Renewing my mortgage
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
Save on interest costs
Receive expert financial advice
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.
- 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.
- 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.
- 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 Variable Rate Closed Mortgage at the time of signing.
- 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
Considering refinancing?
Compare mortgage payments
Receive mortgage advice
Frequently Asked Questions
If you want to reduce your amortization, a full credit review is not typically required.
For example, if you have a 5-year variable closed mortgage and want to switch to a fixed rate after 2 years, you could choose a 3-,4-or 5-year fixed term.
With a variable capped mortgage, your rate can still change, but it has a limit. You pay a small premium over the variable closed rate, and your rate will not rise above the 1% over the variable rate you received when you signed. This can offer added peace of mind if rates increase.
Insights & Advice
