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RENEW YOUR MORTGAGE

Learn about renewal options that fit your current and future financial goals
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Things may have changed since the start of your mortgage term. A mortgage renewal is the perfect opportunity to review the conditions of your contract to better fit your current and future financial goals.

 

What are your mortgage renewal options?

Update Mortgage Terms

You may want to pay off your mortgage sooner or lower payments. Consider interest rates, payment schedule, payment amounts and more.


Refinance

Have you built up equity in your home? You’re in luck. Refinancing your mortgage means renegotiating your existing mortgage loan agreement and using your home equity to borrow more to serve your needs.

Now’s the time to consider paying of debts, start that home renovation, or pay for something more personal like your kids education.

Benefits of renewing your Island Savings mortgage


  Expert advice

  No re-qualification required

  No mortgage stress test

   Renew as early as 180 days in advance without penalty

   Up to 90 days rate guarantee

  Preferred rates

  Renew from the comfort of your home

It's Never Been Easier to Renew. Take the Next Step.

Our advisors are happy to guide you through your renewal process and answer any questions or concerns you may have.

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Featured Mortgage Rates

5-Year Fixed Closed - Insured**

4.84

5-Year Fixed Closed*

5.29

5-Year Variable Closed - Insured**

6.20

5-Year Variable Closed*

6.65

*The fixed mortgage rate is only available to members with greater than 20% down payment, purchasing a residential, owner occupied property valued at under $1,000,000, and who meet other conditions. A premium may be applied to the rates for all other mortgages. Please visit a branch or call us at 1-888-597-1083 for further details.

**This insured mortgage rate is only available to members with less than 20% down payment, purchasing a residential property valued at under $1,000,000, who are eligible for and purchase mortgage default insurance and meet other conditions. Mortgage default loan insurance is required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with a minimum down payment. The premium is calculated based on a percentage of the amount borrowed. Your premium can be paid upfront in a single lump sum payment, or it can be added to the total balance of your mortgage and included in your monthly payments – in this case, interest will apply to the premium as well. The minimum down payment requirement for mortgage default insurance depends on the purchase price of the home. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Mortgage default insurance is available only for properties with a purchase price or as-improved/renovated value below $1,000,000.

†Mortgage rates are subject to changes without notice and are available O.A.C. Fixed mortgage rates are compounded semi-annually; variable mortgage rates are compounded monthly. Mortgage rates are based on a 25 year amortization. Terms and conditions may apply. Mortgage funds must be advanced within 12 days of the application date. These rates are discounted and cannot be combined with any other rate discounts, promotions or offers. Additional fees may apply. For specific Annual Percentage Rate (APR) rates, please contact us.

FAQ
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You can renew your mortgage as early as 180 days in advance without penalty. We will guarantee your rate for up to 90 days.

Renewing early ensures you're giving yourself enough time to make a sound decision and take advantage of any special rates and offers that may be currently available or lock in a rate before they increase.

If you are renewing with your current lender and as long as your mortgage is in good standing you do not need to requalify or pass the mortgage stress test. You can simply negotiate new terms and renew your mortgage.

You can renew from the comfort of your own home by speaking to one of our expert advisors who will guide you along the renewal process.

You have the freedom to choose the day of the week or date of the month your payment is due, allowing you to schedule your payments. This provides you with peace of mind as you create your budget.

You can use the maximum amortization you are allowed at the time you get your mortgage. This can lower your regular payments. But, the longer the amortization, the longer it will take you to pay off your mortgage.

Mortgage rates are only valid for the duration of your term. At the end of your term, and when you renew your mortgage, our advisors will offer the best current mortgage rates and types available that fit your goals.

You can renew your mortgage as early as 180 days in advance without penalty. A mortgage renewal fee applies. Please refer to our service fee overview for all current fees.

We offer open terms that provide the flexibility of being able to make changes to the term without any penalties once you decide on a new term. Rates for open terms are generally higher than locked-in rates.

If you have built up enough equity in your home, you may be able to borrow more money. You can borrow up to 80% of the value of your home but you will have to re-qualify for the new amount.

If you have a variable rate or you make changes to your payment frequency or amounts, your amortization could be affected. Making lump sum payments will also affect your amortization.