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Renewing my mortgage

When your mortgage term is close to maturity, we’ll send you a renewal letter with details about your next steps. During this renewal period, it’s a good time to review your financial goals, insurance coverage requirements, and mortgage options.

Things to consider before you renew your mortgage

What are your short- and long-term goals?
Mortgage renewal time is a great time to consider what is on the horizon for you. If you’re considering a major purchase such as a renovation, consider talking to a lending specialist about the possibility of tapping into your home’s equity to fulfill your financial goals.  

Are you moving in the near future?
If you are planning a move within the next few years, you may want to choose a term length that coincides with your expected move date. Or, you could consider the possibility of turning your current home into a rental property that will provide you with an additional income source.

Do you want to be mortgage-free faster?
This is the opportune time to make additional payments that will help you pay off your mortgage sooner and save on interest.

Why renew with SCU?

Enjoy flexible mortgage solutions

Choose between variable and fixed mortgage rates, depending on your financial needs.

Save on interest costs

You have the ability to pay your mortgage off early with our prepayment privileges, which allow you to pay an additional 20% of your original mortgage amount each year.

Receive expert financial advice

When you talk with an SCU lending specialist, we will work with you to discover the best options that save you money and help you achieve your goals.

Choose the mortgage solution that’s best for you

Fixed Rate

Offers a guaranteed rate of interest and set payment amounts for a specified period of time.

Features
  • Take comfort in knowing exactly how much equity you’ll build by the end of your term
  • Available in 1- to 5-year terms for up to 30 years’ amortization
  • Guaranteed rate of interest and set payment amounts throughout the term length

Variable Rate Open

Offers the most flexible repayment options. The amount paid toward principal and interest fluctuates as rates change.

Features
  • Make lump sum payments greater than the 20% prepayment allowance at any time without penalty
  • Interest floats as per our currently posted rates

Variable Rate Closed

Offers a set payment amount each month. The amount paid toward principal and interest fluctuates as rates change.

Features
  • Could be your best bet in a declining interest rate market because you’ll build more equity as rates decrease
  • Available as a 5-year term for up to 30 years’ amortization
  • Prepay up to 20% of the original principal amount yearly with no penalty

Variable Rate Capped

Offers the flexibility of a variable mortgage, but capped at 1% above the current posted rate for a 5-year term.

Features
  • An option to consider in rising interest markets that offers a protective ceiling, while still giving some of the benefits of a variable mortgage
  • Available as a 5-year term for up to 30 years’ amortization
  • Prepay up to 20% of the original principal amount yearly with no penalty

Tips & tools

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Considering refinancing?

Discover what it means to refinance your home, and how refinancing can help you achieve your financial goals.
Learn about refinancing
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Compare mortgage payments

Deciding which mortgage terms are right for you? Use our mortgage comparison calculator to compare mortgage terms, rates and amounts.
Explore our mortgage comparison calculator
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Receive mortgage advice

Our Insights & Advice page includes great articles to help you make the most of your mortgage.
Read our mortgage articles

Insights & Advice

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