Renew or refinance your mortgage

Renew or refinance and continue to save money with Cambrian’s low mortgage rates.

4.6
Rating from 80+ post-mortgage meeting surveys

Why Cambrian? Our purpose is to save, solve and simplify.

Renew or refinance your mortgage easily and save thousands with our low mortgage rates.

Renew my Cambrian mortgage

Renew to save thousands with our low mortgage rates.

When it comes to renewing your mortgage, a lower mortgage rate makes a big difference.

For example, on a $350,000 mortgage, the difference between a 5-year rate of 5.50% and 6.50%, would be an interest savings of approximately $17,000.

5 Year Variable Closed Mortgage
5.05
%
3 Year Closed
5.10
%
Variable Open Mortgage
5.95
%

We make renewing your mortgage simple.

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 sooner.

We love helping you save money. Which is why you can 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 payments throughout the year.

Get personalized, honest advice about your mortgage renewal.

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.

“Very quick and convenient way of renewing a mortgage online, and very pleasant interaction with my Cambrian advisor. Thank you!”

Ann

experience with Cambrian’s online mortgage renewal

5

Refinance my Cambrian mortgage

Why refinance your mortgage?

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.

How do you refinance your mortgage?

Step 1:
Book a meeting

At the meeting we will review your current financial situation and discuss your options with you.

Step 2:
Finalize your mortgage

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.

Step 3:
Sign mortgage documents

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.

Step 4:
Your new mortgage is set up!

Your new mortgage is now set up and your payments will start according to the repayment schedule in your mortgage document.

Reach us when and where
you need us.

We know your time is precious, so we strive to make your experience quick and seamless.

Same-day response to your mortgage application.
  • Online applications will be reviewed within one business day.
  • Credit decisions are made locally ensuring a quick turnaround time.
Our average call response time is under 1 minute.
  • When you have questions, you can reach us in minutes (not hours).
  • Our contact centre representatives are personable and local.
You don’t need to come into the branch.
  • Book a meeting online to meet with an advisor by video or phone.
  • You can meet with any of our available advisors at the time that suits you best.

Frequently
Asked Questions

Can I renew my mortgage online?

Residential mortgages can renew online.

1. Book a meeting 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.

Can I change my term length when I renew my mortgage?

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.

How much can I borrow if I refinance my mortgage?

When you refinance, you can borrow up to 80% of the value of your home. The amount approved will depend on your credit capacity.
Can I renew my mortgage early (before it matures)?

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.