Mortgage renewals Winnipeg, Manitoba
Your renewal letter is one lender's offer. Before you sign it, a licensed CENTUM® mortgage professional sets it beside offers from other lenders, counts any switching costs, and shows you whether to stay, negotiate or move.
Most Winnipeg homeowners we hear from fit one of these four. Pick yours and we'll start the form there.
Your lender's letter is one offer, not the only one. You may qualify for a lower rate than the one it shows. We'll set it beside other lenders' offers before you sign anything.
Start with this: my renewal offer has arrivedStart shopping a few months before your term ends, not when the letter arrives. That leaves time to compare offers, push for a better one, and line up a switch if it's worth it.
Start with this: renewing in the next few monthsSince late 2024, moving your mortgage to another federally regulated lender at renewal, with the same balance and amortization, usually doesn't mean passing the stress test again. We'll work out what the switch would cost first.
Start with this: thinking of switching lendersFixed or variable? How long a term? Or wondering whether to borrow more at the same time? Tell us when your term ends and we'll lay out your options.
Start with this: not sure yetRenew or switch
Your renewal letter shows one lender's offer. Your CENTUM® mortgage professional sets it beside offers from other lenders, with the cost of switching counted in, so you can see whether to stay, negotiate or move.
Compare my renewalYour renewal worksheet
Stay or switch, worked out with you before you sign
Bottom line: the offer that costs you least over the term
Rate, costs and flexibility weighed together, not just the monthly payment. Sometimes that means staying where you are, at a better rate.
Most mortgage rules are federal. These Manitoba and Winnipeg details can change how a renewal or a switch goes, and they're easy to miss.
Manitoba's credit unions are regulated by the province. The federal rules on renewal statements and stress-test-free switches are written for federally regulated lenders, such as banks. If your mortgage is with a credit union, check its renewal terms, and know that moving to a bank may still mean qualifying at the higher test rate.
Under Manitoba's Homesteads Act, if only one spouse or common-law partner owns the home, the other has to consent in writing before it can be mortgaged. If switching lenders means registering a new mortgage, plan for both of you to sign.
Manitoba charges land transfer tax when a transfer of title is registered. Moving your mortgage registers a mortgage, not a transfer. If you're adding or removing someone from the title at the same time, ask your lawyer how the tax applies.
Some lenders collect property tax with your mortgage payment. If your new lender won't, the City of Winnipeg's TIPP plan spreads the tax over 7 to 12 monthly withdrawals. Joining after January 1 adds a one-time 2% fee on the instalments you missed.
Sources: The Credit Unions and Caisses Populaires Act (Manitoba), OSFI, straight switches, Manitoba Family Law, Manitoba Finance, land transfer tax, City of Winnipeg, TIPP.
Offer in hand, renewing soon or thinking of switching, and where to send your comparison. No documents yet.
A licensed mortgage professional replies by email, or by phone if you add one.
Your lender's offer beside other lenders', with switching costs counted. Stay, negotiate or switch. No obligation.
Adrian helped us in so many ways with our mortgage. … Adrian's guidance was incredibly knowledgeable and he was remarkably fast in his communications and dedication in guiding us through all of the steps and hurdles required. We would highly recommend him for anyone seeking financial assistance.
We have used them twice and they have done everything to make our experience as painless as possible. … They know the business end to get you the best, but will treat you like family.
I've been self employed for most of my life and being as such getting a loan or a mortgage is always tricky (at least for me). Even when I tried other brokers and banks she was able to offer a much better deal and terms and get the deal approved.
Extremely responsive and followed up the day after closing to make sure everything was ok. … Would recommend to anyone needing a mortgage.
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Still wondering about something? Ask it when your mortgage professional gets in touch.
Compare my renewalA few months before your term ends. The Financial Consumer Agency of Canada suggests not waiting for your lender's renewal letter. Starting early gives you time to compare offers, negotiate, and line up a switch if it saves you money.
Federally regulated lenders, such as banks, must send a renewal statement at least 21 days before your term ends, or tell you by then that they won't renew. If you don't act, the mortgage may renew automatically, and the statement says so if that's the plan. Credit unions in Manitoba follow provincial rules, so check your mortgage agreement.
Yes. You may qualify for a lower rate than the one in your renewal letter. Tell your lender about competing offers, and expect to be asked for proof. Your mortgage professional can get those offers from other lenders for you.
Usually not, for a straight switch. Since late 2024, moving your mortgage at renewal between federally regulated lenders, with the same balance and amortization, no longer needs the minimum qualifying rate in most cases. Borrowing more or stretching the amortization means qualifying again, and so may a move from a provincially regulated credit union.
There can be discharge and registration fees, an appraisal and legal fees. On a straight switch, up to $3,000 of these costs can be added to your balance. Your mortgage professional adds them up so you can see whether a lower rate still saves you money.
Some lenders let you extend before your term ends with a "blend and extend": your old rate and the new term's rate are blended, with no prepayment penalty, and your lender must explain how the new rate is worked out. Breaking a closed mortgage early to switch lenders normally means a penalty, so we check whether the savings outweigh it.
Yes, but that's a refinance rather than a straight renewal. You'd qualify again under the stress test, and you can usually borrow up to 80% of your home's value. Choose "Not sure yet" in the form and we'll look at both.
A licensed CENTUM® mortgage professional replies the same business day. Your request goes to our team and is passed to a professional who handles Manitoba mortgages.
Two short steps, a reply the same business day, and your renewal compared before you sign.
Compare my renewal