Does one have to requalify each time the mortgage is up for renewal?What is the process of mortgage renewal in Canada ?
i'm a mortgage broker from Alberta, what will usually happen is your high st bank will send you a mortgage renewal about 6 months before the end of your current term. This will usually be at the banks posted rates, which will be about at least 1% higher than what is available.
You will have to re-qualify for a mortgage as basically you are getting a new mortgage, so you have to prove your income once more and maybe an appraisal if it's not an insured mortgage
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