part of the process.

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• Document Review and Final Approval

  • Once all conditions have been satisfied, the lender will review the documents and issue a full approval.

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• Document Signing

  • I will email the documents for digital signing or arrange a convenient in-person signing appointment. 

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• Payout Request and Adjustment

  • The lender will request a payout from your current lender through First Canadian Title (FCT) to determine the exact balance owing. This process can take time, depending on the current lender being paid out.

  • Once the final payout is received, the mortgage balance and payment will be adjusted accordingly.

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1. Signing Appointment with FCT

   • FCT will contact you by email or phone to schedule a signing appointment. The signing agent will meet you at your residence (public locations are not permitted for security reasons).

   • The signing appointment ensures your ID is verified. Since this is a straight renewal, no lawyer is required, and the cost is covered by the lender.

   1. Additional Information from FCT

      • FCT may request a copy of a void cheque to confirm the account for mortgage payment withdrawals.

      • They will coordinate all paperwork between the new and existing lenders.

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For Refinances
If you plan to refinance (e.g., borrow additional funds, increase amortization, consolidate debt), note that:

• The FCT fee will not be covered by the lender, as refinancing involves additional costs compared to a simple renewal.
   

Important Notes

• Timelines: The payout of your current mortgage must be requested before your renewal date to give the new lender adequate time to prepare the paperwork for payout.

• Start Early: The renewal process takes approximately 3 weeks to complete. I recommend initiating the process at least 4 weeks prior to your renewal date to avoid delays.

 

Should you have any questions or need clarification on any of the steps, feel free to reach out. I’m here to assist you throughout the process.