How many residential mortgages can I have?

The number of mortgages you can have is unlimited. Rather, people are constrained by their capacity to manage several mortgages or their financial status. First and second mortgages are two mortgages that are typically held concurrently on a same property.

What is a second mortgage Canada?

Second mortgage is a second loan or funding you take on your residential property. Interest rates on second mortgages are usually higher than first mortgages and you need to pay both your mortgages at the same time.

What is a conventional mortgage Canada?

A conventional mortgage in Canada is a loan where the down payment is at least 20% of the property's purchase price. This means that the loan amount is 80% or less of the property's value.

How long can you mortgage a home in Canada?

In Canada, you can mortgage a home for 25 years. If you are a first-time buyer or purchasing a new build you can mortgage it for 30 years. These rules took effect on December 15, 2024.

Can I buy a home with less than a 20% down payment?

The minimum amount you need for your down payment depends on the purchase price of the home. If your down payment is less than 20% of the price of your home, you'll typically need to buy mortgage loan insurance. If you're self-employed or have a poor credit history, your lender may require a larger down payment.

Should I choose a fixed rate or variable rate mortgage?

Interest rates either rise or fall. But a study suggests that homeowners with a variable mortgage fair better than a fixed rate one.

Mortgage Renewal

Renew Your Current Mortgage

Renewing your mortgage is as important a financial decision as selecting your first one. While renewing your mortgage, you are in a stronger financial position as compared to where you were before.

Your home equity grows over a period of time and by decreasing your principal loan balance, you are in a good position. If your existing mortgage is about is expire, Satbir Bhullar is here to find the next best deal for mortgage renewal in Abbotsford and negotiate for you!

Get a Better Rate

Consolidate Debt

Change Mortgage Product

Why Opt For Mortgage Renewal?

You do not want to renew your mortgage with your current lender.

The decision to renew or not must be informed to you by your lender at least 21 days prior to the mortgage's expiration date.

To discover the best mortgage rate and terms for your new loan, you want to work with a new mortgage broker.

As long as you have all your paperwork in order, such as your income verification papers, insurance, appraisal, the title, the mortgage statement and charge, etc., a renewal will only take 3-5 business days.

Preparing for renewal takes planning. If you want to ensure you get the best rate, you should start looking around at other mortgage rates and options about four months prior to your mortgage expiration.

Ready To Get Started With A Mortgage Application?

Talk to our Abbotsford mortgage consultant for any enquiries or help with filing a mortgage application.

What Our Clients Are Saying

      
   Satbir Bhullar Mortgages - Abbotsford Mortgage Broker
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   Mandeep Kaur 
 
 
 
 Trustindex verifies that the original source of the review is Google. Excellent Service! Satbir worked really hard in searching us the best deal and always kept us up to date. Thank you for approving us a mortgage.
  
 
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   Jasvir Rai 
 
 
 
 Trustindex verifies that the original source of the review is Google. Very good service and great customer support
  
 
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   Happy 
 
 
 
 Trustindex verifies that the original source of the review is Google. Professional assistance with better options you can get in the market. During whole process Mr. Satbir was there whenever I needed.
  
 
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   Manmohan sidhu 
 
 
 
 Trustindex verifies that the original source of the review is Google. Satbir was fantastic in getting me a construction loan. He gave excellent guidance on repayment term.
  
 
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   Hardeep Grewal 
 
 
 
 Trustindex verifies that the original source of the review is Google. I have been dealing with Satbir for all my mortgage needs for the last few years..  he is very honest and always goes above and beyond to make sure I get the best rate/ terms.. He is very knowledgeable and always gives the best advice !!
  
 
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   singhharpreet 89 
 
 
 
 Trustindex verifies that the original source of the review is Google. Excellent service,Honest advise highly recommended
  
 
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   rimpa bhullar 
 
 
 
 Trustindex verifies that the original source of the review is Google. Very knowledgeable and helpful
  
 
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   Prabhnoor Brar Films 
 
 
 
 Trustindex verifies that the original source of the review is Google. Practical, fast and reliable service👌
  
 
  
  
 
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Rely On Satbir Bhullar For Your Renewal Needs

With expertise in the Canadian mortgage industry, Satbir Bhullar will help you get the most out of your mortgage renewal. Pay off existing debts, clear high-interest credit card bills, or refinance renovate your home with the best renewal deal possible.

My 3 step mortgage renewal process includes:

File a mortgage renewal application

Choose from over 30+ renewal deals

Get approved and receive funding

Just fill in the short application form and our experienced mortgage advisor will help find the best terms for your mortgage renewal.

Check Out How Much You Can Afford!

Use Our Free Mortgage Calculator To Estimate Your Monthly Mortgage Payments.

Calculate Now

Steps to Prepare for Your Mortgage Renewal

If you have decided to get your mortgage renewed, here are some steps you need to follow to prepare your renewal application for quick approval. You should always remember to keep track of your term and when it is set to expire. Some steps you need to take are:

Review your current agreement: Take time to review your current mortgage agreement and understand the terms and conditions, such as the interest rate, payment schedule, and penalties.

Assess your financial situation: Consider your current financial situation and assess whether your needs after going through factors such as shift in income, expenses, and financial condition.

Gather necessary documents: Your lender will likely require documents, including income statements, employment verification, and tax returns to ensure a smooth renewal process.

Mortgage Renewal

Renew Your Current Mortgage

Why Opt For Mortgage Renewal?

Ready To Get Started With A Mortgage Application?

What Our Clients Are Saying

Rely On Satbir Bhullar For Your Renewal Needs

Check Out How Much You Can Afford!

Steps to Prepare for Your Mortgage Renewal

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