Skip to content

Press

Where we stand: renewals, first-time buyers, refinancing

Written by Stonefield Mortgage · Reviewed by David Steinfeld, principal broker · Stonefield Mortgage, FSRA mortgage brokerage licence #13722 · [review pending — before this page is indexed]
Published · Updated

Below are three short position statements from Stonefield Mortgage, an Ontario mortgage brokerage. Each statement stands on its own and may be quoted in full or in part with attribution to Stonefield Mortgage. Every fact in the statements is sourced on our rules pages.

Mortgage renewals

A renewal letter is an offer, not a form to sign. Federally regulated lenders must send the renewal letter at least 21 days before the term ends, rarely enough time to compare. We encourage Ontario homeowners to start months earlier, get one written competing offer and take it to their lender. Often the lender matches that offer, and the homeowner stays and pays less. Sometimes switching lenders costs less. Either way, the decision rests on the full terms, including the penalty, prepayment privileges and portability, not the rate alone.

Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722. 4-60 Granton Drive, Richmond Hill, ON L4B 2N6

First-time buyers

A pre-approval is not an approval. A pre-approval is a rate hold with conditions, and the lender still reviews the property and the documents before it commits. First-time buyers in Ontario can now choose a 30-year amortization on an insured mortgage, which lowers the payment and raises the total interest. We walk buyers through the payment and the total interest, the minimum down payment and the closing costs, so the price they shop at is one they can carry, subject to lender approval.

Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722. 4-60 Granton Drive, Richmond Hill, ON L4B 2N6

Refinancing

Refinancing to consolidate debt or renovate can lower the monthly bill and still cost more over time. Federally regulated lenders refinance up to 80% of a home's value, and breaking a fixed term early usually costs the higher of three months' interest or an interest rate differential. Before anyone refinances, we put the penalty, the legal costs and the total interest beside the cost of staying put. Sometimes the honest answer is to wait until the mortgage term ends.

Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722. 4-60 Granton Drive, Richmond Hill, ON L4B 2N6

Media contact

Spokesperson: David Steinfeld, mortgage broker

info@stonefieldmortgage.ca · (416) 371-2077

We comment on Ontario mortgages only, and we don't comment on individual lenders or clients.

Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722. This page is general information, not advice. Every mortgage is subject to lender approval.