Renewing or Refinancing
There are a few key points to consider when thinking about renewing or refinancing your home.
Mortgage renewals and refinancing
The next step in your homeowner's journey
Are you happy with the status quo?
This is a great time to review your finances and the options within your mortgage terms.
Want to reduce your monthly payments?
New baby or kids in university? You may want to consider reducing your monthly payments.
Interested in financing renovations to your home?
This is a great time to review your finances and the options within your mortgage terms.
Want to refinance and consolidate other debt?
One way to reduce interest costs is to consolidate your debts when refinancing.
Are there other expenses you need covered?
Use the equity in your home to help pay for costs like repairs, education or investments.
Are you concerned about your current rate?
This is a great time to review your finances and the options within your mortgage terms.
Renewing versus Refinancing
Learn about the differences between refinancing and renewing your mortgage:
RENEWING
REFINANCING
- When you renew, you extend the term and have the option to modify the lifespan of your mortgage
- This is a good option if you are not needing to borrow any additional funds
- Requalification is not needed which makes the renewal process straight forward
- Refinancing allows you to increase your mortgage up to 80% of the property’s appraised value
- This option requires you to requalify and provide an appraisal of your property. You do need to requalify
- You can refinance before the term ends without penalty for blended mortgages
WORKING WITH A MORTGAGE SPECIALIST
Let us guide you through your homeownership journey
Our mortgage advisors love helping home buyers continue their homeownership journey and can customize your mortgage just like you can customize the paint colours and lighting fixtures in your new home.
Combine your financing to meet your specific needs (mortgage, car loan, home reno) to help save you money
Finding a mortgage term and rate structure that’s right for you
Securing solutions for future needs like, renovations, an income property or vacation home
Featured mortgage rates
5-year fixed (insured)
4.840%
5-year variable (insured)
6.590%
COASTAL COMMUNITY MORTGAGES
How much will my new payments be?
Estimate your mortgage repayments when you renew or refinance.
FOLLOW THESE STEPS TO SEE YOUR RESULTS:
Let us help you renew or refinance
Talk to us now
Start your renewal or refinance with one of our experts
Work with a mortgage specialist
Have a mobile mortgage specialist visit you when and where you want
Renew or refinance in branch
Book an appointment online at the branch of your choice
Connect with Coastal Community
We're here for you.
SECURITY & PRIVACY
Together, let's do great things.
Coastal Community Credit Union acknowledges that we are located on the Lands of the Coast Salish, Nuu-chah-nulth and Kwakwaka’wakw ancestors and families, whose historical relationships with the Land continue to this day. We are grateful to have the opportunity to live, learn, work and play in their traditional and unceded territories.
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