When it comes to renewing your mortgage, a lower mortgage rate makes a big difference.
For example, the difference between a fixed rate of 6.10% and our rate of 4.25% on a $500,000 mortgage would mean interest savings of $44,500 over the 5 year term.
At Cambrian, we have a simple, automated mortgage renewal process to make it easy for you to renew your mortgage with us.
You can renew your mortgage early, penalty-free, anytime within 120 days prior to your maturity date. Here’s how our mortgage renewal works:
1. 120 days prior to your renewal date, you will receive an email from us alerting you that your mortgage is maturing soon.
2. You can book online to meet with any of our Cambrian advisors, who can assist you via video, phone or in-person, or we will contact you personally to review your renewal options.
3. We can securely email your mortgage renewal documents for you to sign electronically or you can sign in-person at any branch.
Get mortgage-free faster! Every little bit helps. We love helping you save money with more flexible prepayment options. Choose to pay up to an additional 20% of your original mortgage balance every year, without penalty. Make one lump sum payment or make several smaller payments regularly throughout the year – whichever way works best for you.
At Cambrian, we make what you may consider complicated, like renewing a mortgage, simple.
Our focus is to save you time and money. We will review your current financial situation and discuss all our mortgage options with you, recommending the option that we feel is best for you. And you can renew your mortgage without stepping foot into a branch. We will meet you via video and securely email the mortgage renewal documents for you to sign electronically.
When you refinance your mortgage, you can borrow up to 80% of the value of your home, at our low mortgage rate.
By using the equity in their homes, members get financing at our low mortgage rates for home renovations, paying off high interest debt or funding other life projects.
When you refinance, we will calculate a blended mortgage rate for your new mortgage, using the existing fixed rate on your existing mortgage amount and the current fixed mortgage rate for the new mortgage amount. This means you don’t have to pay a prepayment penalty for the mortgage that is being refinanced.
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At the meeting we will review your current financial situation and discuss your options with you.
We will replace your existing mortgage with the new refinanced mortgage amount. We will calculate a blended mortgage rate for your new mortgage, using the existing fixed rate on your existing mortgage amount and the current fixed mortgage rate for the new mortgage amount. This means you don’t have to pay a pre-payment penalty for the mortgage that is being refinanced.
If you have a variable rate mortgage, there is no blending required.
We will draft the mortgage documents for your signature and review together. You can sign the documents in person at the branch or we can securely email the documents for you to sign electronically.
Your new mortgage is now set up and your payments will start according to the repayment schedule in your mortgage document.
Residential mortgages can renew online.
2. We will securely email your mortgage renewal documents with new mortgage rate and term.
3. You can sign your documents electronically. No need to visit a branch.
Yes! You can choose any of our mortgage term options when you renew your mortgage. We offer terms from 6 months to 5 years.
We are available to review your mortgage options via video, phone or in person.
You can renew your fixed rate mortgage, penalty-free, any time within 120 days prior to your mortgage maturity date. This allows you to lock in a mortgage rate when you choose, instead of having to wait until the date your mortgage matures. If you have a variable open mortgage, there is no renewal required.
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