Mortgage Renewal in 2023? You Need to Know This!

If your mortgage is coming up for renewal, you may have some additional challenges (particularly if you're currently in variable rate mortgage).

Joining me in today's video is David Armstrong from Manulife Bank (Vancouver)! We talk about what some of those challenges are that people are facing, but also some of the options that people have.

0:00 Intro / Meet David Armstrong
2:31 Understanding what the real challenges are.
3:33 Mortgages of more than 80%, and default insured (CMHC, Sagen, Canada Gaurantee)
4:05 The difference between "Negative Amortization", "Effective Amortization" and "Contractual Amortization"
7:21 Coming up for renewal when you don't have extra money to pay your mortgage down.
9:27 Conventional mortgages (non-insured) that have less than 80% loan to value. Also a quick discussion on the difference between collateral charges and non-collateral charges - and some of the reasons why that matters.
14:41 Conventional loans when the loan exceeds the 80% loan to value and it's not insured.
16:55 Some extra options that may exist for you.

Want to talk mortgages and real estate? Book a time to chat with me here:

broker license: 316636 brokerage: 315872

[ConradNeufeldt]

How are you feeling about your upcoming mortgage renewal?!